The Maldives Ministry of Tourism, under the leadership of Minister Ibrahim Faisal, has unveiled ambitious plans to accelerate the development of islands leased for resort projects that have remained undeveloped for years. This initiative is part of a broader effort to bolster the tourism sector and address challenges associated with dormant island leases.
In an exclusive interview with PSM News, Minister Faisal disclosed that the Economic Council has approved two pivotal measures aimed at expediting the revitalization of these islands.
The first measure involves reclaiming islands where no significant development has occurred, reverting ownership back to the state without any obligations. This initiative will be supported by collaborations with the Ministry of Finance and the Maldives Inland Revenue Authority (MIRA) to negotiate feasible solutions for outstanding financial obligations from lessees, thereby clearing hurdles for potential investors.
The second measure focuses on resolving issues hindering development on leased islands due to various setbacks. The ministry plans to facilitate access to necessary funds or facilitate the transfer of island leases to new developers, aiming to catalyze progress and utilization of these strategic assets.
Minister Faisal emphasized the importance of legal adjustments to support these initiatives, stressing that stagnant leases result in substantial economic losses for the country. These measures are integral to optimizing the use of leased lands and enhancing the Maldives' tourism infrastructure.
Currently, there are 63 leased islands earmarked for resort development that have seen minimal progress despite long-term leases, presenting significant untapped potential for revenue generation and economic growth.
In addition to accelerating the development of existing leases, Minister Faisal outlined plans to open 12 to 15 new resorts over the next five years, underscoring the government's commitment to expanding tourism offerings and sustaining economic momentum.
These strategic initiatives are expected to stimulate job creation, attract foreign investment, and fortify the Maldives' position as a premier global tourism destination. By streamlining processes and addressing longstanding challenges, the government aims to unlock the full potential of its natural resources while fostering sustainable growth in the region.
Stakeholders have welcomed these initiatives as crucial steps towards revitalizing the tourism sector and leveraging the Maldives' pristine environment to attract discerning travelers worldwide.