The Tourism Minister, Ibrahim Faisal, has announced measures to address the problem of islands earmarked for tourism remaining undeveloped. In an exclusive interview with PSM News, Minister Faisal revealed that 63 resorts, which were sold for development, have yet to start operations.
“Some of these islands were designated for development 30 years ago,” Minister Faisal remarked, adding that these islands remain undeveloped or with work stalled due to financial issues.
The minister disclosed that the Economic Council has approved two options to tackle this challenge:
- Handover: Completely undeveloped Islands can be handed over to the state, and the state will provide a discount on taxes and fees owed to the Ministry of Finance and MIRA.
- Funding: On islands where work has commenced and stalled due to financial issues, the ministry will help secure funds or facilitate a change in ownership to a foreign investor.
“For islands where work has started but stalled due to funding issues, we are devising mechanisms to assist investors in securing the required funds or facilitate a change in ownership,” Minister Faisal explained.
He emphasized ongoing discussions with investors hindered by financial constraints and noted the potential for foreign investors to acquire these properties under revised lease terms.
Minister Faisal underscored forthcoming legislative amendments to streamline procedures and resolve longstanding issues.
“The ministry remains committed to prioritizing solutions to revitalize these dormant tourism assets,” Minister Faisal affirmed, projecting operational islands within the next five years to boost the tourism sector.
The minister concluded optimistically, forecasting the launch of 12 to 15 new resorts this year alone, adding 2,600 beds to the country’s tourism infrastructure.
