The Ministry of Finance estimates the Maldives loses about US$1.7 billion (MVR 26 billion) annually because work is incomplete on 88 resort developments. Kaafu Atoll has the most stalled projects at 29, followed by Gaafu Alifu Atoll with 10, Laamu Atoll with 7 and Baa Atoll with 5, out of 173 resorts nationwide.
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The Maldivian economy is losing an estimated US$1.7 billion (MVR 26 billion) every year due to work not being completed in 88 resort developments, according to the Ministry of Finance.
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due to work not being completed in 88 resort developments
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there are many developments that remain incomplete and under construction. The report noted... Kaafu Atoll where 29 resort projects are at a standstill.
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There are currently 55 operational resorts in Kaafu atoll.
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Gaafu Alifu Atoll has the second largest number of stalled resort projects where work on 10 islands remain incomplete.
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There are currently 173 resorts in the country.
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According to the “Statement of Fiscal Constraints” released by the ministry, despite the expansion and growth of tourism in the country, there are many developments that remain incomplete and under construction.
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