Gov’t Unveils Plans to Expand Resort Development in the Maldives

Minister of Tourism Ibrahim Faisal has revealed intentions to allocate further islands to the Maldives Tourism Development Corporation (MTDC) for resort development, as announced during the inauguration of MTDC’s new office building.

During the ceremony, Minister Faisal underscored President Dr. Mohamed Muizzu’s directive to enhance the profitability of state-owned enterprises (SOEs). He commended MTDC’s current profitability, citing its significant contributions to the Maldives’ tourism sector.

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The government has already transferred nine islands to MTDC, with additional acquisitions planned to bolster the company’s expansion in resort development. Minister Faisal stressed that these initiatives are guided by a robust policy framework ensuring sustainable development.

In parallel, Managing Director Ahmed Niyaz disclosed that the new 11-storey office complex in Hulhumale’, set to be completed by late 2025, will include a convention hall, meeting lounges, and rental office spaces. This facility aims to generate supplementary income streams for MTDC.

Established in 2006 to benefit Maldivian citizens directly, MTDC struggled financially from 2010 onwards. Recent revitalisation efforts, however, have restored its profitability, buoyed by ongoing resort projects across leased islands.