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The Tourism Ministry has introduced new rules that could cancel agreements for sites left undeveloped for years, with unpaid rent and fines exceeding $10 million.
Mariyam Adheela
Abandon Result in Maldives -- Photo: eugene.kaspersky.com
The new regulation took effect after being gazette by the Tourism Ministry today. It sets out action against tourism sites where development has remained incomplete for long periods.
Under the rules, agreements may be cancelled for sites where eight years have passed since the development period ended. This applies when rent and fines owed to the state exceed $10 million and no actual development work has been carried out.
The ministry may also act against unfinished sites that have exceeded the approved construction period by more than 60 months. Sites that have passed eight years of the lease period or have completed less than 15 percent of development may face cancellation without another extension.
For sites that have not yet reached eight years, the ministry may provide one additional opportunity to extend the construction period. If development is still not completed and operations have not begun within that period, the lease agreement may be cancelled.
The ministry has said 168 tourism sites have remained incomplete for extended periods. Some of these sites have been pending for as long as 25 years. The ministry has introduced the new measures to address long-delayed tourism developments.
