President Muizzu Establishes State-Owned Company to Share Tourism Profits with All Maldivians

President Dr. Mohamed Muizzu has today established a company named "Dhivehin Resho Hishsha Corporation" with 100 percent government ownership, with the aim of providing the benefits derived from the Maldives' tourism industry equally to all citizens. This company was established under the authority granted to the President of the Republic by the Companies Act, through a presidential decree. The Presidential Office stated that one of the main objectives in establishing this company is to enhance the value of islands and island resorts under state control and natural resources, and to build an investment portfolio that will provide long-term benefits for the state and future generations. Furthermore, the Presidential Office said that the company will work to develop international-standard resorts while prioritizing environmental protection and sustainable energy, thereby creating job opportunities and technical training for Maldivian citizens, and increasing foreign currency income for the national economy. While delivering his annual presidential address this year, the President had stated that at least 10 resorts would be developed within the next three years, and a large portion of the profits generated from these resorts would be deposited annually into the bank accounts of every citizen in the country in foreign currency. He also stated that legislation would be enacted to establish that every citizen of the Maldives is a shareholder in all resorts developed under this project.