Four islands to be developed under Real Estate Tourism

Finance Minister Ibrahim Ameer has stated that four islands will be reclaimed and developed under the government's push to introduce and expand Real Estate Tourism in the Maldives.

While presenting the proposed state budget for 2022 at the parliament today, Minister Ameer said that the islands designated to be developed under real estate tourism will be leased through Maldives Funds Management Corporation (MFMC). Ameer noted that the state revenue will increase through the dividend of the company paid to the state, from the profit of the leasing of said islands.

He further added that in order to reduce the stress of MFMC's expenditure on the state budget and to increase the state revenue, an interim dividend will be declared next year once the business is operating. As such, the budget estimates MVR 231 million as state revenue through said dividends.

Additionally, in an effort to gain back a portion of the reclamation expenses by the government, the budget estimates MVR 300 million to be generated in revenue by selling the reclaimed land.

A proposed budget of MVR 36.9 billion has been submitted to the parliament.