Naagoashi Resort Opening Moves to 2027, Beyond Its Construction Deadline

The state-backed Naagoashi resort in Haa Dhaalu Atoll is now expected to open in 2027, after the end of a construction period the government extended to 20 November 2026, according to filings by its developer and remarks by the Tourism Minister.

Tourism and Civil Aviation Minister Mohamed Ameen said at the Ahaa public forum on 11 October that more than half of the work was complete. Answering a question about the opening date, he said the work had been aimed at finishing by November this year, but that the resort could be brought into operation within about 11 months.

His remarks, in Dhivehi, were recorded by PSM News, the state broadcaster that co-hosts the forum with the President’s Office. The President’s Office confirmed that Ameen took part in the session, which was broadcast live.

The developer, the Maldives Tourism Development Corporation (MTDC), gives a “targeted resort opening date of October 2027” in its latest quarterly report, published on 30 July. It said delays to international material deliveries caused by the conflict in the Middle East had affected the schedule.

Changing Timeline

The government leased Naagoashi to MTDC on 17 September 2006, according to the company. About 40% of the construction was completed under an earlier sub-lease. MTDC took up the development itself in 2023 and received a mobilisation permit from the Tourism Ministry on 18 March 2025.

President Mohamed Muizzu announced on 25 August 2025 that MTDC would begin practical work with the government’s support. He said materials had been mobilised through the Finance Ministry and Bank of Maldives (BML). MTDC held a groundbreaking ceremony on the island the same day.

MTDC’s quarterly reports to the Capital Market Development Authority have since given later dates for the main construction and completion.

Each report also states that the government extended the construction period until 20 November 2026. None says whether a further extension has been sought or granted.

Work on the Island

The July–September 2025 report says MTDC secured a US$38 million loan from BML to begin construction.

In the January–March 2026 report, MTDC said work on mock-up rooms had been delayed by material shortages and quality concerns. Surveys showed that dredging was needed to bring heavy equipment and materials to the site. Work on the water villas was slowed while existing piles were assessed for repair, reuse or replacement.

By June, the company reported progress on the mock-up villa, staff accommodation and coastal works. It had completed a revised master plan and begun planning for seaplane operations.

Funding and Operator

At MTDC’s annual general meeting on 31 August, the managing director said the company had no option but to complete the project, because it had taken a loan from BML to build it. He was appointed on 29 July, a day after the company announced the removal of his predecessor, Ahmed Niyaz.

He said that when he took office, money due from BML had stopped. It had since been received, and goods held up by supply-chain disruption had been brought in, according to the Dhivehi minutes.

He told shareholders that MTDC was talking to operators about how the resort would be run. He said he did not believe the company could build the capacity to operate a resort itself within a year.

Ameen addressed long-delayed resort projects at the same forum, describing new rules that allow the state to terminate leases on stalled sites.

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