The resort development project planned for Naagoshi in Haa Dhaalu Atoll will commence next month, Managing Director of the Maldives Tourism Development Corporation (MTDC), Ahmed Niyaz has announced.
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.
Speaking during MTDC’s Annual General Meeting on Thursday evening, Niyaz offered the latest update on the project saying that the drawings, necessary permits along with the construction plan for the project have now been completed.
"Efforts are now underway to secure the required finance for the project. As mentioned earlier, with the discussions held with the Ministry of Tourism and the Ministry of Finance, we are now on the verge of securing the funds required for the project” he explained, adding that the resort development will start next month.
"The survey of the previously built areas is already underway. So we are mobilising and looking to start construction this quarter. We hope to start construction in July and June at the latest.”
With 33 percent of the work completed by the previous contractor, MTDC has now planned to develop Naagoshi in two phases. The resort Naagoshi will have 183 rooms, including 100 water villas and 83 beach villas.
MTDC expects the first phase of the project to cost around USD 37 million. MTDC has also spent USD 15 million on existing construction and is hoping to start operations by the end of next year.