88 Undeveloped Resorts in the Maldives Incur Annual Loss of MVR 26 Billion

The Ministry of Finance has revealed that 88 of the resorts in the Maldives lose MVR 26 billion annually due to non-implementation of the agreement.

As per the Fiscal Statement issued by the Finance Ministry, the tourism sector in the Maldives has witnessed substantial growth, but this expansion has coincided with a notable surge in the construction of new resorts. 

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The report underscores the adverse impact of this upswing in resort development on the country’s tourism revenue. Furthermore, it has presented challenges in generating fresh employment opportunities and has restricted these resorts from contributing indirect economic advantages to other sectors associated with the tourism industry.

Official data from the Ministry of Finance shows that several resorts in K. Atoll have faced operational delays, with 29 resorts temporarily suspending their operations. Currently, K. Atoll is the primary hub for resorts in the Maldives, with 55 active establishments in this region.

The second-highest number of resorts temporarily suspending operations is in GA. Atoll, totalling 10 resorts. Additionally, there are seven resorts in L. Atoll where work has stopped and five resorts in both B. Atoll and N. Atoll where work has yet to progress as initially agreed.

Currently, there are 173 operational resorts in the Maldives. 

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