MTDC Pushes Naagoashi Resort Completion Back to Early 2028

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The Maldives Tourism Development Corporation (MTDC) now expects to complete the Naagoashi resort in Haa Dhaalu Atoll in the first quarter of 2028. The new target is in the company's third-quarter report, filed with the Capital Market Development Authority on 2 November.

The report says the date depends on the remaining construction work starting and progressing on time, and on the approvals still needed.

MTDC's previous quarterly report, published on 30 July, gave a targeted opening date of October 2027, as Maldives Today reported on 18 October. The new report gives a completion date rather than an opening date.

The government has extended the construction period until 20 November 2026, the report says. As in earlier reports, it does not say whether MTDC has sought a further extension.

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During July to September, the project was still in design, procurement, site preparation and pre-construction work, the report says. Mobilisation is complete and the mock-up room is about 95% finished. MTDC is using the mock-up to settle design details, materials, interior finishes and construction standards before the next construction phases begin.

Work on the water villas still depends on a technical assessment of the existing piles, to decide whether to repair, reuse or replace them. Materials are being sourced locally and abroad. The project team is also working on access to the site for heavy equipment and materials, using bathymetric and topographic surveys that have already been completed, and on environmental requirements, including coastal modification.

The company's accounts show its term loan rising from US$3.02 million at the end of June to US$6.18 million at 30 September, after it drew US$3.16 million during the quarter. MTDC spent US$818,844 on property, plant and equipment in the quarter, after US$1.74 million in the previous three months. The report does not name the lender. MTDC's July–September 2025 report said it had secured a US$38 million loan from Bank of Maldives to build the resort.

MTDC made a profit of US$151,079 in the quarter, up from US$125,755 in the April–June quarter. All of its US$1.23 million revenue was interest income from its subleases of two operating resorts in Baa and Gaafu Dhaalu, Anantara Kihavah Villas and Ayada Maldives. Cash rose to US$6.30 million.

Step Back

The government leased Naagoashi to MTDC on 17 September 2006. About 40% of the construction was completed under an earlier sublease, and MTDC took on the development itself in 2023. The Tourism Ministry issued a mobilisation permit on 18 March 2025, and President Mohamed Muizzu attended a groundbreaking ceremony on the island on 25 August 2025.

MTDC's completion dates have moved in successive reports. In April it said its consultant had set completion for 30 April 2027. In July it gave the October 2027 opening date. Tourism Minister Mohamed Ameen said at a public forum on 11 October that the resort could be brought into operation within about 11 months.

The same report gives an update on a second tourism project. MTDC submitted an expression of interest on 15 July to develop a 300-room city hotel in Addu City, at an estimated cost of US$20 million. It made the offer conditional on the government handing over the land, signing a lease and providing financing and equity support. As of 23 August, land allocation, the lease, government approval and the financing arrangements were still pending.

During the quarter, MTDC paid a fine of MVR 100,000 for holding its 2025 annual general meeting after the deadline in the Maldives Stock Exchange listing rules. The company said the meeting had been put off while it pursued a rights issue, which was then delayed. The meeting was eventually held on 31 August.

Naagoashi will be the first resort in Haa Dhaalu Atoll, according to MTDC.