Minister of Economic Development Mohamed Saeed has stated that Maldives is the most trusted and viable market for investors in the South Asian Region. The Economic Minister made the remark in an exclusive interview to PSM News.
Speaking regarding one of the largest tourism development project to be ever conducted in the country, Minister of Economic Development Mohamed Saeed said that huge investments are brought to the country in the administration of President Abdulla Yameen Abdul Gayoom.
The USD 800 million Emboodhoo Lagoon project is contracted to Thailand-based Singha Estate Company. The Economic Minister stated that international finance institutions constructively monitor the development of Maldives. The Minister attributed the fast growing investments to Maldives due to the economic vision and policies of President Yameen.
Stating that Velana International Airport has to develop simultaneously with the tourism sector, the Managing Director of Maldives Airports Company Limited (MACL), Adil Moosa noted the importance of increasing the passenger service capacity of the airport. He said that projects such as Emboodhoo Lagoon Project will pave way for further development of the airport.
Stating that Emboodhoo Project is an example of the leadership of President Yameen, Managing Director of Maldivian, Abdul Haris complimented the Emboodhoo project and said that the project is an important project to Maldivian Airline as it will generate more opportunities and will increase the seaplane services provided by the company.
The Emboodhoo Lagoon Project is conducted as part of the Integrated Leisure and Recreation Destination Resort Concept. The first phase of the Emboodhoo Lagoon Project, estimated to cost USD 331.5 million will see development of 3 islands. The first phase of Emboodhoo project would see development 1,300 rooms in 3 islands and the creation of over 5,000 job opportunities. It would include international franchise restaurant and retail outlets, entertainment outlets, recreational facilities, and leisure and lifestyle boutiques. The project will also see the establishment of the first ever township development in the country, which will boast an international standard yacht marina.
The first phase of the project along with township will be completed by mid-2018.