Saudi Arabian real estate firm Best Choice Real Estate Development has revealed plans to build a US$100m (£59.7m, €72.6m) resort and spa in the Laamu Atoll in the Maldives.

The development, to be built on Vadinolhu Island, will open in 2017 and be developed as an eco-friendly five-star resort.

It will feature 100 beach villas, including water bungalows and luxury suites and will offer dining services, wellness facilities, and leisure activities.

The resort’s spa and boutique will offer a complete range of health, wellness and beauty treatments and facilities including relaxation lounges, yoga pavilions, a sauna, hot and cold plunge pools and private spa suites. Vadinolhu will also have sporting and recreational facilities for table tennis, lawn tennis, badminton, scuba diving, sailing and a fully-equipped gym.

Arab News newspaper has said that the Best Choice Real Estate Development also plans to offer lucrative investment opportunities for Saudi investors.

"The Maldives offers tremendous investment opportunities, especially in the hospitality sector, as it has rapidly emerged as a destination of choice for international tourists. Our aim is to develop Vadinolhu island as a high-end resort with world-class facilities to promote it as a complete family destination," said Mohamad Rabih Itani, CEO of Best Choice Real Estate. "We have already designed a business proposal targeting potential investors to collaborate with us in the operation and management of the resort. We are confident of achieving an operating profit in the second year with the cash payback period at six years."