MTDC to develop 230-bed resort

The Maldives Tourism Development Corporation (MTDC) has revealed plans to develop a 230-bed resort. The announcement was made by Managing Director Thazmeel Abdul Samad at a ceremony held to mark the 15th anniversary of MTDC.

Speaking at the ceremony, Managing Director Thazmeel noted the accomplishments made by MTDC since its inception. He said that efforts are being made to increase its revenue. As such, he revealed that MTDC will invest in the development of a 230-bed resort to increase its revenue. He said that the project is an opportunity to show the company’s potential, adding that the current priority is to develop Naagoashi in Haa Dhaalu Atoll.

Naagoashi is a resort being developed by a joint venture between MTDC and UAE-based R.A.W Galadari Holdings. The company is preparing to begin fieldwork on the island, which spans 73 hectares. As such, the company is in the process of completing the environmental impact assessment (EIA), detail design, and survey, and the project is expected to be completed in 2024.

MTDC generates revenue by subleasing islands for tourism development. The company currently generates revenue from two subleased resorts. They are Anantara Kihavah Resort and Ayada Maguhdhoo Resort.

MTDC recorded a net profit of USD811,000 in the fourth quarter of 2022. The increase in profit was attributed to the increase in revenue from lease modifications due to the company's decision to record net investment in subleases.