President Mohamed Muizzu announced yesterday that physical work on several tourist resorts, under a government initiative to include shares for all Maldivian citizens, will commence in November.
The concept of citizen-owned resorts was first introduced by Muizzu during this year’s Presidential Address. At the time, he pledged to develop 10 resorts, ensuring that every Maldivian citizen would receive foreign currency dividends from the venture.
Providing an update on the progress at a press conference held at the President's Office, the President stated that the selection of sites for these developments would be finalized within this week.
"We have identified the lands, lagoons, and islands across Male' Atoll and various other atolls for the establishment of these 10 resorts. This selection process will be completed this week. We will then proceed to the other phases, and God willing, we expect to launch some of these projects within November," the President said.
Muizzu reaffirmed his previous commitment that the construction of these resorts would be completed within three years, or 36 months. He emphasized that the project is currently moving forward at a rapid pace.
While sharing the update, the President also addressed critics who had dismissed the initiative as unfeasible. He noted that providing this progress report was intended to demonstrate that the pledge was not merely rhetoric.
"I am highlighting that this project is moving forward swiftly to show that this was not just a passing remark made in the Presidential Address," Muizzu stated.
Despite the government’s assurances that the citizen-owned resort project is underway, officials have yet to disclose the financing model or the source of funding for the massive undertaking.
According to estimates by Resort Life, a prominent Maldivian travel agency, developing a 100-bed premium or four-star resort requires a minimum investment of $40 million. The development of 10 resorts within this category would necessitate at least $400 million in capital.
