Tourism in­vest­ment

Southasia - - BRIEFINGS -

A Saudi real es­tate in­vest­ment and de­vel­op­ment firm has an­nounced that it will de­velop a US$100 mil­lion re­sort on the Vadi­nolhu Is­land in Laamu Atoll in the Mal­dives. The re­sort will have 100 beach vil­las, world-class din­ing ser­vices, well­ness fa­cil­i­ties and leisure ac­tiv­i­ties. The project is ex­pected to be com­pleted by 2017.

Lux­ury tourism cur­rently ac­counts for 70 to 80 per­cent of the coun­try’s GDP. An IMF re­port has noted that in­vest­ment in Mal­di­vian re­sorts can pro­vide a quicker re­turn as com­pared to in­vest­ment in in­dus­tries. The sec­tor at­tracted over 1.2 mil­lion tourists in 2013.

The IMF re­port also noted that the tourism in­dus­try in the Mal­dives is still only lightly taxed in com­par­i­son to other des­ti­na­tions, de­spite the govern­ment’s plan to in­crease tourist goods and ser­vices tax to 12 per­cent later this year.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.