Maldives Tourism Development Corporation (MTDC) has decided to develop a resort near the Malé City area at a cost of USD 35 million (MVR 540 million).
The company's Managing Director, Thazmeel Abdul Samad, said the company wants to build a resort on an island that can be reached within 20 minutes by seaplane. Hence, the company is seeking an island from either Alifu Alifu, Alifu Dhaalu, Meemu, or Lhaviyani atoll.
Thazmeel said MTDC has the capacity to develop a resort that can be managed by the company. He said that the company will also be able to secure financing for resort development and plans to develop the resort by taking out a bank loan.
He said that an island is being finalized, and the resort is planned to have a capacity of 230 beds. Thazmeel said he would give high priority to developing the island in accordance with the plans prepared by the company.
"We have selected some islands. We are discussing and finalizing the best island to develop the resort," he said.
Thazmeel said that they will look at islands opened by the Ministry of Tourism as well as islands taken by private parties that have not been developed so far due to various reasons. The island will be finalized and announced during the second quarter of this year, he said.
While MTDC has decided to develop a resort in the Malé area, the company is also working on developing the island of Naagoashi in Haa Dhaalu atoll (located approximately 320 km north of Malé).
47 percent of MTDC's shares are held by the state, and the remaining 53 percent are held by public shareholders. The company has more than 24,000 public shareholders, resulting in the majority of dividend payouts going towards them.
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