Minister of Tourism Ibrahim Faisal has announced plans to hand over additional islands to the Maldives Tourism Development Corporation Limited (MTDC) for resort development. He made the remarks during the groundbreaking ceremony for the new office building of MTDC.
Speaking at the ceremony, Minister Faisal highlighted President Dr. Mohamed Muizzu's vision to make state-owned enterprises (SOEs) profitable. He also noted that MTDC is already a profitable company, significantly benefiting the tourism sector of the Maldives.
Additionally, Minister Faisal said that the government has already handed over nine islands to MTDC, with plans to acquire more for resort development to further expand the company. He also emphasised that MTDC is developing the entrusted islands under a strong policy framework.
Meanwhile, Managing Director of MTDC Ahmed Niyaz said that the new office complex is expected to be completed by the end of 2025. He said that the 11-floor complex, located in front of Central Park in Hulhumale', will feature a convention hall, meeting lounges, and office space for rent, providing additional income opportunities for the company.
MTDC was established in 2006 by the government to directly benefit Maldivian citizens. The company had been operating at a loss since 2010. However, recent efforts to strengthen the company have made it profitable again, with ongoing resort developments on the leased islands.