New state company formed to lead Hankede tourism project
The Hankede Integrated Tourism Project was initiated under the previous administration, which signed an agreement to obtain a loan of USD 142 million.
President Dr Mohamed Muizzu has established a new state-owned enterprise to oversee the development of the Hankede tourism project in Addu.
The President's Office announced on Thursday that the Addu Hankede Development Corporation Limited (AHDC) was established under the Companies Act. The presidential decree authorising the company has been published in the Government Gazette.
According to the President's Office, the corporation has been formed to:
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Develop Hankede under an integrated tourism development model.
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Expand the tourism sector in Addu and distribute its economic benefits across the atoll.
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Increase local participation in the tourism industry.
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Carry out activities required to achieve the government's objectives for the Hankede project.
The decree states that AHDC is wholly owned by the state.
The company has an authorised share capital of MVR 100 million, divided into one million shares with a nominal value of MVR 100 each.
The Hankede Integrated Tourism Project was initiated under the previous administration, which signed an agreement to obtain a loan of USD 142 million from a Chinese bank to finance the development.
Construction of the project was awarded to China National Electric Engineering Company (CNEEC), with the government at the time stating that the project was to be completed within two years.
Before construction began, the current administration transferred the operation of the property to UAE-based Time Hotels. Details of that agreement have not been made public.
