Bank of Maldives' (BML) Chief Commercial Officer (CCO) Aishath Zamra Zahir has been appointed as the Managing Director of Addu Hankede Development Corporation Limited.
Sources state that even though she has been named the Managing Director of the corporation, she will still serve as BML's CCO.
President Dr. Mohamed Muizzu created Addu Hankede Development Corporation Limited on 16th July 2026 to expand tourism.
The company was created by a decree issued by the President under Article 15 of the Companies Act, to hand over the full responsibility of planning, executing, and managing all aspects of the Addu Hankede project to this company.
The President's Office stated that the main objective of creating Addu Hankede Development Corporation Limited is to develop "Addu Atoll Hankede" as an integrated tourism development model.
In addition, the President's Office said that the company aims to further expand Addu's tourism industry, distribute the benefits obtained from the industry equitably across the entirety of Addu, and increase Addu's participation in this sector.
The Maldives Fund Management Corporation (MFMC) was previously in charge of developing Hankede under the government.
During the previous administration, the Maldives Fund Management Corporation (MFMC) had handed over the development of Hankede to China National Electrical Engineering Company. Following the change of government, the current administration re-announced the Hankede development project with fireworks to coincide with the Parliamentary Elections held in April last year, yet physical work has not commenced.
Visiting Addu in November last year to meet with residents, President Muizzu stated that the biggest challenge faced in developing Hankede was that the company contracted by the previous MDP administration could not secure financing, and this government spent a year and a half trying to resolve that issue. The agreement was voided as the government did not want to delay the project any further.
The newly formed corporation has awarded the project to develop Hankede to a Turkish company under a halal tourism concept.
