Gov't releases its stakes in Addu Investment

President Ibrahim Mohamed Solih has announced that the documents required to release the government's stakes in Addu Investment Private Limited, which operates Shangri-La Villingili Resort and Spa, have been handed over to the company.

Shangri-La Villingili Resort in southernmost Addu City was built by Investment, of which the government holds a 30 percent stake. The island, developed with a total investment of $150 million, including a $50 million loan from the World Bank and government funds, features 132 villas. The nearly 50-hectare resort boasts six restaurants, a spa, and two tennis courts and golf courses. Although the resort initially opened its doors in 2009, it had to be closed in 2020 due to the COVID-19 pandemic. As the resort has not yet reopened since its closure, concerns have been raised by the residents of Addu City.

Speaking at the official launch of Addu City's land reclamation project held Saturday, President Solih expressed his commitment to removing any obstacle hindering the operation of Shangri-La. He emphasized that he would not let the government's stake be an obstacle to operating Shangri-La.

"The government shared the documents of the share transfer with the concerned party on March 18. Once the process is completed, the necessary changes will be made, and Shangri-La will be re-opened," he said.

During the MDP presidential primary campaign, President Solih said that Shangri-La would reopen by September this year at the latest.