President unveils citizen-shareholding model for new resorts, construction to begin in November

President Dr. Mohamed Muizzu announced on Monday that the government will begin construction of new resorts in November under a national shareholding model that allows all Maldivians to become shareholders and earn dividend income in US dollars once the properties are operational.

Speaking at a press conference at the President’s Office, the President said the sites for the development of 10 resorts will be identified within this week. He added that the government is working at full speed to initiate the projects.

“Hopefully, some of these projects will start in November,” he said.

Highlighting the benefits of the initiative, President Muizzu said the model is designed so that every Maldivian citizen becomes a shareholder of the resorts. Once the resorts are developed and opened, he said dollar income will be deposited into every citizen’s account through dividend payouts.

President Muizzu first announced the plan in his presidential statement to Parliament last February, stating that a government company would develop 10 islands as resorts over the next three years.

This is not a casual idea, it is a structural policy proposal with major implications, aiming to reshape national wealth distribution, expand citizen participation in the tourism economy, and create a long-term mechanism for Maldivians to earn foreign currency directly through state-led resort development.