Luxury hotel group Jumeirah, owned by the ruler of Dubai, has signed an agreement with Xanadu Holdings to manage a new five star resort on Meradhoo in south Male atoll.
The 36-villa resort will include 16 water villas separate from the island by a kilometre of reef. It will also feature three restaurants, a dive centre and a Talise spa.
Jumeirah said it was committed to global expansion despite the downturn, and hoped to have 60 properties either in operation or under development by 2012.
The group is currently managing 42 properties worldwide.