President Dr. Mohamed Muizzu has established a special company today to facilitate the sustainable development of the Maldives’ tourism industry and ensure that its economic benefits are shared equitably among all Maldivian citizens.
The President's Office stated that the company, established by President Muizzu under the name "Dhiveheenge Resort Hihsaa Corporation" (DRHC)," will develop the tourism industry sustainably and arrange to distribute profits from the sector to all Maldivians without any discrimination.
In addition, the President's Office stated that one of the company's objectives is maximising the value of the State’s lagoons, uninhabited islands and natural resources, while building an investment portfolio that generates long-term benefits for the State and future generations.
President Muizzu announced that 10 resorts will be developed and their profits distributed to Maldivians within the next three years while delivering the presidential address at the parliament opening session for this year.
In that session held last February, he stated that even though 50 years have passed since the tourism industry was officially established in Maldives, a way for Maldivians to directly benefit from it has not been facilitated.
While the tourism sector is one of the most important fields in the Maldivian economy, private parties are also running resorts by leasing natural assets for long periods, the president noted. President Muizzu also stated that the profits of the resort business should be directly received by Maldivians.
"Through a company, within three years, we will develop a minimum of 10 resorts, and a large portion of the profits earned from those resorts will be deposited equally, in foreign currency, once a year into the bank account of every single citizen of the Maldives, without leaving any citizen behind." He had stated.
According to the President's Office, the 100 percent government-share company will develop and manage international-standard resorts and other tourism-related facilities by prioritizing the environment and renewable energy, while facilitating jobs and technical training for Maldivians.
Furthermore, building a robust and competitive tourism business environment in the Maldives by collaborating with local and foreign investors to increase foreign currency revenue is also one of the objectives, the President's Office stated.
