Hotels and Resorts Investment (HRI) has signed an agreement with Bahrain’s largest boat building company Al Dhaen to enter the Maldives’ boat building industry.

During a ceremony at Hotel Jen on Monday night, HRI’s vice chair and managing director Ayesha Nurain Janah and Al Dhaen’s sales director Sahbi Nagati signed the agreement.

Al Dhaen has 30 years of experience in the boat building industry.

Nagati said the company has been interested in entering the Maldives Boat building industry and that HRI is the ideal partner for that venture.

Mohamed Ali Janah, chairman of HRI, said larger boats are needed as the tourism sector grows and that Al Dhaen can play an important role in transforming the boat industry.

They plan to open a boat building factory in the Maldives within the next months, Janah said, adding that a fully operational factory will be established within two years.

Entrepreneurs and other officials from the boat building industry attended Monday night’s ceremony.

With over 30 years of experience in the construction and tourism industry, Janah has been working to attract foreign investors to the Maldives.

He is a key partner in realizing the million-dollar investments of world-renowned brands such as Soneva, Four Seasons and Shangrilla and is a partner of one of the world’s most exclusive resorts, Waldorf Astoria.