Gov’t Plans 10 State-Led Resorts, Pledges Shares for All Resident Maldivians 

The government plans to develop 10 new resorts through state-owned enterprises and make every resident Maldivian a shareholder in the tourism industry, President Mohamed Muizzu announced today, with an estimated annual distribution of USD 400 per person.

Delivering his presidential statement, Muizzu said that despite tourism operating in the Maldives for more than five decades, there has been no system to ensure that ordinary citizens directly benefit from profits generated by the country’s largest industry. He said the proposed model aims to use the country’s natural assets in a way that benefits every household.

Muizzu said the cabinet has approved plans to develop 10 resorts over the next three years through state-owned companies. Under the proposal, the government will make annual foreign currency deposits to all Maldivians without exemptions and legally designate every citizen as a shareholder in the resorts. He said new legislation will be drafted to facilitate the scheme.

The president said the initiative would, for the first time, make all Maldivians shareholders in the tourism industry. He added that the government expects the system to begin generating payments from 2030.

Based on preliminary estimates, the government expects each Maldivian to receive around USD 400 annually from the project. Muizzu said a family of five would therefore receive USD 2,000 per year, in addition to each family member holding shares in at least 10 resorts.

According to population projections by the Maldives Bureau of Statistics, the resident Maldivian population is expected to reach 438,547 by 2030. Based on this figure, the annual payout would amount to approximately USD 175.4 million. Using the Maldives Monetary Authority’s projected 2030 exchange rate of MVR 15.65 to the US dollar, the total distribution would be equivalent to about MVR 2.7 billion.

Muizzu framed the proposal as a more equitable distribution of tourism revenue, describing it as a just approach to national development.

The announcement comes against the backdrop of earlier state-led tourism initiatives. The Maldives Tourism Development Corporation (MTDC), established in 2007 to develop resorts and provide investment opportunities for Maldivians, has so far brought only two resorts into operation. According to its 2024 annual report, these are Huravalhi Kihavah in Baa Atoll and Magudhuvaa in Gaafu Dhaalu Atoll. The report states that in 2024, their income was USD 5.2 million, with profit standing at USD 1.9 million. In the 2024 report, the dividend for share stood at MVR 0.50.