Work began last night on the Hankede integrated tourism development project signed by the previous government.
The Hankede development was undertaken by the China National Electrical Engineering Company (CNEEC). The agreement for the USD 142.9 million (MVR 2.3 billion) project had been signed on March 30, 2023.
Home Minister Ali Ihusan, Maldives Fund Management Corporation (MFMC) Managing Director Ahmed Nazim Abubakuru and a CNEEC representative inaugurated the project at the Hankede area last night.
The previous government designated Hankede as a location for carrying out real estate tourism projects to sell housing to foreigners under the 10th amendment made to the tourism law to increase tourism revenue.
The loan agreement for financing the Hankede project awarded in March 2023 was signed with the Bank of China on November 6, 2023. All preparations to begin work on the project were completed before President Dr. Mohamed Muizzu assumed office on November 17, 2023.
The project involves establishing 2,082 tourist accommodation facilities of different ranges in Hankede, including:
- Two grand hotels - 600 beds
- Two delux hotels - 320 beds
- Eight boutique hotels - 560 beds
- Eight serviced apartments - 560 beds
- Eight two-room beach villas - 32 beds
- Nine four-room beach villas - 72 beds
According to the MFMC, the project will create 1,500 jobs in Addu. The project targets 25,000 tourists.
The MFMC oversees land reclamation and leases in areas designated for real estate tourism.
