The Maldives Islamic Bank (MIB) Managing Director Mufaddal Idris has said the guesthouse industry needs more than half a billion dollars in four years for its sustenance.
In an interview with Adhadhu after concluding the MIB Guesthouse Symposium, Idris said the industry has to undergo reforms to sustain it for the years to come.
"The guesthouse industry will need an investment of more than half a billion dollars over the next three or four years to sustain it. The guesthouse industry can only be sustained by making several changes in the way it operates," he said.
At the opening ceremony of the symposium, Idris said USD 100 million has been invested in the guesthouse industry in the last three years.
He noted that the panel discussions on various topics during the guesthouse symposium covered a wide range of issues.
He said the panel discussion on how to market guesthouses was valuable, and the panel discussion on safety was also important.
The symposium concluded with the announcement of the Guesthouse Awards for next year.
Idris said the introduction of an award to recognise guesthouses is a good step and that the award will be held in a transparent manner.
Four panel discussions were held during the symposium with 150 participants in Crossroads Maldives.
