The Maldives of Albania, India and the Philippines: The best island destination dupes

The Maldives, a tropical archipelago nestled in the Indian Ocean, has long been synonymous with luxury, seclusion and stunning natural beauty.

A chain of some 1,000 coral islands dotted across 26 atolls, the holiday hotspot offers pristine shorelines surrounded by aquarium-like waters. And while there are now some more budget alternatives available across the destination, it remains primarily a place where holidays come with a hefty price tag.

For travellers craving the same island experience with more affordable options or more of the beaten path, there are plenty of Maldives-dupe destinations, offering a similar vibe. Here are a few to consider.

Albanian Riviera

Ksamil is one of the most popular coastal towns in southern Albania. Polina Rytova / Unsplash

Albania might not be top-of-mind when people think of a beach holiday, but many travellers swear by the charm of the Albanian Riviera, or Bregu in local slang. The coastline spans the north-eastern Ionian Sea and a line of villages in southern Albania, and the area's clear waters, and golden beaches give the Maldives a run for its money, complemented by dramatic hanging cliffs.

Ksamil is a charming village known for its lagoons and miniature islands. It's also near Butrint, an ancient Greek polis and a Unesco World Heritage Site, so travellers can get a dose of history after basking in the sun. Other coastal villages in the region that are worth checking out include Dhermi and Sarande, although these places can get rather busy in high season.

Umluj, Saudi Arabia

The Red Sea location of Umluj in Saudi Arabia is a popular destination for snorkelling and diving. Getty Images

Saudi Arabia's megaprojects, including its ultra-luxury developments in the Red Sea, have been piquing interest among intrepid holidaymakers thanks to their island vibes and luxury resorts. But long before these projects became popular, the charming city of Umluj had already claimed the title of the “Maldives of Saudi Arabia”.

Located along the Red Sea coast in the northern Tabuk province, Umluj is home to beautiful beaches and thriving coral reefs. Surrounding turquoise waters brim with marine life, making it a popular destination for snorkelling and diving. The area boasts more than 100 small islands, and some of the most popular ones include Libanah and Umm Sihr. While the destination's tranquillity is thanks in part to its relative secrecy, there are plenty of hotels and restaurants in the area for tourists making the trip.

El Nido, Philippines

The Philippines is known to have some of the best beaches in Asia. Photo: Cris Tagupa / Unsplash

Often touted as a budget-friendly alternative to a Maldivian getaway, El Nido on the island of Palawan in the Philippines has limestone cliffs, quartz lagoons and some of Asia's best beaches.

The area teems with flora and fauna, making snorkelling and diving some of the best in the world. Island hopping is a great way to experience Palawan and its islands, with travellers able to visit hidden lagoons, course through underground rivers and lounge on secluded beaches.

Isles of Scilly, UK

St Mary's Harbour is the traffic hub of the Isles of Scilly. Getty Images

Off the southwestern tip of Cornwall in England lies the Isles of Scilly, a small archipelago that's been described by holidaymakers as a mini-Maldives for its clear blue waters, secluded beaches and relatively warm weather. Travellers can take a Skybus from Land's End airport in Cornwall for a 20-minute trip. It takes 30 minutes for those coming from Newquay, while it's an hour of travelling from Exeter.

St Mary's is the largest island in the vicinity, and serves as the entryway to the rest of Isles of Scilly. Hugh Town is the central hub that is home to an array of shops, churches, cafes and restaurants. There are three beaches here, but it is St Martin's where some of the finest beaches in the British Isles can be found. Tresco, the second largest island, is famous for its outcrops and the popular Tresco Abbey Garden, where visitors can see some 20,000 plants from more than 80 countries.

Lakshadweep, India

Lakshawadeep consists of 35 islands. Photo: Anuj Chauhan / Unsplash

Earlier this year, a row erupted over two sets of beautiful islands – the first being the Maldives and the second being the tropical archipelago of Lakshadweep. Belonging to India, this archipelago lies about 400km south-west of Kerala and has endless emerald waters. Only a few of the islands are inhabited and visitors need an entry permit from the local government.

Agatti Island serves as the gateway to Lakshadweep, with regular flights from Kochi. Water sports such as windsurfing, kayaking and water skiing can be found. Surrounding waters are adorned with coral growth, so scuba diving and snorkelling are popular. Other islands here include Bangaram, known for its tranquil sandy beaches, and Minicoy, home to a 50-metre lighthouse built in 1885 by the British.

Saadiyat Island, Abu Dhabi

Saadiyat Island in Abu Dhabi has a golden shoreline on the Arabian Gulf. Photo: Saadiyat Island

If the emerald waters of the Arabian Gulf are anything to go by, the UAE's very own Saadiyat Island can definitely compete in this list. Several luxurious beachfront hotels dot the natural length of golden beach including The St Regis Saadiyat Island Resort, Jumeirah Saadiyat Island Resort and the all-inclusive Rixos Premium Saadiyat Island, catering to all kinds of holidaymakers.

But it's the golden beaches here that are the stars of the show, with bottlenose dolphins and sea turtles often spotted in the pristine waters, which are popular for snorkelling and diiving. It's also the gateway to Nurai Island, a private retreat off the Abu Dhabi coastline that has even more Maldivian vibes to offer, although it is temporarily closed to visitors.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”