By Maldives is set to develop 20 new resorts nationwide as part of its diversification strategy plan to propel the tourism industry to new heights.
This initiative underscores the Maldives’ unwavering commitment to cementing its status as a premier travel destination while simultaneously fostering sustainable growth and investment opportunities.
The development plan aims to position the as a beacon of sustainable tourism, attracting both travellers and investors alike. To facilitate the completion of unbuilt resorts and the work of identifying solutions to the difficulties in the development of the islands, land and reef area leased for tourism development, works have already been set to motion.
The Maldivian tourism sector, the cornerstone of its productivity, is poised to reach a significant milestone by welcoming 2 million tourists this year, for the first time.
During his Presidential Address at the People’s Majilis, President Dr. Muizzu noted that the Ministry of Tourism, Ministry of Finance, MIRA, and Economic Council are currently formulating a policy to complete and market 63 projects allocated for tourism development. The lease agreement and investments for the development and completion of such facilities will be re-structured and a necessary policy to aid the completion of the work of these islands will be formulated and hopefully implemented.
In addition to this, the Minister of Tourism, Maldives, Ibrahim Faisal stated that many undeveloped islands would be offered to the market under revised policies and regulations. Efforts will also be made to find “fair solutions” for islands where some investment has already been made. He highlighted the lost revenue potential of these stalled projects, noting that the tourism industry offers the most straightforward path for the state to increase income.
According to the Tourism Ministry’s “Fiscal Risk Statement”, approximately MVR 26 billion (USD 1.7 billion) in revenue is lost annually due to the lack of development on islands allocated for tourism. Kaafu Atoll has the most significant number of stalled projects, with 29 non-operational resorts.
A special tourism development plan for Addu City known as “Asseyri Tourism” is also being prepared to launch along with a seaplane hub.