A project to develop a tourist resort on Naagoashi, Haa Dhaalu Atoll, has officially commenced as part of President Dr Mohamed Muizzu’s ongoing tour of inhabited islands of Haa Dhaalu Atoll. 
The Naagoashi development project was inaugurated by the Minister of Finance and Planning, Moosa Zameer, alongside Maldives Tourism Development Corporation (MTDC)’s Chairman, Abdulla Faiz. The ceremony was also attended by the Bank of Maldives (BML)’s Chief Executive Officer (CEO) Mohamed Shareef and Chairman Ahmed Ali Habeeb.
Addressing residents of Naivaadhoo of the same atoll, President Muizzu said that development of Naagoashi has been entrusted to MTDC, and assured that the project will progress without any interruption.
MTDC was first awarded the contract to develop a resort on Naagoashi in 2006. The island was subleased to Russian company, ThreeK International, to develop a resort. However, the company was unable to carry out the project. In 2017, the government reclaimed the island from MTDC. Under a new lease in 2021, MTDC once again subleased the island to Dubai-based Galadari Holdings for development, but no progress was made over three years, and the agreement was subsequently terminated.
Under the current government’s efforts to develop the island, the Ministry of Finance and Planning has arranged financing for the project through the Bank of Maldives, in collaboration with MTDC.
MTDC’s Managing Director, Ahmed Niyaz said the project is planned to be implemented in two phases. The first phase of the project will establish 183 rooms, with the resort expected to be operational by December next year, he said. This phase will include rooms in four categories, including beach villas, jacuzzi beach villas, and water villas.
The first phase of the Naagoashi development is expected to be completed within 1.5 years. The island is one of the largest islands of the Maldives to be designated for tourism. MTDC said it has secured an international brand to operate Naagoashi and signed a Memorandum of Understanding.
According to MTDC, the project will create about 600 jobs in the island, which, in turn, will benefit the entire atoll. MTDC will start recruiting and providing training to staff for the resort within the next year.