Tourism Minister Ibrahim Faisal has unveiled ambitious plans to breathe new life into stalled resort projects across the Maldives. With approximately 63 islands remaining undeveloped despite being earmarked for resort ventures for up to a quarter-century, Minister Faisal has made it a top priority to address this issue during his tenure.
Acknowledging funding challenges as a major hurdle, Minister Faisal revealed plans to enlist the Economic Council's expertise in identifying and resolving obstacles faced by developers. Furthermore, revised policies will pave the way for offering these islands to the market, with a focus on fair resolutions for partially invested sites.
The economic ramifications of these stalled projects are significant, with an estimated annual loss of MVR 26 billion (USD 1.7 billion) in potential revenue. Minister Faisal aims to rectify this by bringing 25-30% of these islands back into active development, particularly targeting the Kaafu Atoll, which hosts 29 non-operational resorts.
With these initiatives, Minister Faisal aims to catalyze economic growth and leverage the tourism industry's potential to bolster the nation's income, marking a crucial step forward in the Maldives' developmental trajectory.