ADGM-based Atoll Estates builds world's first sustainable resort in Maldives

The proposed site for Projekt Delfin is an expansive lagoon in the South Male Atoll, 40 minutes boat ride from Male international airport.



An artistic impression of proposed resort site in Maldives.
An artistic impression of proposed resort site in Maldives.
by

Sandhya D'Mello

Published: Sat 17 Sep 2022, 7:33 PM

Last updated: Sun 18 Sep 2022, 4:44 PM

Abu Dhabi Global Markets (ADGM) registered Atoll Estates Holding has launched Projekt Delfin in the Maldives — the first luxury tourism development to depend on renewable energy sources for its operations.

The multi-generational destination is expected to be opened to tourists in 2025. The proposed development is a multi-million dollar project and is being designed by the world's top architects and designers having a presence in the Middle East.

“With the use of renewable energy, efficient buildings, and a circular economy for waste, the development will be net-carbon neutral without compromising guest comfort, enhancing their overall experience,” said co-founders, Dmitry Bourtov and Amit Majumder.

Atoll Estates has a 100 percent subsidiary company in the Maldives, Prime Atoll Maldives Pvt Ltd, created solely for the development and operation of the project. “Sustainability is at the heart of the project, and every aspect of an ESG investment portfolio is considered. It aims to deliver above the current requisites,” said the co-founders.

Amit Majumder and Dmitry Bourtov.
Amit Majumder and Dmitry Bourtov.

The proposed site for Projekt Delfin is an expansive lagoon in the South Male Atoll, 40 minutes boat ride from Male international airport. The site is 5 km and 1.35 km in width and has a few small islands and sandbanks. To build the resorts, the site will be reclaimed with deep sea sand to have a minimal impact on the lagoon ecosystem. Several other initiatives are planned to mitigate the effect of the reclamation. Upon completion, the development will add nearly 50 hectares of green cover of mature trees and shrubs. An extensive coral rejuvenation program will be initiated immediately after the land reclamation. The development will be on multiple islands, and each of the resorts will have a minimum distance of 500 m from each other, connected by overwater walkways.

The company was founded by industry professionals and developers to create unique tourism destinations and products, which will be environmentally, socially, and culturally sustainable in every geographic location, catering to a broad cross-section of the tourism market segment.

"Developing a unique, sustainable, and exclusive destination in the high-returns tourism industry of the Maldives is an exceptional opportunity,” said Bourtov and Majumder.

According to statistics from the Maldives’ Ministry of Tourism for 2021, apart from Russia, India, and Germany, the UAE has regularly featured among the top 5 countries from which residents thronged the scenic island country. With an increasingly resilient economy, that’s been steadily averaging growth of 7 percent annually over the past 20 years, the Maldives is committed to diversifying its portfolio for further economic growth by encouraging investments in targeted sectors.

The Private Office of Sheikh Abdulaziz bin Duaij bin Khalifa Al Khalifa supports Projekt Delfin and the founders will present the same at the forthcoming Family Office event on November 1 and November 2 in Dubai.

sandhya@khaleejtimes.com


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