Minister of Tourism Ibrahim Faisal has announced plans to transfer additional islands to the Maldives Tourism Development Corporation Limited (MTDC) for resort development. The announcement was made during the groundbreaking ceremony for MTDC’s new office building.
During his address, Minister Faisal underscored President Dr. Mohamed Muizzu’s vision to enhance the profitability of state-owned enterprises (SOEs). He highlighted that MTDC is already a profitable entity, playing a crucial role in the advancement of the Maldives’ tourism industry.
“The government has already entrusted nine islands to MTDC, and there are plans to acquire more for resort development to further expand the company’s operations,” Minister Faisal stated. He emphasised that MTDC is developing these islands under a robust policy framework, ensuring sustainable and profitable growth.
In his remarks, MTDC’s Managing Director, Ahmed Niyaz, provided insights into the development of the new office complex. Slated for completion by the end of 2025, the 11-floor building, located in front of Central Park in Hulhumale’, will feature a convention hall, meeting lounges, and office space available for rent, offering additional revenue streams for the corporation.
Established in 2006 by the government to directly benefit Maldivian citizens, MTDC had faced financial challenges, operating at a loss since 2010. However, recent strategic efforts have revitalised the company, making it profitable once again, with several resort developments underway on the leased islands.
Minister Faisal’s announcement marks a significant step towards reinforcing MTDC’s role in the Maldives’ tourism landscape, aligning with the broader vision of sustainable economic growth and development.
