UAE’s FAM Holdings to develop resort in Fonaogaidhoo

Dr. Faisal Ali Mousa Al Naqbi (C) and Planning Ministry’s Permanent Secretary Zeeniya Ahmed Hameed (L) sign financing agreement for L. Fonaogaidhoo on June 7, 2023. (Photo/Planning Ministry)

FAM Holdings has signed a financing agreement with Maldivian government to secure L. Fonaogaidhoo for resort development.

The agreement was signed by FAM Holdings’ chairman Dr. Faisal Ali Mousa Al Naqbi and Planning Ministry’s Permanent Secretary Zeeniya Ahmed Hameed on Wednesday.

After the signing, Al Naqbi met with the Maldivian Tourism Minister Dr. Abdulla Mausoom to discuss the project.

Dr. Faisal Ali Mousa Al Naqbi (L) meets with Tourism Minister Dr. Abdulla Mausoom on June 7, 2023. (Photo/Planning Ministry)

FAM Holding P.S.C Group, announced the launch of the Al Mahra Maldives Resort last month, its luxurious hotel residential project in the Maldives.

The project, which will receive investments of about AED 800 million, is deemed one of the latest real estate development projects to be launched by the group, and its first real estate expansion outside the UAE.