The Ministry of Tourism and Environment has leased 27 sites for tourism development since President Dr Mohamed Muizzu took office.

Speaking at a press conference, Minister of Tourism and Environment Thoriq Ibrahim said 27 sites have been allocated for tourism development during the current Administration.

Minister Thoriq 13 properties were leased through closed bidding, 10 properties were leased under the cross-subsidy mechanism introduced by the Government, and four properties were leased through open bidding.

He said the Government has also introduced a range of incentives to stimulate tourism development, including reductions in lease acquisition costs, the option to defer rent payments during the grace period, and duty exemptions of up to 15 per cent of capital investment for tourism projects in six underdeveloped atolls.

Additional concessions include allowing lease acquisition costs for islands and lagoons to be paid in instalments, as well as expanding the categories eligible for duty exemptions.

The Minister also highlighted the introduction of the Halal Tourism Concept as a new tourism product. Under this framework, lease acquisition costs have been reduced by 20 per cent, and developers who complete and open projects before the end of the grace period will not be required to pay land rent for the remaining grace period. Duty exemptions have also been extended under the scheme.

He added that six projects have been opened under the Halal Tourism Concept so far. An agreement has already been signed with an investor for one of the projects, and the land has been officially leased to the developer.