The Maldives Tourism Development Corporation (MTDC) has announced plans to make the resort developed on Naagoashi fully operational by the end of 2026.

The announcement was made by MTDC Managing Director Ahmed Niyaz at the official ceremony to commence the development of a resort at Naagoashi held today on the uninhabited island in South Thiladhunmathi. President Dr Mohamed Muizzu attended the event, accompanied by cabinet ministers and senior officials of the Bank of Maldives.

In his remarks, Niyaz highlighted that the project’s revival fulfils the President’s pledge to boost tourism in South Thiladhunmathi, noting that practical work has already been mobilised. He confirmed that the target is to bring the resort into full operation by 30 December 2026.

Niyaz acknowledged that the Naagoashi project had been stalled for nearly 17 years, despite repeated attempts to move it forward. He further recalled that in January this year, President Dr Muizzu pledged financial support through the Bank of Maldives to enable MTDC to complete the development.

The President has also stressed the importance of developing tourism in the northern atolls to support the viability of Hanimaadhoo International Airport, which is nearing completion.

The Naagoashi project was initially granted to MTDC in 2006 with the objective of developing a 600-bed resort. A year later, in 2007, MTDC entered into a partnership with the Russian company ThreeK to advance the project. However, the agreement was cancelled in 2016 after nine years of unpaid rent. By the time of termination, around 37 per cent of the resort’s construction, comprising villas, restaurants, and other core facilities, had already been completed.