Nagoashi, a resort development project that has remained incomplete for 17 years, is now on track for completion and is expected to open next year. The project is being revived under the supervision of the Maldives Tourism Development Corporation (MTDC).
During his visit to Haa Dhaalu (HDh.) Atoll, President Dr. Mohamed Muizzu visited Nagoashi Island today. Speaking at a meeting with the local community, the President announced plans to officially hand over the site to the Maldives Tourism Development Corporation (MTDC) and resume long-delayed development work.
Later in the afternoon, the President visited the island to attend the official inauguration ceremony of the Nagoashi resort development project. The event was marked by the presence of Finance Minister Moosa Zameer, MTDC Chairman Abdullah Faiz, Bank of Maldives CEO Mohamed Shareef, and Bank Chairman Ahmed Ali Habeeb.
Speaking at the ceremony, MTDC Managing Director Ahmed Niyaz said the project will be carried out in two phases.
In the first phase, 183 rooms—including beach villas, jacuzzi beach villas, and water villas—will be completed. The resort is expected to begin operations by December next year.
“Once complete, the resort will generate 600 jobs, It will benefit the entire HDh. Atoll. Recruitment and staff training for the island will begin within the next year,” Niyaz said.
Following the inauguration, the President toured the island.
A 17-Year Delay
The Nagoashi resort project has remained incomplete for 17 years. Initially awarded to a Russian company in 2007, MTDC aimed to develop a 600-bed resort on the island. However, the agreement was terminated in 2016 after nine years due to repeated failures in rent payments.
At the time of cancellation, around 37% of the resort had been completed, with many villas, restaurants, and buildings already partially built.
The government later took control of the island from MTDC, but in 2021, it was re-leased to MTDC. That year, MTDC awarded the development contract to Dubai-based Galadari Holdings. However, with no progress made for three years, the agreement was canceled in 2023, and MTDC regained full control of the project last year.
