Saudi RE Firm Plans $100M Maldives Resort Development

Law360, New York (February 25, 2014, 2:19 PM EST) -- A Saudi real estate firm is planning a $100 million resort development project in Maldives, the latest of the nascent company's projects ranging from the Indian Ocean nation to Saudi Arabia to southern Europe.

Best Choice Real Estate Development said on Monday it plans to develop a five-star resort on Vadinolhu Island in Laamu Atoll, one of the many administrative divisions of Maldives, as it seeks to tap into emerging growth markets.

“Our aim,” Best Choice CEO Mohamad Rabih Itani said in a statement, “is to...
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