Tourism Minister Dr. Mausoom Abdulla said the bidding for Islands to be developed into resorts will be announced on Tuesday.
These islands will be announced in the Dubai Expo 2020, which is the world's biggest tourism expo held once in every five years. The prices for the bidding will be based after evaluating the market changes, he said.
The ministry have not yet disclosed how many islands they are opening for bidding, or which islands they are. The islands that make the highest bid will receive more points, Dr. Mausoom said.
"Islands with a USD 2 million minimum acquisition fee have previously been sold for USD 5 million," he said.
Sixty percent of the points is allocated for the highest price. The ministry have also noted that points will be allocated based on priority given to usage of renewable energy and how the company plans to train their employees.
Tourism Ministry opened bidding for 23 islands in April of this year as well. They received 13 bids, and only one was leased. This was due to the fact the other 12 bids did not meet the conditions set by the ministry and were disqualified.
The islands to be announced on Tuesday will not reflect a drastic change in prices, Mausoom said.