President Dr Mohamed Muizzu has established Addu Hankede Development Corporation Limited, a new state-owned company to oversee the development of the Hankede Integrated Tourism Development Project in Addu Atoll.
The company was established under Section 15 of the Companies Act through a Presidential Decree published in the Government Gazette on 16 July.
According to the President’s Office, the corporation’s primary objective is to develop the Hankede area into an integrated tourism destination, expand Addu Atoll’s tourism sector, and promote the equitable distribution of tourism-related economic benefits across the atoll. It is also expected to strengthen the participation of Addu Atoll’s residents in the project and lead the planning and implementation of initiatives to advance the government’s development objectives for the area.
Many efforts have been made in the past to develop Hankede. Hankede was handed over to the Maldives Fund Management Corporation in 2021 as an area for a government tourism real estate development project. However, the project did not progress as planned, and the President later directed that a new tourism project to develop Hankede be undertaken.