Tourism Profit-Sharing Plan Advances Alongside State Company Reforms
Central to the strategy is an initiative designed to ensure every citizen directly benefits from the country’s primary economic driver. | Photo: Envato
President Dr Mohamed Muizzu has confirmed that implementation of the government’s flagship tourism profit-sharing initiative will begin swiftly, detailing a 36-month timeline to operationalise the project following structural reforms to key state-owned enterprises.
Speaking at a press conference at the President’s Office today, President Muizzu detailed the administration’s broader strategy to diversify the Maldivian economy sustainably. Central to the strategy is an initiative designed to ensure every citizen directly benefits from the country’s primary economic driver.
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Under the government’s plan, authorities have allocated specific islands to develop 10 new resorts over the next three years. The administration intends to deposit a significant portion of the profits generated by these properties directly into the bank accounts of all Maldivian citizens annually in foreign currency.
“The Maldivian people are the true owners of the nation’s natural assets,” President Muizzu noted, adding that establishing a systematic mechanism for direct income distribution represents the most equitable approach. He underscored that wealth within the tourism sector should not remain concentrated among a select few, pledging to complete the setup within 36 months.
Alongside the tourism initiatives, the President announced the merger of Agro National Corporation Limited (AgroNat) into a subsidiary of the Maldives Industrial Fisheries Company Limited (MIFCO). The government expects the integration to streamline agricultural expansion, enhance national food security goals, and allow MIFCO to manage a planned modern produce and fish market in Malé.
To support broader economic activity, the administration plans to submit legislative amendments during the Parliament’s third session this year. The proposed legal changes aim to expedite court proceedings for small-scale commercial disputes and streamline civil litigation involving major enterprises.
