MTDC is developing Naagoshi, set to be completed within 2 years

Managing Director of the Maldives Tourism Development Corporation (MTDC), Ahmed Niyaz, has revealed plans for the development of Naagoshi in Haa Dhaalu Atoll with the goal of completing the project within two years.

Naagoashi, a sizable 76-hectare island, was leased to MTDC in 2006 for resort development. Initially, the contract was granted to MTDC, and later the island was subleased to a Russian company for resort development. Despite some initial progress and expenditures, the company faced financial difficulties in 2012, leading to a suspension of the project.

In 2017, the island was transferred from MTDC and entrusted to UAE-based R.A.W Galadari Holdings for development in 2021 under a new lease. However, with no substantial progress in three years, the agreement has been terminated.

During a programme aired on PSM News, MTDC's Managing Director, Ahmed Niyaz, highlighted the company's commitment to developing Naagoashi independently. He conveyed MTDC's current capabilities and ongoing discussions with the government, highlighting efforts to secure necessary funds for the project.

Niyaz expressed confidence that practical work on developing the island will commence in the first quarter of the current year, contingent upon meeting financial requirements. With 37% of the project already completed, MTDC envisions finishing the entire development within the next one and a half to two years.

Acknowledging the weak tourism sector in Haa Dhaalu Atoll, Niyaz underscored the close connection between the development of the resort island and the aspirations of the local population.

MTDC reported the completion of the design and concept for the island, projecting an initial 128 rooms, with the possibility of an increase in room count as the development progresses.