KSA firm to invest $100m in Maldives

Updated 11 March 2014
0

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.


More than 100 Saudi groups at Dubai’s GITEX week

Updated 22 September 2019

More than 100 Saudi groups at Dubai’s GITEX week

  • GITEX is an international platform

DUBAI: More than 100 Saudi organizations, including government entities, private companies and startups, are participating at the upcoming GITEX Technology Week in Dubai, from Oct. 6 to 10, indicating an increase in Saudi participation from last year at the annual technology gathering.

Bringing in one of the biggest contingents at the event, at 114, Saudi Arabia is also an official partner of GITEX this year, which is expecting to host more than 100,000 visitors over four days at the Dubai World Trade Centre (DWTC).

“There’s a lot of collaboration and integration in this region — there’s a lot of learning and sharing. GITEX is an international platform. This is where the Saudi contingent comes — from the big enterprise sector to the startup ecosystem — to interact with hundreds and thousands of visitors from over 140 countries,” Trixie LohMirmand, senior vice president of events management at DWTC, told reporters on Sunday.

LohMirmand also noted a spike in Saudi participation at the GITEX Future Stars, a concurrent event that focuses on the region’s startup community.

“We have a big Saudi Innovation Day. In fact, Saudis are again bringing a big contingent of startups. It’s led by the deputy minister of communications from Saudi Arabia to explore partnerships and discuss the opportunities in the region, particularly for startups,” she said, referring to the three special sessions that will focus on the Kingdom’s technology drive.

This increase in participation, LohMirmand said, is a reflection of a bigger “impetus on innovation and the getting the startup community going” in the region.

“We see a lot of new tech coming out, so there’s a lot of interest to give these companies an opportunity to connect to the rest of the world. When you come to GITEX, we connect you to the rest of the world — we host over 500 investors from all around the world, including from Silicon Valley,” she added.

Firat Aktas, DWTC’s director of brand innovation and communication, stressed: “You can see what’s happening around the world — the Saudis are showing their ambition very clearly in various industries.”

Earlier this year, the Saudi Telecom Company signed a deal with Swedish telecommunications company Ericsson to launch commercial 5G services in the Kingdom. “The roll-out continues. It’s a huge deployment in different parts of Saudi Arabia,” Wojciech Bajda, head of Gulf Council countries and global customer unit zain, told Arab News. “The focus for our customers currently is to understand how to monetize 5G, how to make sure there’s an industrial application of 5G in Saudi Arabia.”

Bajda also said they are looking at introducing 5G to different sectors in the Kingdom such as mining, and oil and gas. “We have engagements with different industries in trying to prototype together, and see if there’s something relevant for Saudi Arabia, and for our customers like the Saudi Telecom Company to pick up and do a full implementation,” he added. 

What to expect at GITEX this year 

This year’s GITEX, which has the theme “Synergizing the Mind and Technology Economy,” will highlight the region’s 5G adoption, as well as other futuristic concepts such as artificial intelligence (AI), robotics, and immersive technology.

LohMirmand said the dwelling time for GITEX visitors has increased over the years, owing to the gathering’s massive content offering.

“We are measuring more in terms of dwelling time. You can have 100,000 people come one day and do, but now the trend for us is we’re seeing them staying longer. Because there’s so much content, there’s so much knowledge, and so many companies with new technology, dwelling time is much longer, averaging 3.5 to 4 days,” she explained.

“Visitors and exhibitors are having deeper and more meaningful interactions at the show.”

The halls of DWTC will be divided into six sectors: 5G, AI, Future mobility, GITEX lifestyle tech, and Smart cities. It opens Oct. 6.