"Nilaa Coral Island," a 20-room resort developed through investment by an Italian firm, has officially opened on the island of Kodegalaa in Gaafu Dhaalu Atoll.
The Tourism Ministry said that the opening of this resort in Gaafu Dhaalu Atoll will create new employment opportunities in the region and pave the way for local business growth.
The Ministry further noted that in alignment with the "Visit Maldives Year 2027" initiative, every new resort catalyses an increase in tourist arrivals and extends the economic benefits of tourism to more islands across the country.
Located northwest of Gadhdhoo, Kodegalaa is a small, 3.4-hectare uninhabited island that remained under the jurisdiction of the Fisheries Ministry for many years. While there are no records of the island being previously leased for any purpose, it was included in a 2017 list of islands in Huvadhu Atoll made available for long-term lease.
The island was designated for tourism development during the previous MDP administration under a cross-subsidy model, a mechanism used to secure funding for major infrastructure projects.
The investment under this cross-subsidy model was made by a company named Itaca Home Maldives. The company’s shareholders include a Maldivian national, Mohamed Hassan, and the Italian firm Carisma. Carisma is a holding company with interests in various business sectors.
Although Kodegalaa—located just 15 minutes by speedboat from Maavarulu Airport—has been leased, the acquisition cost and the duration of the lease agreement have not been disclosed.
With the inauguration of Nilaa Coral Island, it becomes the fourth resort to operate in Gaafu Dhaalu Atoll. The other operational resorts in the atoll include NH Collection Maldives Havodda Resort, Outrigger Konotta Maldives Resort, and Ayada Maldives.
