Dubai-based Samana Developers, in partnership with luxury fashion house Elie Saab, is courting regional footballers and ultra-high-net-worth individuals for its $600 million branded resort development in the Maldives, revealed Monday.
The exclusive project, which marks the Lebanese fashion brand’s first venture into resort properties, targets buyers seeking second, third, or even fourth holiday homes, with the developer already in talks with high-profile sports personalities in the region.
“This is not a shift, but an expansion,” Imran Farooq, CEO of Samana Developers, told Arabian Business in an exclusive interview. “Dubai is doing extremely well for us – we’re going to have at least 18 new launches this year. We believe this is our natural upgrade to the ultra-rich segment.”
The SAMANA Ocean Views project, featuring interiors by Elie Saab, will comprise 190 keys including beachfront villas, over-water bungalows, and poolside apartments, with nightly rates expected to range from $1,000 to $8,000. The development is aimed at “anybody and everybody who not only has money, but they have class,” Farooq said.
Located a 20-minute speedboat ride from Hanimaadhoo Airport, the development spans over 507,651 square feet and is scheduled for completion in early 2029. Pool apartments will start at $2.3 million, while villa prices, set to be revealed in April, are expected to begin around $3 million.
The project comes as Samana, now Dubai’s seventh-largest developer with a 4.4 per cent market share, seeks to capitalize on surging tourism demand in the Maldives, which has seen visitor numbers jump 400 per cent in the last four years, according to Farooq.
Luxury positioning
For Elie Saab, the project represents a strategic expansion of its branded residences portfolio, which has grown rapidly since launching in 2020 despite the challenges posed by the COVID-19 pandemic.
“We receive more than 100 requests annually to do branded projects, and we only choose two or three maximum,” Elie Saab Jr., CEO of Elie Saab Group, revealed in an exclusive interview. “We are very cautious about where to go, who to partner with, and what projects to do.”
The interiors will feature the ELIE SAAB Maison furniture collection, crafted in Italy’s Brianza region, known for high-end furniture manufacturing. The design will incorporate warm, earthy tones complementing the Maldivian landscape while introducing accent colors to add personality.
“Most resorts care a lot about the outdoor areas and common areas, but when you go to the interiors, they are very basic,” said Massimiliano Ferrari, CEO of Corporate Brand Maison, the worldwide licensee for ELIE SAAB Maison. “This will be one of the best, if not the best, resort in terms of interior quality.”
Environmental considerations
The development will integrate coral restoration initiatives and implement specialised engineering solutions to address environmental concerns. “Before we can move a brick, we need to make the wave current become friendly,” Farooq explained, noting that the initial environmental engineering work will take 120 days.
The project will include three restaurants – including Japanese and Arabic specialty venues – a spa and wellness center, an 18,000-square-foot daycare facility, and various water sports amenities.
Samana plans to use its Dubai sales network rather than establishing extensive operations in the Maldives. The developer, which currently sells to buyers from 65 countries, will maintain construction and back-office functions in the Maldives while conducting sales primarily through Dubai.
The announcement comes as the Maldives prepares to open its new Hanimaadhoo airport, expected to increase the country’s tourist capacity from 2.4 million to 4 million annually. The expanded airport is scheduled to begin operations between March and April 2025.
Sales for the pool apartments will begin immediately, while the beach and water villas will be offered on an invitation-only basis after Ramadan in April.
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