Government to support MTDC in developing Naagoshi resort

Maldives Tourism Development Corporation (MTDC) will receive government assistance to complete the development of the Naagoshi resort in Haa Dhaalu Atoll, President Mohamed Muizzu announced Tuesday.

Speaking about the project in HA. Filladhoo, President Muizzu stated that financial assistance would be arranged through the Bank of Maldives (BML) to support MTDC in completing the development. The president highlighted the importance of developing tourism in the northern atolls to enhance the feasibility of the Hanimaadhoo International Airport, which is nearing completion.

“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.

The Naagoshi development project has faced significant delays. The island was initially awarded to MTDC in 2006, with plans to develop it as a 600-bed resort. In 2007, MTDC partnered with Russia’s ThreeK to develop the resort, but the agreement was canceled in 2016 after nine years of non-payment of rent. At the time, 37% of the construction work was completed, including villas, restaurants, and other facilities.

In 2017, the government took over the project but handed it back to MTDC in 2021 under a new lease. That year, MTDC awarded the development to Dubai-based Galadari Holdings. However, the agreement was terminated in 2023 due to a lack of progress over three years.

President Muizzu emphasised that completing the Naagoshi resort is part of the government’s broader efforts to expand tourism in the northern provinces. He also mentioned plans to open other islands in Haa Dhaalu Atoll for tourism development.

The completion of the Naagoshi resort is expected to contribute to the growth of the tourism sector in the region, complementing the development of Hanimaadhoo International Airport.