- Tourism Minister Mohamed Ameen says the Naagoashi Resort has passed 50 per cent completion and will open within 11 months.
- The project has a troubled history, passing from MTDC to a Russian developer, then UAE-based R.A.W Galadari Holdings, before resuming under BML funding in August last year.
- The two-phase resort will launch with 183 guest units and generate around 600 direct jobs, boosting the Haa Dhaalu Atoll region.
The long-delayed resort development on Naagoashi Island in the Haa Dhaalu Atoll has surpassed 50 per cent completion and remains on track to open within the next 11 months, according to the Minister of Tourism and Civil Aviation, Mohamed Ameen.
Speaking during the government’s “Ahaa” public forum on 10 October 2026, Minister Ameen addressed community concerns regarding the timeline and financial viability of the resort, confirming that construction on the 76-hectare island is progressing steadily without interruption.
“Speaking in terms of percentage, more than 50 per cent of the entire work is already finished,” Minister Ameen stated during the forum. “The site will be brought into operation within around 11 months.”
The government first leased Naagoashi to the state-backed Maldives Tourism Development Corporation (MTDC) in 2006 for resort construction. MTDC subsequently subleased the island to a Russian developer, but operations ground to a halt in 2012 following severe financial difficulties.
In 2017, authorities reassigned the island’s lease to UAE-based R.A.W Galadari Holdings. However, after three years yielded no substantial progress, the government terminated the agreement and returned management of the island to MTDC.
The project resumed under the current administration. Through a strategic framework involving the Ministry of Finance and Public Enterprises alongside MTDC, secured funding from the Bank of Maldives (BML) prompted physical works to officially resume in August last year.
Developers are constructing the resort across two distinct phases. The initial phase will launch with 183 guest units spanning four premium categories, including beach and water villas.
Officials from MTDC highlighted the socio-economic significance of the project for northern Maldives, an area that has historically seen lower tourism infrastructure investment compared to the central atolls. Once fully operational, the resort expects to generate approximately 600 direct jobs, providing a substantial boost to employment and business opportunities across the Haa Dhaalu Atoll region.
