Ministry of Tourism has signed an agreement with Addu Investment Private Limited to release the government’s stake in the Shangri-La Villingili Resort and Spa in Addu City. The agreement was signed by Permanent Secretary of the tourism ministry Fathimath Nilfa and Director of General Affairs at Addu Investment Saud Abdulla.
The government retains 30% of Shangri-La resort, while Addu Investment maintains the remaining 70%. The resort has been closed due to COVID-19 pandemic and has not yet opened. Therefore, the government was suffering a huge loss as a result.
Speaking at the signing ceremony, Minister of Tourism Dr. Abdulla Mausoom highlighted the significance of the government's release of its stake in Addu Investment as a crucial step in overcoming the delay in reopening the Shangri-La Resort. He further disclosed that the Parliament of the Maldives had modified the law concerning the transfer of shares in joint ventures and the amendment has been successfully implemented. He assured government support in facilitating the acquisition of necessary approvals and managing any administrative issues involved in the process.
Meanwhile, General Manager of Addu Investment Bryce Luno stated that efforts are being made to open the resort as soon as possible and that resolving the issues brought on by the government’s share indicates a new beginning.
Shangri-La Villingili Resort and Spa, a renowned establishment in Addu City, holds a special place as a popular resort. Following its closure, numerous individuals faced job losses and the residents of Addu have been anticipating the moment when the resort will reopen.