Minister of Tourism Dr. Abdulla Mausoom has stated the value of land leased for tourism in the Maldives could decrease next year.
Speaking at a TV programme, Tourism Minister Dr. Mausoom said there is chance that the land leased for tourism in the Maldives could decrease in value next year, compared to this year. Therefore, he said the owners of 85 islands and lagoons that are yet to be developed for tourism after being leased would be taking a risk by holding on to these islands for a better resale value, as its profitability is under threat.
The tourism minister further stated the government aims to make 2021 an year of investments, noting amendments to the Tourism Act will help to attract more foreign investments in the Maldives. He added the government will also ensure the empowerment of locals in the tourism sector as new investments arrive.
According to the tourism minister, there are 61 islands are 24 lagoons leased for tourism but yet to be developed. The minister said the amended Tourism Act sets a deadline for resort developers to develop the islands. He noted the 28 islands which are set to be leased for tourism will follow a scheduled development process to ensure the islands are in service within a specific duration.