Maldives Tourism Development Corporation (MTDC)
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BusinessDismissed HDC Chairman becomes new MTDC Chairman
Ahmed Shaheer has been appointed Chairman of the Maldives Tourism Development Corporation shortly after his dismissal from the HDC. His appointment coincides with a controversial plan to issue new shares and allegations of an undervalued lease sale for Magudhuvaa, which the corporation denies despite a board member's resignation.
BusinessNew rules allow SOEs to acquire tourism sites by offsetting debt
New regulations allow state-owned enterprises to acquire land for resort development by offsetting costs against government debt. While SOEs must pay acquisition fees in a single lump sum, they can now use outstanding state payables to settle these costs. Subleasing is prohibited, but companies may hire external parties for management.