MTDC: No plans to sell GDh. Maguhdhuvaa

The Maldives Tourism Development Corporation (MTDC) has stated that no decision has been made regarding the sale of any islands under its jurisdiction.

In a statement refuting media reports regarding the alleged sale of GDh. Maguhdhuvaa, the company clarified that it has not made any decision to sell the head lease or any associated rights for GDh. Maguhdhuvaa, HDh. Naagoashi, or B. Kihavah-huravalhi. MTDC further emphasized that no discussions regarding such a transaction are currently underway with any party.

The Maldives Tourism Development Corporation (MTDC) has dismissed allegations that it is attempting to sell off several of its fixed assets below market value, labeling the claims as entirely baseless and false. The corporation assured that all its transactions are conducted transparently and in full compliance with established laws, regulations, and listing requirements. Consequently, MTDC has urged shareholders and stakeholders to rely solely on official information released by the company regarding its ongoing projects and operations.

Maguhdhuvaa in Gaafu Dhaalu Atoll was leased to the Maldives Tourism Development Corporation (MTDC) in 2006 for a period of 25 years. The island is currently subleased to the Turkish firm, Ahmet Aydeniz Group. Under the management of the Turkish company, a five-star resort branded as "Ayada Maldives" was developed on the island and officially commenced operations in 2011.

Under the agreement between MTDC and Aydeniz Group, a quarterly sublease rent of $1.2 million is required to be paid. While the current agreement is set to expire in 2031, the resort operator is seeking to transfer the head lease of the island to its own name before the term concludes.