Final report on Shangri-La Maldives share issue to be completed this week: Tourism Minister

Minister of Tourism Dr. Abdulla Mausoom. | Photo: Majlis

Malé, Maldives – Tourism Minister Dr Abdulla Mausoom has revealed that the final report on the transfer of the government’s 30 percent stake in Shangri-La will be completed this week.

In yesterdays session of the parliament, Maradhoo MP Ibrahim Shareef asked Tourism Minister Dr Mausoom about the opening date of Shangri-La Villingili Resort and Spa and the progress of the work and also about the expansion of tourism in Addu City.

Answering the questions, Minister Mausoom thanked the parliament for its efforts to open Shangri-La. He said the formula for the 30 percent government stake in Shangri-La has been amended and an independent evaluation has been completed. The final report will be completed within this week, he said.

The minister said the management of Shangri-La had also informed the government that the resort needs to be renovated to open.

Shangri-La suspended its operations in Addu City in April 2020 with the onset of the pandemic in the Maldives and closed the resort indefinitely in August 2020.

Parliament passed the 11th amendment to the Maldives Tourism Act (Act No. 2/99) in the 22nd sitting of its second session on June 30, 2022. The amendment outlines the provisions to determine the market value of shares of tourist facilities leased under joint ventures to ensure the interests of all stakeholders in the event of a buyback or sale of shares.

In addition, Minister Mausoom said the government has created a good environment to expand tourism and that additional tourism destinations can be developed through it.

Minister Mausoom also said various discussions are underway with various international agencies to secure funding for the construction of unfinished islands for tourism and he hopes that enough beds will be there by the start of Fly Dubai in February through such financing.

Dubai-based low-cost airline FlyDubai announced last month plans to a launch a new daily service to Gan International Airport from February 4, 2023.

According to FlyDubai CEO, the new service will reduce the commute time whether by boat or seaplane for those staying in resorts in the southern atolls and also increase the support for the European market.