SOEs to develop 10 resorts; distribute profits to all Maldivians: President

President Mohamed Muizzu said on Thursday that the Cabinet has approved a plan to develop at least 10 tourist resorts through state-owned companies within the next three years, with profits to be distributed in foreign currency to all Maldivian citizens.

Delivering the Presidential Address at the opening sitting of People’s Majlis, the President said the decision was taken following discussions in the Cabinet.

He said the government has decided that a significant portion of the profits generated from the resorts developed under the project will be deposited into the bank accounts of all citizens.

According to the President, all Maldivian citizens will be considered equal beneficiaries under the law for the resorts developed through this initiative. He said this would allow financial benefits to accrue directly to citizens on an annual basis.

The President said preliminary estimates indicate that, on average, each citizen could receive at least USD 400 per year once the resorts become operational. He said that in a family of five, each family member would hold a share in the profits generated by the resorts developed under the project.

He added that the government will take the necessary steps to implement the initiative within the proposed timeframe.

In December last year, Parliament passed amendments to existing legislation allowing state-owned companies to allocate islands, land or lagoons for the development of tourist resorts or integrated tourist resort projects.