Maldives’ Tourism Act states that an island, lagoon, or land must be designated by the state for development
In the Maldives, Addu City’s Hankede and the K. Gaafaru lagoon were chosen to be developed for real estate tourism, reported the Sun.
Based on a decree signed by President Ibrahim Mohamed Solih, Hankede and Gaafaru lagoon have officially been leased to state-owned enterprise Maldives Fund Management Corporation for development.
The Maldives’ Tourism Act indicates that an island, lagoon, or land area developed for integrated tourism must be a location designated by the government for a tourism real estate development project.
Moreover, the location must be leased for development to a 100 percent state-owned enterprise through a presidential decree.
Such regulations follow Economic Minister Fayyaz Ismail’s announcement that the government aims to diversify the Maldivian economy and expand the real estate sector.
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