President Dr Mohamed Muizzu has repealed the Presidential Decree issued by former President Ibrahim Mohamed Solih on December 2, 2021, which designated Hankede as a tourism real estate development project zone, and leased it to Maldives Fund Management Corporation.
The reasons for the decision were not disclosed in the decree issued last night.
The President has instead announced a new tourism venture in Hankede. Hankede, in Addu City, has now been placed under the Ministry of Tourism and Environment for development as a tourism destination.
Successive governments have previously introduced various plans to develop Hankede as a resort. The first initiative to develop Hankede was as far back as 2005, when former President Maumoon Abdul Gayoom had been in office.
Fuvahmulah company Thoondu Pvt Ltd was contracted to build a 100 to 200 bed city hotel in Hankede. The agreement called for the project to be completed within 18 months. However, with the company's failure to comply with the agreement, the government levied a USD 2500 fine on them and voided the agreement.
Two other companies were contracted to develop Hankede in 2008 and 2013. With the efforts being unsuccessful, a Singaporean company Crescendas Group was contracted to develop Hankede in 2019. This agreement, too, was later cancelled.
