Preparations are underway to begin work on government-developed resorts next November, President Dr. Mohamed Muizzu stated today.

Speaking at a press conference held at the President's Office, the President said that work to establish a system where every Maldivian is designated as a resort shareholder and receives US dollars is progressing very rapidly, and the locations to build 10 resorts will also be finalized this week.

"God willing, the hope is that some of these projects will start within the month of November," the President said.

"The result of this will be that every single one of you, every Maldivian citizen, will become a resort shareholder. And once these resorts are opened, money will be deposited into every person's account in US dollars."

President Muizzu first announced during his Presidential Address to the People's Majlis last February that a state-owned company was set to develop 10 islands as resorts over the next three years, and that USD 400 per Maldivian annually would begin to be disbursed from the generated profits.

The President stated that day that despite 50 years having passed since the tourism industry was officially inaugurated in the Maldives, no avenue had been established for Maldivians to directly benefit from it.

While the tourism industry is one of the most vital sectors of the Maldivian economy, and although private parties operate resorts by leasing natural assets for long periods, the President stated that the profits from the resort business must directly reach Maldivians.

According to the President, law will establish that the shareholders of the 10 resorts developed under this project are Maldivian citizens. The outcome will be that profits generated from the resorts built under the project will be received by every Maldivian year after year, ensuring Maldivians hold a share in resort profits.

The President also announced that day that with the decision to build the resorts, deposits of at least USD 400 into every Maldivian's account will begin starting from the year 2030.

"When calculated, God willing, at least USD 400 will be deposited into every citizen's account annually. For example, in a family of five members, in addition to every member becoming a shareholder of at least 10 resorts, that family will receive at least USD 2,000," the President had said.