President Dr Mohamed Muizzu has announced plans by the Government to develop 10 new resorts over the next three years, with every Maldivian to benefit as a collective shareholder.

Delivering his Presidential Address 2026, the President emphasised that tourism remains the backbone of the national economy, generating immense value from the country’s islands and reefs. He stressed that it is unacceptable for citizens not to benefit equally from the sector’s success.

To address this, the Government will establish a State-owned company to spearhead resort development. Profits from these resorts will be distributed directly to the people, with the President estimating that each citizen could receive at least USD 400 annually deposited into their bank accounts.

President Dr Muizzu also announced plans to enact legislation that will allocate shares of the resorts to all Maldivians, making them collective stakeholders in the nation’s tourism industry. He pledged swift action to bring the initiative to reality, describing it as a transformative step toward inclusive economic growth.