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President Muizzu, speaking in today's press conference - Photo: President Office

MALÉ: President Dr. Mohamed Muizzu announced that physical development work on government-owned resorts is scheduled to begin this coming November.

Speaking at a press conference at the President’s Office, President Muizzu confirmed that rapid progress is being made to establish a system that makes every Maldivian citizen a resort shareholder. He noted that final site selections for 10 proposed resort developments will be completed within this week.

Speaking on the timeline and public benefits of the project, President Muizzu stated, “God willing, our hope is that some of these projects will start in November. The result of this will be that every Maldivian citizen becomes a resort shareholder. Once these resorts open, US dollar payments will be deposited directly into everyone’s accounts.”

The initiative follows an earlier announcement made by President Muizzu during his Presidential Address to Parliament in February. Under the plan, a state-owned enterprise will develop 10 resorts over three years to distribute direct economic profits from the tourism sector to citizens.

President Muizzu highlighted that despite tourism operating in the country for over 50 years, ordinary citizens have historically lacked a mechanism for direct financial gain from natural state assets leased to private resort operators. Under planned legislation, shareholding rights for the 10 state resorts will be legally guaranteed to all citizens.

Key financial and operational details surrounding the government resort shareholding project include:

• Minimum Annual Payout: Guaranteed annual distribution of at least 400 US dollars per individual citizen starting in 2030.

• Family Revenue Example: A household of five family members is projected to receive a combined total of at least 2,000 US dollars annually.

• Project Timeline: Construction on initial resort sites beginning in November with full development completed across a 3-year period.

• Legal Shareholding Framework: National legislation will be enacted to lock in equal resort ownership rights for all Maldivian citizens.