Issue link: https://maltatoday.uberflip.com/i/1499533
5 NEWS 18.5.2023 Corinthia signs agreement to open a luxury resort in the Maldives in Q4 2025 MBB webinar on EU's Vat in the Digital Age package CORINTHIA has signed a hotel man- agement agreement to operate a luxury resort in the Maldives. e developer of the luxury resort to be operated by Corinthia is Maarah Pvt Ltd, a Maldivian entity, affiliated with Maarah Holdings Ltd, a United Arab Emirates company registered within the Dubai International Financial Centre, being part of Niro Investment Group, one of the most prestigious investment companies in Romania, which is fur- ther strengthening its international op- erations, both in the Middle East and South Asia. Early works on reclamation and the first phase of the development of the resort located on the Kaafu Atoll have commenced and will feature two islands hosting a 73-key resort on the larger of the two and a second, smaller private is- land for exclusive use. Corinthia Maldives will feature aquat- ic-inspired architecture designed by global firm HKS. e main pavilion and all villas are taking on forms and shapes that take inspiration from the gentle curves of the ocean's Manta Ray. e resort will also include state of the art wellness facilities, multiple fitness spaces and a choice of five restaurants operated with internationally renowned brands. "We are thrilled to announce the arriv- al of Corinthia in the Maldives. Togeth- er with our partners, the developers, we will work to create a unique architectur- al statement that will delight the senses." Simon Naudi, CEO of Corinthia Hotels, said. "We are excited about this milestone Maldivian luxury resort development, which is located only 15 minutes from Male International Airport and which will provide long-term local employ- ment opportunities whilst contributing towards the growing destination tour- ism economy of the Maldives." René Beil, Managing Director, Maarah Hold- ings and Maarah Pvt Ltd, said. "We are fortunate of our thirty years' legacy of real estate investments and developments of pioneering nature and we are privileged to be partners with a leading luxury hospitality brand such as Corinthia". Other than HKS as lead architects, several contractors and engineering firms have been engaged on the project. ese include RLB Hoolooman as Pro- ject Managers, having already complet- ed 14 resorts within Maldives, working alongside Maldives Transport and Con- tracting Company (MTTC) which has been appointed as the main contractor for land reclamation and shore protec- tion works. China State Construction has been appointed as the General Con- tractor while Beaufort Global a leading and reputable hospitality asset manage- ment firm based in Dubai UAE has been appointed as Asset Manager. CORINTHIA.COM CORINTHIA SIGNS AGREEMENT TO OPEN A LUXURY RESORT IN THE MALDIVES IN Q4 2025 Clockwise from top left: Manta ray-inspired lobby exterior, villa interior, one-bedroom beach villa, pool bar 17 May 2023: Corinthia has signed a hotel management agreement to operate a luxury resort in the Maldives. The developer of the luxury resort to be operated by Corinthia is Maarah Pvt Ltd, a Maldivian entity, affiliated with Maarah Holdings Ltd, a United Arab Emirates company registered within the Dubai International Financial Centre, being part of Niro Investment Group, one of the most prestigious investment companies in Romania, which is further strengthening its international operations, both in the Middle East and South Asia. Early works on reclamation and the first phase of the development of the resort located on the Kaafu Atoll have commenced and will feature two islands hosting a 73-key resort on the larger of the two and a second, smaller private island for exclusive use. Corinthia Maldives will feature aquatic-inspired architecture designed by global firm HKS. The main pavilion and all villas are taking on forms and shapes that take inspiration from the gentle curves of the ocean's Manta Ray. The resort will also include state of the art wellness facilities, multiple fitness spaces and a choice of five restaurants operated with internationally renowned brands. "We are thrilled to announce the arrival of Corinthia in the Maldives. Together with our partners, the developers, we will work to create a unique architectural statement that will delight the senses." commented Mr. Simon Naudi, CEO of Corinthia Hotels. Clockwise from top left: Manta ray-inspired lobby exterior, villa interior, one-bedroom beach villa, pool bar THE European Commission has intro- duced a package of proposals to address the challenges faced by companies in the digital economy in relation to Val- ue Added Tax (VAT). e package's key actions aim to support the growth of businesses, particularly SMEs and cross-border operators, as well as to help Member States recover billions of euros annually in VAT revenues. By implementing real-time digital re- porting by companies through e-invoic- ing, the new system will equip Member States with crucial information to com- bat VAT fraud. Additionally, it will streamline ad- ministrative processes and lower com- pliance costs, fostering harmonization across EU countries and enabling the establishment of national digital report- ing systems. e EU Vat in the Digital Package also proposes the implementation of a single VAT registration system throughout the EU, expanding upon the existing 'VAT One Stop Shop' model for online shop- ping companies. is allows businesses selling to consumers in other Member States to register only once for VAT purposes for the entire EU, streamlining their obligations through a single online portal in a common language. Moreover, the package introduces up- dated VAT rules for passenger transport and short-term accommodation plat- forms in the sharing economy. Under these rules, operators in these sectors will bear the responsibility of collecting and remitting VAT to tax authorities on behalf of their users. is uniform approach across all Member States will not only level the playing field between online and traditional short-term ac- commodation and transport services providers but also simplifies the VAT compliance process for operators across the EU. Local businesses are invited to par- ticipate in the Malta Business Bureau's upcoming online webinar taking place on Tuesday 6th June, between 9.30am and 10.30am, that will provide more detailed information on these reforms. Anyone interested in joining this event can register by visiting the Malta Busi- ness Bureau website www.mbb.org.mt or reach out to the MBB policy team on infobrussels@mbb.org.mt. e Malta Business Bureau is the EU business advisory business organisation for e Malta Chamber and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Eu- rope Network.