The government has reiterated its commitment to addressing stalled resort development projects in the Maldives, prioritising solutions over contract annulments with investors. Minister of Tourism and Environment, Thoriq Ibrahim, highlighted that efforts are underway to support investors in resuming delayed projects and overcoming development challenges.
Currently, 68 islands leased for resort development have been identified as stalled, with some projects delayed for up to eight years. Rather than cancelling contracts, the government is focused on working collaboratively with investors to resolve obstacles and expedite progress, recognising the importance of these projects to the country’s economic growth.
Key challenges include delays in obtaining necessary permits and approvals, such as detailed design approvals and financial and legal permits. To address this, the government is planning to establish an engineering consultancy pool that will act as an accreditation checker to speed up the permitting process. The initiative aims to make the approval process faster and more efficient for investors.
In addition, the government is reviewing relevant laws and regulations to create a more investor-friendly environment, facilitating smoother project execution. By identifying and addressing the specific hurdles faced by developers, the government hopes to revitalise stalled projects and drive further growth in the tourism sector.
Currently, there are 176 resorts in operation across the Maldives, with an additional 165 under development. This year, six new resorts are expected to open, contributing an additional 1,290 beds to the nation’s hospitality capacity. The government remains committed to supporting the development of the tourism industry as a cornerstone of the Maldivian economy.
