President Mohamed Muizzu said on 28th January 2025 that the Maldives Tourism Development Corporation (MTDC) will have government support to finish building the Naagoshi resort in Haa Dhaalu Atoll.
Speaking about the project at HA. Filladhoo, President Muizzu said that the Bank of Maldives (BML) would set up financial support to help MTDC finish the development. The president emphasized how crucial it is to grow tourism in the northern atolls in order to increase the viability of the soon-to-be-completed Hanimaadhoo International Airport.
“We are working to arrange a financial facility through the Bank of Maldives for the people of Haa Dhaalu Atoll. The resort has been stalled since it was awarded to MTDC in 2006, but it is our goal to bring this project to completion with government support,” the president said.
There have been major setbacks in the Naagoshi development project. With plans to build a 600-bed resort, the island was first given to MTDC in 2006. In order to build the resort, MTDC teamed together with ThreeK of Russia in 2007. However, the deal was terminated in 2016 due to nine years of non-payment of rent. At that point, villas, restaurants, and other amenities accounted for 37% of the finished building.
The project was taken over by the government in 2017 but returned to MTDC in 2021 under a new lease. Galadari Holdings, based in Dubai, was given the development by MTDC that year. However, after three years of no development, the agreement was dissolved in 2023.
President Muizzu emphasized that the government’s larger initiatives to boost tourism in the northern provinces include the completion of the Naagoshi resort. He also discussed plans to boost tourism on neighboring Haa Dhaalu Atoll islands.
It is anticipated that the completion of the Naagoshi resort will support the expansion of Hanimaadhoo International Airport and the region’s tourism industry.
