Pres announces resort project that will earn all Maldivians USD 400 yearly

President Dr Mohamed Muizzu has announced a landmark resort development project that he says will earn every Maldivian citizen around USD 400 each year.

He made the announcement on Thursday while delivering his annual address to the Parliament.

Addressing the Parliament, President Muizzu said he plans to develop at least 10 resorts through a State-owned Enterprise (SOE) over the course of the next three years.

He said that part of the profits from the resorts will be deposited to the bank accounts of every Maldivian citizen on an annual basis.

“I will make each and every citizen an equal shareholder of all these resorts,” he said.

President Muizzu expects to be able to begin sharing the return on investment with Maldivian citizens by 2030.

The money will go to everyone with a Maldivian identity card, he said.

“Every citizen will have USD 400 deposited to their account each year. We estimate a family of five to earn USD 2,000 each year, God willing,” he said.

Different Maldivian administrations have tried to venture into tourism – the country’s biggest earner – over the years. While the private investors earn huge profits by tapping into the country’s thriving tourism sector, government investments have yet to yield much success.

One such example is the Maldives Tourism Development Corporation (MTDC) established during former President Maumoon Abdul Gayoom’s administration. The public limited company, which thousands of Maldivians bought shares in, has yet to have much success.