Fushifaru Added to Halal Tourism Investment Portfolio

The Ministry of Tourism and Environment has expanded its portfolio of properties designated for development under a specialised Halal tourism model, with the addition of Fushifaru to the public bidding process.

The inclusion, formalised through an amendment to the official framework, opens opportunities for investors to lease and manage islands and lagoons tailored to the Halal tourism segment. Fushifaru, spanning 4.34 hectares with a planned capacity of 100 beds, joins Makunudhoo, which offers 200 hectares for a 150-bed development, as well as Fonagaadhoo and Dhonhera, each allocated for 100-bed projects.

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All properties are offered under 50-year lease agreements, with developers required to commence construction within 36 months of lease execution. Investors will also be permitted to undertake land reclamation as part of the development process.

The ministry has outlined a range of financial incentives, including payment of acquisition fees in instalments over five to six years and a 20 percent waiver on duties. Land rent during the construction grace period will be waived for projects that open ahead of schedule.

The addition of Fushifaru has led to revisions in the procurement timeline, including the scheduling of an additional pre-bid meeting. Proposals for the Halal tourism initiative are due by 11:00 a.m. on 11 May, while the deadline for 13 other commercial resort areas has been extended to 1:00 p.m. on 13 May.