The Maldives is targeting Middle Eastern investors for its new island smart city development, Hulhumalé, which is to be showcased at Cityscape Abu Dhabi taking place starting April 18-20, Invest-Gate reports.

Hulhumalé is designed to accommodate 240,000 residents within a landmass of over 400 hectares. It will incorporate a smart grid to enhance residences’ experiences of water, electricity, fire and sewage systems which will complement the island’s resort beaches, diving spots and clear waters.

Managed by the Maldivian-government-owned Housing Development Corporation (HDC), the development project is the country’s first planned city and its most ambitious land reclamation project so far.

“If we look at visitors from the UAE specifically, the interest in the Maldives has grown to about 14.4%,” says HDC’s Director of Business Development, Sales, and Marketing Nashwa Abdulla. “The Maldives boasts a favourable investment climate with business profit tax maintained at 15% and offerings of residential benefits for investors; we’ve seen an increased interest in the archipelago in recent years from visitors hailing from Middle Eastern countries, a rise of almost 24% from 2015 to 2016.”