Govt projects annual $400 return per citizen from SOE resorts

President Mohamed Muizzu said on Thursday that tourist resorts developed through state-owned enterprises are expected to generate at least USD 400 per citizen per year.

Speaking in his presidential address at the opening sitting of People’s Majlis, the President said the Cabinet has approved the development of at least 10 resorts through government-owned companies. He said a portion of the profits from these resorts will be deposited in foreign currency into the bank accounts of all Maldivian citizens.

According to the President, the resorts will be developed over the next three years, after which profit distribution is expected to begin.

“When calculated on average, each citizen will receive at least USD 400 per year,” he said. He added that in a household of five, each family member would hold a share in the profits generated by the resorts developed under the programme.

The President said the profits will be distributed annually in foreign currency and that no citizen will be excluded from the scheme.

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