Thazmeel said that his hope is that the project will be at standards more modern than ever seen in the Maldives till date, and although it shall be similar to resorts currently developed in the country, it will be a major project with a distinct concept revolutionizing tourism in the Maldives.
The island of Naagoashi is being developed as a resort by Dubai-based R.A.W. Galadari; the company holding 85 percent stake in the development of the island under a joint venture between MTDC and R.A.W. Galadari, MTDC holds the remaining 15 percent stake.
However, the deal is for MTDC to receive a fixed amount of the resort’s operating profits every month.
In an interview with Mihaaru News, the Managing Director said the master plan for the mobilization plan for the development of Naagoashi has been approved by the Ministry of Tourism.
Therefore, construction works are set to start soon. Thazmeel highlights that Naagoashi is being built in phases.
The first phase is to have in place the license and commence operations of the resort in accordance with the standards of the Ministry of Tourism and as per the durations in our agreement.
The biggest objective of the company and the joint venture partner is to open the resort within the time frame given, he said.
Thazmeel also stated that the first phase of Naagoashi will be completed before the end of 2023.
With that, the remaining two phases will continue without interruption. He also said that it will be one of the largest resorts to be built in Maldives.
Naagoashi is a large island of 76 hectares. So, whilst the whole island will be developed as a resort in three phases, completely different categories will be seen on the island, he said.
Thazmeel noted that the result of the resort’s development will be the creation of employment opportunities for residents of Haa Dhaalu Atoll.
The Managing Director also said that upon commencement of operations of Naagoashi, many international brands will also be seen at the resort.
The environment of Maldives will be very well reflected in this concept, he further said.
He said that the development of a resort in Haa Dhaalu Atoll had been a long-standing hope of the people of the Atoll and MTDC will make it a reality.
While a resort in Maldives will typically develop about 300 beds, Naagoashi will be developed with 1,670 beds and 835 rooms.
MTDC had previously noted that the capacity of six resorts can be developed at Naagoashi alone.
The entire resort project will cost over USD 400 million and will be one of the largest resorts developed in Maldives, he said.
Two categories of villas will be developed in Naagoashi which will include five-star and six-star rooms.
Thazmeel said, previous governments had also made efforts to develop Naagoashi as a resort. But, so far none has succeeded.
Naagoshi was handed over to MTDC in 2020. However, the search for an investor and other matters were delayed due to the Covid-19 pandemic and the global financial crisis.
Naagoashi will be a good product that MTDC and the people of Haa Dhaalu Atoll, will be proud of, Thazmeel said.
Tags: Maldives Tourism Development Corporation (MTDC), Thazmeel Abdul Samad, Haa Dhaalu Atoll Naagoashi
