Ministry of Tourism has revealed large bids had been submitted for many of the islands that were opened for resort development last year.
Bidding for resort development in 18 islands across 10 atolls was opened during the investment forum held at the Expo 2020 in Dubai, UAE. The bidding period for the islands expired on March 23.
The tourism ministry revealed bids had been submitted for 9 of the 18 islands opened for resort development. The tourism ministry stated it had received better-than-expected acquisition costs for many of the islands, noting the acquisition costs proposed for the islands vary from 250% to 929% of the starting price allocated by the ministry.
The islands which received proposals include two islands each in Haa Alifu Atoll, Faafu Atoll and Gaafu Dhaalu Atoll, along with one island each in Meemu Atoll, Gaafu Alifu Atoll and Thaa Atoll. The bids are currently under evaluation.