Naagoashi Island Development Back on Track with MTDC

The Maldives Tourism Development Corporation (MTDC) has announced its renewed commitment to the development of Naagoshi in Haa Dhaalu Atoll, with an ambitious target to complete the project within the next two years. This statement was made by Ahmed Niyaz, the Managing Director of MTDC, during a recent programme on state media.

Naagoshi, a 76-hectare island, was initially leased to MTDC in 2006 for the purpose of resort development. The island saw a change in management when it was subleased to a Russian company. However, the project encountered financial difficulties in 2012, leading to its suspension.

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In 2017, the island’s lease was transferred from MTDC to UAE-based R.A.W Galadari Holdings. Despite this change, the development saw no substantial progress over three years, resulting in the termination of the agreement.

With the project now back under its management, MTDC plans to undertake the development of Naagoshi independently. Ahmed Niyaz expressed confidence in the corporation’s ability to manage the project, citing ongoing discussions with the government to secure the necessary funding. He highlighted that 37% of the project has already been completed and that practical work is expected to start in the first quarter of the current year, subject to meeting the financial requirements.

Niyaz also acknowledged the importance of this development for the Haa Dhaalu Atoll, a region with a relatively underdeveloped tourism sector. He emphasized the potential positive impact of the resort island on the local community and its aspirations.

The resort, as planned, will initially feature 128 rooms, with the possibility of increasing this number as the development progresses. MTDC has completed the design and concept for the island, positioning it as a significant addition to the Maldives’ tourism infrastructure. The development of Naagoshi is seen as a key project in revitalizing tourism in the Haa Dhaalu Atoll and contributing to the overall growth of the sector in the Maldives.

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