KSA firm to invest $100m in Maldives

Updated 11 March 2014
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KSA firm to invest $100m in Maldives

A Riyadh-based real estate investment and development firm announced on Monday its plans to develop a tourist property worth $100 million, which promises to offer lucrative investment opportunities for Saudi investors.
The Best Choice Real Estate Development plans to develop a tourist resort in Vadinolhu Island, located in Laamu Atoll in the Maldives, which will be ready in 2017.
The company plans to develop Vadinolhu Island’s seven-hectare area as an eco-friendly five-star resort based on the Maldivian Resort Island concept. The premium resort will feature 100 beach villas, including water bungalows and luxury suites and will offer world-class dining services, wellness facilities, and leisure activities. The site is being developed as a perfect getaway for tourists, while offering significant returns on investment to financiers.
Crown Prince Salman, deputy premier and minister of defense, is currently visiting the Maldives on an official visit, as part of his Asia tour.
“The Maldives offers tremendous investment opportunities, especially in the hospitality sector, as it has rapidly emerged as a destination of choice for international tourists. Our aim is to develop Vadinolhu Island as a high-end resort with world-class facilities to promote it as a complete family destination,” Mohamad Rabih Itani, CEO of Best Choice Real Estate, said.
“We have already designed a business proposal targeting potential investors to collaborate with us in the operation and management of the resort. We are confident of achieving an operating profit in the second year with the cash payback period at six years,” he added.
The Maldives is one of the most recent investment destinations in South Asia; its tourist rate has been on the rise since 2012 and it is expected to attract 1.2 million visitors by the end of 2014. Its exotic beauty, panoramic view and clear waters have made it one of the most popular tourist destinations in the past few years.
Due to its investment-friendly policies, the Southeast Asian Island offers attractive opportunities to keen investors, especially those interested in resort management.
Vadinolhu Island is an unexplored isle in close proximity to the domestic airport and offers immense potential for investors.
Best Choice is emerging as a property solutions provider of choice via its strategic mix of high-end developments, market research, and professional staff.
With headquarters in Bahrain and branches in Turkey and Maldives, the firm offers end-to-end real estate investment and development solutions focusing on international markets and major regional destinations.


Tunisia to almost double gas production this year

Updated 18 January 2019
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Tunisia to almost double gas production this year

  • The project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP
  • It will include investments of about $700 million

TUNIS: Tunisia will almost double production of natural gas to about 65,000 barrels of oil equivalent per day this year, the industry and energy minister, Slim Feriani, told Reuters on Friday.
The country’s gas output will jump from 35,000 barrels of oil equivalent per day (boed) when the southern Nawara gas field comes onstream in June, Feriani said.
“We will raise our production by about 30,000 barrels of oil equivalent when the Nawara project in the south will start,” Feriani told Reuters in interview.
This project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP with investments of about $700 million.
Feriani also said Tunisia was seeking to attract about $2 billion in foreign investment to produce 1,900 megawatts (MW) of renewable energy in three years. “We will start launching international bids for the production of renewable wind and sun energy. We aim to produce 1,900 MW by investment of up to $2 billion until 2022,” he said.
This would represent about 22 percent of the country’s electricity production.
PHOSPHATE
Tunisia also plans to raise production of phosphate from 3 million tons to 5 million in 2019, he said.
Raising the output will boost economic growth and provide revenue to revive its faltering economy, the minister said.
Phosphate exports are a key source of foreign currency reserves, which have dropped to levels worth just 82 days of imports, according to Tunisia’s central bank.
Tunisia produced about 8.2 million tons of phosphate in 2010 but output dropped after its 2011 revolution. Annual output has not exceeded 4.5 million tons since 2011.
Feriani said lower production has caused Tunisia to lose markets and about $1 billion each year.
Phosphate exports were hit by repeated protests in the main producing region of Gafsa, where unemployed youth demanding jobs blockaded rail transport.