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State receives MVR 154 million from sale of four islands

Malika Shahid
29 June 2022, MVT 18:07
Aerial view of Maldive islands --Photo:
Malika Shahid
29 June 2022, MVT 18:07

The state has earned MVR 154 million (US$10 million) from the sale of four islands.

According to information obtained by Mihaaru, four companies has paid the acquisition cost of the four islands leased for resort development to Maldives Inland Revenue Authority (MIRA) before November 19.

The state is estimated to receive MVR 148 million from the development of tourist resorts in this year's budget. This is an increase of MVR 6 million compared to the estimated revenue.

The largest amount is paid by Naid Trading Private Limited. The company purchased Faafu atoll, Enbulufushi for USD 3.6 million (MVR 55.5 million) for the development of a resort in Faafu Atoll.

The shareholders of Naid Trading are Ahmed Ibrahim Didi and Fathimath Neena. The company was registered in 2017 and its Managing Director is Ahmed Ibrahim Didi.

Akiri Holding and Subsolar Investments had also submitted bids for Faafu Atoll Enbulufushi.

The second highest amount was presented by Pioneer Maldives, which won the bid to develop Gaafu Dhaalu Atoll Kandahalagala. The company won the bid for USD 2.8 million (MVR 43 million).

Companies that won bids for resort development --Photo: Edition

The shareholders of the company are Ikuleel Shareef and Ibrahim Saeed Mohamed. RMLS Lab Services, the largest PCR test business in the country is a brand of Pioneer Maldives. Pioneer Maldives won the bid while the other company that submitted a bid to purchase the island was Krema Salzburg GmbH. The company submitted a bid of USD 2.2 million (MVR 33 million) for Gaafu Dhaalu Atoll Kandahalagala.

Akiri Holding Pvt Ltd won the bid for Faafu Atoll, Jinnathugau with USD 2 million (MVR 30 million). The shareholders of the company are Fathimath Shiura Rasheed and Bruno Emmanuel Vanini. Maketech Maldives, which won the bid for Meemu atoll Sedheehura and Sedheehura Veligandu, with a bid amount of MVR 1.6 million (MVR 24.6 million). The shareholders of the company are Abdulla Waseem and Ahmed Naseer.

In April, the Tourism Ministry awarded islands to five companies for resort development. However, UMI Private Limited's proposal to build a resort in Haa Alifu Atoll Alifarufinolhu, had been cancelled due to non-payment of 50 percent of the acquisition cost within the stipulated time frame.

The acquisition cost is to be paid within 60 days of the bid award. Tourism Ministry has opened resort development in 21 islands from 10 atolls. By the end of the bid deadline, 13 bids had been submitted for nine islands.

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