The State will receive USD 12.4 million this year as revenue from seven islands most recently awarded for resort development. This figure is higher than the expected revenue from the islands.
The Tourism Ministry said out of the 18 islands announced for tourism development, seven islands will be awarded this year. The acquisition cost for the islands adds up to USD 11.8 million, and island recipients will contribute USD 637,121 to the Tourism Training Fund.
Details of the islands awarded for tourism development:
Ha. Alidhuffarufinolhu: Rent USD 390,000 | Tourism Training Fund contribution: USD 7,000
M. Seedheehuraa: Rent: USD 1.5 million | Tourism Training Fund contribution: USD 120,000
F. Enbulufushi: Rent: USD 3.6 million | Tourism Training Fund contribution: USD 150,000
F. Jinnathugau: Rent: USD 2 million | Tourism Training Fund contribution: USD 200,121
GDh. Kandahalagala: Lease acquisition cost: USD 2.8 million | Tourism Training Fund contribution: USD 150,000
GDh. Fereythaviligiyya: Rent: 702,000 | Tourism Training Fund contribution: USD 5,000
The national budget for the current year forecasted a revenue of MVR 148 million as resort rent. However, if the parties that were awarded the resorts pay the acquisition cost within 90 days, and if the training fund contribution is considered, the State will receive MVR 193 million.
