President Dr Mohamed Muizzu has announced today that a government company will be developing ten resorts over the next three years, with each Maldivian to receive USD 400 a year from the resorts' profits.
Delivering his annual presidential address in parliament today, the President observed that even after five decades since tourism was officially established in Maldives, ordinary citizens have yet to gain direct benefits from it.
While tourism is one of the key industries in the Maldives economy, private parties are operating resorts through taking natural assets on long-term lease, he said. The benefits of resort businesses should reach the people directly, the President asserted.
"I believe it would be most just to have a system in place where the true owners of these natural assets, the Maldivian people, gain direct income," President Muizzu stated.
"The government has now decided to have a minimum of ten resorts developed in the next three years through a company, and to deposit the profits from these to all citizens' bank accounts equitably in foreign currency, without excluding a single person," the President announced.
He stated that the citizens of Maldives will be designated as shareholders of these resorts, with the provision to be established in law.
Development of the resorts will be completed by 2030, with a minimum of USD 400 to be deposited in every Maldivian's bank account annually from then onwards, the President announced.
"When we look at the figures, god willing, USD 400 will be deposited annually in every citizen's account. For example, if the family has five members, each member will be a shareholder of at least ten resorts, and the family will receive a minimum of USD 2000," the President explained.
Citing MMA statistics, the President said that last year, tourism revenue was at USD 5.5 billion, a 13 percent increase from the previous year.
MMA estimates this year's tourism revenue will be at USD 5.6 billion, and the government's target is to welcome 2.5 million tourists this year and achieve a 17 percent increase.
