President Muizzu pledges government-led resort development to deposit dollars directly into citizens' accounts

President Dr. Mohamed Muizzu has announced that the government will establish a dedicated company to develop at least 10 resorts within the next three years, with the aim of depositing foreign currency directly into the accounts of every Maldivian citizen.

Delivering the Presidential Address on Thursday, President Muizzu noted that the Maldives' tourism industry officially began 54 years ago, in 1972. He highlighted that despite the industry spanning more than half a century, no previous administration has established a mechanism to ensure that every Maldivian citizen benefits directly from the sector's earnings.

Highlighting that this industry plays the most significant role in the Maldivian economy, President Muizzu stated that it is the sector that most extensively utilizes the nation's natural assets—its pristine beaches, lagoons, reefs, and islands—over the long term. He further noted that, with few exceptions, this industry has brought about, and continues to bring about, substantial and often irreversible changes to these natural assets.

President Muizzu stated that the most equitable approach is to establish a systematic mechanism that ensures a direct income for all beloved Maldivian citizens, who are the true owners of these natural assets. He further announced that at least 10 new resorts will be developed in the Maldives within the next three years.

Following cabinet deliberations, the government has decided to develop at least 10 resorts through a state-owned enterprise over the next three years. A significant portion of the profits generated from these resorts will be distributed equally among all citizens, without exception. These payments will be deposited annually in foreign currency directly into the bank account of every Maldivian citizen. Furthermore, the government will enact legislation to ensure that every Maldivian citizen is recognized as an equal shareholder in all resorts developed under this project.

President Dr. Mohamed Muizzu

President Muizzu noted that funds from this investment will begin being deposited into the accounts of Maldivian citizens starting in 2030. He stated that under this project, every individual holding a Maldivian national identity card will receive annual financial benefits derived from the profits of the resorts developed through the initiative.

It is estimated that the returns from this investment will begin reaching the accounts of Maldivian citizens starting in 2030. According to current projections, each citizen is expected to receive an average of at least $400 annually. For instance, in a family of five, every member would become a shareholder in at least 10 resorts, and the household would receive a minimum of $2,000 per year. We remain committed to expediting the necessary measures to turn this vision into a reality.

President Dr. Mohamed Muizzu

The government has historically refrained from direct involvement in the tourism industry, which serves as the backbone of the Maldivian economy. Instead, the investment and operation of businesses within this sector have been led exclusively by private entrepreneurs.