The Ministry of Tourism has officially reached an agreement with Addu Investment Private Limited, marking a pivotal move to relinquish the government’s ownership stake in the prestigious Shangri-La Villingili Resort and Spa located in Addu City. The ceremonial signing of the agreement involved Permanent Secretary of the tourism ministry, Fathimath Nilfa, and Director of General Affairs at Addu Investment, Saud Abdulla.
Under this agreement, the government will retain a 30% stake in the resort, while Addu Investment secures the majority share of 70%. The resort, unfortunately, has remained closed due to the ongoing impact of the COVID-19 pandemic, causing substantial financial setbacks for the government.
Addressing the gathering at the signing event, Minister of Tourism, Dr. Abdulla Mausoom, underscored the critical significance of the government’s decision to release its stake in Addu Investment. This strategic move aims to alleviate the challenges that have impeded the reopening of the esteemed Shangri-La Resort. Dr. Mausoom also revealed that the Maldivian Parliament had successfully amended the legislation concerning the transfer of shares in joint ventures, and the revised regulations have now been effectively implemented. He assured that the government is fully committed to facilitating the necessary approvals and streamlining administrative processes throughout the transition.
Bryce Luno, the General Manager of Addu Investment, expressed optimism about the immediate future of the resort. Luno highlighted the ongoing efforts to expedite the reopening of Shangri-La Villingili Resort and Spa. The resolution of issues pertaining to the government’s ownership share signifies a promising new chapter for the resort’s operations.
The Shangri-La Villingili Resort and Spa, renowned as a sought-after destination in Addu City, holds a special place in the hearts of locals and visitors alike. The resort’s closure had led to the unfortunate loss of jobs for many individuals and cast a sense of anticipation among Addu’s residents for the day when the resort would once again welcome guests to its pristine shores.