President Dr Mohamed Muizzu has announced plans to launch a new tourism venture in Hankede, Addu City.
To expedite this initiative, the President has repealed the designation of Hankede as a tourism real estate development project zone, which had been leased to the Maldives Fund Management Corporation (MFMC) under a Presidential Decree issued on 2 December 2021. This repeal was formalised on Wednesday through a new Presidential Decree.
With this decision, the Hankede area has been placed under the Ministry of Tourism and Environment for its dedicated development as a tourism destination.
Following Hankede’s designation as a tourism real estate development project zone in 2021, the Hankede Integrated Tourism Development Project was introduced by MFMC as an ambitious plan to develop the island with resorts, hotels and residential facilities. The project was aimed at diversifying tourism in Addu and attracting large-scale investment. However, progress stalled in recent years, and questions were raised about the project’s real estate-driven model.