The Waste Management Corporation (WAMCO) has announced that it is seeking investors to develop island areas under a contractor-financed model, as part of efforts to raise funds for sustaining waste management services in local communities.
According to the company, several island councils have provided WAMCO with land in exchange for its waste management services. These plots and uninhabited islands will now be leased to private parties for commercial development, with WAMCO collecting rental income to support its operations across the islands.
In its latest call for proposals, WAMCO opened bids for two projects: the lagoon area of K. Himmafushi and Lhosfushi, a small island located near K. Guraidhoo. Both sites are being offered under a contractor-financing arrangement, meaning all planning, design, and construction costs will be borne by the selected party, with no direct expenditure from WAMCO.
The deadline for submitting bids is set for 27 August for both the Lhosfushi and Himmafushi projects.
WAMCO has emphasised that it is not directly entering the tourism business but is instead leveraging land acquired through agreements with councils as a means of sustaining its core mandate of waste management.
The move comes at a time when other state-owned enterprises have been exploring tourism-linked ventures. Earlier this month, the Maldives Hajj Corporation announced plans to launch a tourism project on K. Maafushi, one of the country’s most prominent guesthouse destinations. The announcement has sparked criticism, including from Islamic Minister Dr Mohamed Shaheem Ali Saeed, who questioned the appropriateness of such investments. Despite the backlash, the Hajj Corporation has indicated it will proceed.
WAMCO’s approach highlights an emerging trend among state companies to diversify their revenue streams, though it also raises questions about how such ventures align with their core mandates.
