The Maldives Tourism Development Corporation (MTDC) will commence the long-awaited resort development project on Naagoshi in Haa Dhaalu Atoll next month, according to Managing Director Ahmed Niyaz.

Naagoshi, a 76-hectare island leased to MTDC in 2006 for resort development, has experienced multiple stalled attempts. Initially subleased to a Russian company, development was halted in 2012 due to financial difficulties. The island was later handed over to UAE-based R.A.W. Galadari Holdings in 2021. However, with no significant progress over the past three years, the Government has terminated the agreement.

Speaking at MTDC’s Annual General Meeting on Thursday evening, Managing Director Niyaz announced that all necessary preparations for the Naagoshi resort project, including architectural drawings, construction plans, and permits, have been finalised.

He added that efforts are underway to secure financing, noting discussions with the Ministries of Tourism and Finance have brought them close to securing the required funds.

Niyaz stated that survey work on previously developed areas of Naagoshi is ongoing, with mobilisation efforts underway. He confirmed construction is scheduled to begin this quarter, targeting June or July.

MTDC announced the Naagoshi resort will be developed in two phases, with 33 per cent of the work already completed by a previous contractor. The resort will feature 183 rooms, including 100 water villas and 83 beach villas.

The first phase is projected to cost around USD 37 million. MTDC has already invested USD 15 million and aims to open the resort by the end of next year.