President Ibrahim Mohamed Solih has declared the uninhabited Hankede Island of Addu City and the lagoon of Gaafaru in Kaafu Atoll for real estate tourism today.
Hankede and Gaafaru were leased to Maldives Fund Management Corporation, a 100 percent state-owned firm, for real estate tourist development, according to a decree signed by President Ibrahim Mohamed Solih on Thursday.
According to the Maldives Tourism Act, an island, lagoon, or land area developed for integrated tourism must be designated by the government for a tourism real estate development project and leased for development to a 100 percent state-owned firm through presidential decree.
The announcement follows Economic Minister Fayyaz Ismail’s statement that the government aimed to diversify the Maldivian economy and boost the real estate industry.
Hankede in Addu City has been chosen for tourism development many times since 2006, with multiple unsuccessful attempts.
Furthermore, the Addu Development Project, which began in October 2021, involves bypassing the link road from Hithadhoo to Hankede and building a new link road that avoids Hankede.