Maldives Tourism Development Corporation (MTDC) | Atoll Times

Maldives Tourism Development Corporation (MTDC)

MTDC denies plans to sell head lease rights of resort islands

MTDC said its management and Board of Directors have not held discussions with any party regarding the sale, transfer or release of the head lease rights.

MP seeks answers over reported sale of Maguhdhuvaa lease

Recent reports have claimed that the company is considering the sale of the island's head lease at a price below market value.

Haris appointed Managing Director of MTDC

On Thursday, the PCB removed Niyaz as Managing Director of MTDC. The board did not disclose a reason for the decision.

Questions raised over proposed sale of MTDC's Maguhdhuvaa lease

Reports indicate that the head lease could be sold for US$1.5 million.

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Ziyath handed 12 more years over MMPRC graft

Despite his 20-year prison sentence, he has been transferred to house arrest.

7 September 2023

Scholarship scheme to train locals for top resort jobs

The proposal will be forwarded to and an advisory committee will be formed in the tourism ministry, he said.

27 September 2023

MTDC to pay MVR 20m in dividends for 2022

MTDC started distributing shares in 2020 after having not been distributed at all for 10 years.

MTDC approves 60 Laari per share as dividend

MTDC's profit for 2023 declined by 41% compared to the previous year.

MTDC seeks MVR 462m loan to complete Naagoashi resort

By 2016, the agreement was terminated due to non-payment of rent and lack of progress.

MTDC begins hiring Maldivians to restart delayed Nagoashi project

MTDC was allocated the island in 2006 for resort development, but the project has not been completed.

20 November 2025

PCB removes MTDC chief Niyaz in SOE board reshuffle

The board also appointed new directors to four state-owned enterprises.