Ministry of Tourism has revealed the acquisition cost has been paid for four of the islands that were awarded to the winning bidders for resort development in April.
The islands that were leased in April were among the 18 islands that were opened for resort development last year at the Maldives Investment Forum held as part of the Expo 2020 in Dubai, UAE. As such, the tourism ministry revealed acquisition costs have been paid for the following four islands.
- Embulufushi, Faafu Atoll – Awarded to Naid Trading Private Limited at a lease acquisition cost of USD3,601,155 with another USD150,000 for Tourism Training Fund
- Jinnathugau, Faafu Atoll – Awarded to Akiri Holdings Private Limited at a lease acquisition cost of USD2,021,121 with another USD200,121 for Tourism Training Fund
- Kan’dahalakala, Gaafu Dhaalu Atoll – Awarded to Pioneer Maldives Private Limited at a lease acquisition cost of USD2,800,000 with another USD150,000 for Tourism Training Fund
- Seedhihura, Meemu Atoll – Awarded to Marketech Maldives Private Limited at a lease acquisition cost of USD1,599,999 with another USD120,000 for Tourism Training Fund
The tourism ministry revealed the winning bidder of the fifth island that was awarded for resort development in April, Alidhuffarufinolhu in Haa Alifu Atoll, has not paid the acquisition cost during the timeframe stated in the award letter. Therefore, the ministry said proceedings are underway to forfeit the bid security of the winning bidder for the island, and to finalise the lease agreements of the other four islands.