In a significant move aimed at boosting the Maldives’ tourism sector, Minister of Tourism Ibrahim Faisal has unveiled plans to transfer additional islands to the Maldives Tourism Development Corporation Limited (MTDC) for resort development. The announcement was made during the groundbreaking ceremony for MTDC’s new office building.
During his speech, Minister Faisal emphasized President Dr. Mohamed Muizzu’s vision to enhance the profitability of state-owned enterprises (SOEs). He highlighted MTDC’s pivotal role in the advancement of the Maldives’ tourism industry, noting that the corporation is already a profitable entity.
“The government has already entrusted nine islands to MTDC, and there are plans to acquire more for resort development to further expand the company’s operations,” stated Minister Faisal. He underscored that MTDC is developing these islands under a robust policy framework to ensure sustainable and profitable growth.
MTDC’s Managing Director, Ahmed Niyaz, also addressed the attendees, providing insights into the development of the new office complex. Set for completion by the end of 2025, the 11-floor building, located in front of Central Park in Hulhumale’, will feature a convention hall, meeting lounges, and office space available for rent, creating additional revenue streams for the corporation.
MTDC, established by the government in 2006 to directly benefit Maldivian citizens, had faced financial challenges and operated at a loss since 2010. However, recent strategic efforts have revitalized the company, making it profitable once again, with several resort developments underway on the leased islands.
Minister Faisal’s announcement marks a significant step towards reinforcing MTDC’s role in the Maldives’ tourism landscape, aligning with the broader vision of sustainable economic growth and development.
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