31 New Tourism Locations Leased as Gov’t Expands Development Drive

The government has leased 31 new tourism locations since the current administration assumed office, according to the Minister of Tourism and Environment, Thoriq Ibrahim, signalling a renewed push to extend resort development beyond traditionally concentrated areas. 

Speaking at a press conference at the President’s Office, Minister Thoriq outlined a strategy aimed at stimulating investment in six atolls identified as having comparatively fewer resorts. The administration has introduced a package of incentives designed to lower entry barriers for developers and encourage geographic diversification of the sector.

Among the measures announced are reduced lease acquisition rates and an exemption of up to 15 percent on capital investment duties. Developers who operationalise their projects within the grace period may also defer rent payments during that timeframe. The ministry has framed these incentives as part of a broader effort to create a more competitive investment environment. 

A revised allocation mechanism has also been introduced. Under the open public bidding system, lease acquisition costs can now be settled through instalment payments. Of the first 16 projects announced under this framework, bids were submitted for three islands, with lease agreements signed for two. 

Minister Thoriq provided further details on the breakdown of recent leases. Sixteen locations have been leased under a closed bidding scheme since the administration took office. An additional 11 sites were allocated under a cross subsidy model, while four were leased through open bidding. 

The government is also positioning the Maldives to enter the Halal tourism segment. For projects developed under this concept, lease acquisition costs have been reduced by 20 percent. Where an island or lagoon becomes operational within the grace period, land costs for the remaining duration of that period will be waived. 

According to the ministry, of the first six projects introduced under the Halal tourism initiative, one has been successfully leased. In February, authorities reopened bid submissions for islands and lagoons that had previously attracted no bids, indicating an effort to maintain momentum in the pipeline. 

In parallel with the leasing programme, the ministry stated that seven new resorts are scheduled to open this year, each with bed capacity exceeding 1,000. The planned openings are expected to increase overall room inventory and support continued growth in tourist arrivals. 

The latest figures reflect an administration seeking to expand both the scale and the geographic spread of tourism development, while introducing policy adjustments intended to attract investors to less developed regions.