Ministry of Tourism has revealed that agreements have been signed with three parties to develop resorts in three islands.
The three islands along with sixteen others were opened for resort development in 2021 at the Maldives Investment Forum held as part of the Expo 2020 in Dubai, the United Arab Emirates (UAE).
The acquisition cost was paid for four of the islands that were awarded to the winning bidders for resort development in April. As such, the tourism ministry revealed acquisition costs have been paid by Naid Trading Private Limited for Embulufushi in Faafu Atoll, Akiri Holdings Private Limited for Jinnathugau in Faafu Atoll, Pioneer Maldives Private Limited for Kan’dahalakala in Gaafu Dhaalu Atoll, and Marketech Maldives Private Limited for Seedhihura in Meemu Atoll.
The tourism ministry stated that agreements have been signed for three of the islands and that the agreement for the development of Seedhihuraa will be signed in mid-September. The ministry has given a timeline for the development of the resorts, and the companies are required to begin development after signing the agreement. Fines will be issued to companies that fail to continue the work according to schedule.
Furthermore, the ministry has decided to publish a new list of islands to open for resort development, which will include new islands as well as some of the islands that were opened for bidding in 2021.