MTDC earns US$ 13 mln as resort lease

  • Four islands subleased
  • Some islands under development
  • Nine islands under MTDC management

Maldives Tourism Development Corporation (MTDC) has said the company had earned US$ 13 million last year from subleasing islands for resort development.

The state owned developer's financial statements for last year showed that last year the company earned US$ 13 million and had earned US$ 14 million the previous year.

The state and public owned developer had been leased nine islands by the Government for tourism development. In 2007 the island of Kihavah'huravalhi was leased to the company. The island, more commonly known as Kihavah, had been subleased to the international hotel group, Minor. The Group had developed a five star property in the island.

Additionally, the company had also subleased the island of Magoodhuaa in GA Atoll to The Ahmet Aydeniz Group from Turkey. The island now runs under the brand of Ayada Maldives, a five star property.

MTDC had also subleased Naagoashi, "Emboodhoofushi and Olhuveli". The island is now operating as the five star 220 bed Niyaama Maldives.