The Maldives government has opened bids for resort development across 15 islands and lagoons on 50-year leases, including three locations exclusively dedicated to Halal tourism. Developers can also bid on 10 expansive lagoons in the northern atolls or premium individual islands like Sh. Nalandhoo and N. Farumuli. To incentivize investment, the government is offering import duty concessions of up to 20% and a 36-month construction window, with final proposals due this November.
Key Highlights:
3 islands allocated for Halal Tourism
10 lagoons to be leased from the Northern atolls
Sh. Nalandhoo and N. Farumuli also opened for bidding
Bids have been opened for the submission of proposals to develop resorts in 15 islands and lagoons, which includes opportunities for Halal Tourism.
This opportunity, opened under separate announcements by the Ministry of Tourism and Civil Aviation, marks one of the occasions in recent history where the largest number of land plots have been released for tourism at once.
3 Islands for Halal Tourism
Among these bids, the most notable are the three areas dedicated to Halal Tourism. These include a 200-hectare lagoon from the Hdh. Makunudhoo reef, an 8.18-hectare land plot in L. Fonadhoo, and a 10.23-hectare area in S. Dhonhera. A minimum of 150 beds must be developed in Makunudhoo, while a minimum of 100 beds must be developed in both Fonadhoo and Dhonhera.
Resorts on these islands must be operated for a 50-year period, fully adhering to Islamic principles. This includes prohibiting the sale of pork and alcohol, providing Halal-certified food and beverages, and offering separate wellness services for men and women. In addition, two separate mosques must be built for staff and tourists.
10 Lagoons from Northern Atolls
The majority of the plots decided for lease are 10 lagoons located in the northern atolls.
These include 3 lagoons from the Ha. Maadhuni reef, 4 lagoons from the Hdh. Makunudhoo reef and Maafaru, and 3 lagoons from the Sh. Gonaa reef. The Ministry of Tourism states that each of these lagoons spans a 200-hectare area, and developers must build a minimum of 150 beds on each.
The lease acquisition cost for these lagoons ranges between $1.5 million and $2.1 million.
Sh. Nalandhoo and N. Farumuli Also Open for Bidding
As individual islands, Sh. Nalandhoo and N. Farumuli have also been opened for bidding. The financial capacity of parties bidding for the 63.99-hectare Sh. Nalandhoo must be $10 million, while the lease acquisition cost for N. Farumuli is $2.25 million.
This is the most expensive area opened in this current round. Furthermore, a minimum of 200 beds must be developed in Nalandhoo, while a minimum of 150 beds is required for Farumuli.
While resorts can be developed on these 15 islands or lagoons by reclaiming land, a 36-month period will be granted for the construction of tourist resorts. The Ministry of Tourism's announcement also states that these islands will be leased for tourism purposes for a period of 50 years.
Special incentives have been arranged for parties submitting bids for these projects. General resorts will receive a 15% concession on import duty, whereas Halal Tourism projects will receive a 20% concession. The deadlines for submitting bids fall between November 17 and 23. Pre-bid meetings for interested parties are scheduled to be held online in September and October.
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