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Posted On: 22 March 2013 05:05 pm
Updated On: 12 November 2020 02:12 pm

Katara ponders investing in the Maldives

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Katara Hospitality is set to develop hospitality and real estate projects in the island state of Maldives following the signing of a memorandum of understanding (MoU) here yesterday. The MoU was signed by Ahmed Adeeb Abdul Gafoor, Minister of Tourism, Arts and Culture of Maldives, and Sheikh Nawaf bin Jassim bin Jabor Al Thani, Chairman of Katara Hospitality, at The Ritz-Carlton. The initiative stems from the agreement between the governments of the two countries to strengthen bilateral ties and deepen their economic relationships. The government of Maldives is offering Katara Hospitality the opportunity to develop hospitality or real estate projects in one of three premium locations, all within a 20- to 30-minute speed boat ride of the international airport in 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,” said Gafoor. “The paradise islands of Maldives have always been a strategic destination on the map of our global expansion and we welcome this opportunity”, said Sheikh Nawaf. The Maldives’ economy has enjoyed robust growth averaging close to eight percent per annum during the last decade through the success of its tourism industry. Source : Qatar Chronicle