Tourism Sector has long been the backbone of the Maldivian economy. Bearing this in mind, the government of Maldives has been conducting various projects to increase investments in the tourism sector, resulting in tremendous advancement.
One of the most notable of these projects is the integrated leisure and recreation concept, Emboodhoo Lagoon Project. Emboodhoo Lagoon is designed to be a multi-island integrated leisure and recreation destination resort and is the largest tourism development project to have ever been conducted in the country.
The foundation of this mega project was laid on July 31. The massive project of Emboodhoo Lagoon is contracted to Thailand based, Singha Estate Public Company Limited. The contractor emphasizes this project will result in over 7,000 job openings. The USD 800 million project will see development of 9 islands.
The first phase of this project is estimated to cost over USD 300 million, with the development of three island concept resort. The target of reclaiming land from Embudu Lagoon and developing a multi-island integrated leisure and recreation destination resort is to expand and further boost the Maldivian economy, according to Thailand's Singha Company.
Chief Investment Officer of Singha Estate, Thiti Thongbenjamas said that they decided to invest in the Maldivian Tourism sector after much deliberations, which all pointed towards feasibility and success of the Maldivian tourism sector. He referred to the ever increasing tourism arrivals, noting that a large number of international airlines operates to the country. Thongbenjamas said that the major expansion project of Velana International Airport was also a factor which contributed to their decision in investing in Maldives. He further said that foreign investors realize that Maldives is an investor friendly country, with proper environment and policies to facilitate investors.
Phase one of Emboodhoo lagoon project will consist of development of three island and open in July 2018. This would include international franchise restaurants and retail outlets, entertainment outlets, recreational facilities, and leisure and lifestyle boutiques. The project will also see the establishment of the first ever township development in the country, which will boast an international standard yacht marina.
The venture will help to further promote the country as a world class family destination internationally, according to the contractor of the project. It is expected to boost arrivals from Europe, Asia and Middle East.