Ministry Of Tourism Signs Agreements To Develop Three New Resorts

The Ministry of Tourism announced that they have signed developmental agreements with contractors to establish three new resorts in the Maldives. The three islands awarded to contractors were part of the 18 islands that were opened for resort development last year at the Maldives Investment Forum held at Dubai Expo 2020.

In April, the acquisition cost of four of the islands were paid by winning bidders for resort development. This includes acquisition costs paid by Akiri Holdings Private Limited for the island of Jinnathugau in Faafu Atoll, Pioneer Maldives Private Limited for Kan’dahalakala in Gaafu Dhaalu Atoll, Naid Trading Private Limited for Embulufushi in Faafu Atoll and Marketech Maldives Private Limited for Seedhihura in Meemu Atoll.

So far, agreements have been signed for three of the islands with the agreement for the island of Seedhihuraa pending and set to be signed in mid-September. As per the agreement, all contractors are required to commence development swiftly post signing, with the project to be completed within the timeline extended by the Ministry of Tourism. Companies that fail to meet the timeline will be fined with large sums for delays in development.

The Ministry of Tourism has recently published a list of new islands opened for resort development along with some islands that were featured in the bidding last year. Through this initiative, the Government of the Maldives hopes to provide support to investors that are struggling to develop resorts in the Maldives.