Tourism Minister Prioritizes Development of Stalled Resort Islands

The Maldives Tourism Minister, Ibrahim Faisal, has outline strategy to revitalize the growth of stalled resort islands. In a conference with Mihaaru News, the Minister emphasized his precedence to address the need of proceeds generation from immature islands that were due for resort development many years ago. He aims to absolute the progress of around 25 of these islands through his tenure.

Minister Faisal noted that 63 islands remain undeveloped, some having been allocated for resort purpose for up to 25 years. Funding issue has been cited as a main difficulty to development. To address this, the Economic Council will recognize challenges faced by developers and suggest solutions to be submitted to the cabinet for support.

The Minister stated that many immature islands would be obtainable to the market under revise policies and regulations. Efforts will also be complete to find “fair solutions” for islands where some venture has already been made. He highlighted the lost revenue potential of this stalled project, noting that the tourism industry offers the most uncomplicated path for the condition to raise income.

According to the Tourism Ministry’s “Fiscal Risk Statement”, roughly MVR 26 billion (USD 1.7 billion) in profits is lost yearly due to the lack of growth on islands allocated for sightseeing. Kaafu Atoll has the most important number of stalled projects, with 29 outdated resorts.

Former President Ibrahim Mohamed Solih also attempts to undertake the concern by considerably reducing penalties for companies fault to pay rent associated with stalled developments. Minister Faisal spoken confidence that 25-30% of the islands can be brought to market.