Four companies made payment for resort development within the stipulated period

Ministry of Tourism has revealed that out of five companies that won bids for the islands opened for resort development in October 2019, four companies made the payment within the stipulated period.

UMI Private Limited's proposal to build a resort in Haa Alifu Atoll Alifarufinolhu, has been cancelled due to non-payment of 50 percent of the acquisition cost. The island was announced for sale for USD 350,000 (MVR 5.3 million).

Bid winners will have to pay 50 percent of the bid within two months.

UMI Private Limited is a shareholder of Noomadi Company, to which the government had to pay 55 million dollars (MVR 850 million) as compensation.

Bid winners who made the payment:

- Meemu Atoll, Sedheehura and Sedheehura Veligandu- marketech Maldives: 4.28 hectares, (USD 875,000)

- Faafu Atoll, Enbulufushi- Naid Trading: 1 hectare, (USD 350,000)

- Faafu Atoll, Jinnathugau- Akiri Holdings: 0.89 hectares, (USD 350,000)

- Gaafu Dhaalu Atoll Kandahalagala- Pioneer Maldives: 7.4 hectares, (USD 875,000)

The shareholders of Pioneer Maldives, who submitted the highest bid are Ikuleel Shareef and Ibrahim Mohamed.

Tourism Ministry has opened resort development in 21 islands from 10 atolls. By the end of the deadline, 13 parties had submitted their bids. While bids were submitted for the development of 9 islands, bids were was won from 5 islands.