Managing Director of Maldives Hajj Corporation Limited Mohamed Shakeel has revealed that the corporation has been operating at a loss of USD 2.59 million for the past 11 years.
Speaking at a programme aired on PSM News, Managing Director Shakeel stated that Hajj Corporation previously was operated as a group which offers takes pilgrims to perform Hajj and Umrah pilgrimage, and was run unprofitably. He stressed that the corporation is burdened by significant debt and has consistently recorded losses of approximately USD 2.59 million.
Aiming to make Hajj Corporation profitable, it has decided to enter the real estate market. As such, Shakeel disclosed plans to develop a residential building in Hulhumale' and rent apartments. He said that the revenue generated through this would substantially alleviate the corporation's debt. He also mentioned intentions to invest in various sectors beyond real estate to ensure long-term profitability.
Moreover, Shakeel acknowledged that recovering the debts accumulated over the past 11 years will be a gradual process. However, he recognised the efforts of the current government, to complete the loan repayments and ensure the corporation's profitability during this tenure.