Company formed to share profits from 10 government-developed resorts with citizens

President Dr Mohamed Muizzu today established a dedicated company to develop resorts in which the government holds shares and distribute their profits to citizens.

Delivering his presidential address at the opening sitting of the People's Majlis in February this year, the president announced that 10 resorts would be developed over the next three years, with their profits distributed to Maldivians.

The President's Office said today that the company, named Dhiveheenge Resort Hissa Corporation (DRHC), was established to sustainably develop the country's tourism sector and put in place a mechanism to distribute its economic benefits equitably among all Maldivian citizens without discrimination.

The President's Office said the company was also established to maximise the value of lagoons, uninhabited islands and all natural resources under state oversight, and to build an investment portfolio that would deliver the best possible long-term benefits to the state and future generations.

According to the President's Office, the wholly government-owned company will develop and operate resorts and other tourism-related facilities to international standards, prioritising the environment and renewable energy, while providing employment and technical training opportunities for Maldivians.

The President's Office said another objective was to work with local and foreign investors to build a robust and competitive tourism business environment in the Maldives and increase foreign currency earnings.