Katara Hospitality, Republic of Maldives sign MoU

The initiative stems from the agreement between the governments of the two countries to strengthen bilateral ties and deepen their economic relationships.

Through this MoU, the government of The Republic of Maldives offer Katara Hospitality the opportunity to develop hospitality or real estate projects in one of three premium locations, all within 20 to 30 minutes speed boat ride from the international airport of the country.

"Katara Hospitality is a reputed investor and we are confident that their presence in the Republic of Maldives will definitely mark a milestone for the raising the profile of tourism in the country," stated HE Ahmed Adeeb Abdul Gafoor on the event.

"The paradise islands of Maldives have always been a strategic destination on the map of our global expansion and we welcome this opportunity for advancing our presence in South Asia," stated Sheikh Nawaf.

The Maldives economy has enjoyed robust growth averaging close to 8% per annum during the last decade through the success and continued expansion of its tourism industry. An archipelago of 1100 palm fringed coral islands grouped into 26 atolls located off the Southern tip of India, the country's pristine beaches, exquisite ecosystem and mild tropical climate make the islands a major touristic destination.