Tourist resort development on Naagoashi island in Haa Dhaalu Atoll is advancing rapidly, with on-site work beginning in the first quarter of 2026 after a prolonged planning phase. MTDC Managing Director Ahmed Niyaz said mockup rooms and other works are underway, guaranteeing finalisation by early next year, with 183 rooms planned in phase one and approximately 600 jobs projected.
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The planning phase required considerably more time than we had originally anticipated.
Consequently, our practical on-site work commenced during the first quarter of the year. As a result, the development initiatives for this island are now advancing at a highly accelerated pace.
Several local councils within Haa Dhaalu Atoll are providing us with substantial assistance in this endeavour.
As I have stated previously, God willing, this project will proceed according to schedule without any stagnation or delay, and we guarantee that all aspects of this resort’s development will be finalised by early next year.
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Blueprint revisions were required because 12-year-old structures had severely deteriorated.
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The first phase focuses on finalising 183 rooms, spanning beach, jacuzzi, and over-water villas, to bring the resort into full operation by early next year.
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Naagoashi is projected to generate approximately 600 jobs, providing an economic infusion that the government anticipates will broadly benefit the Haa Dhaalu Atoll.
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Initially allocated to MTDC in 2006, the island faced repeated development delays under subsequent leases to Russian-based Threek International Private Limited and Dubai’s Galadari Holdings.
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A prolonged planning phase was also necessary due to a late-2025 site assessment and recent amendments to the Maldives Tourism Act.
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Following these setbacks, the administration of President Dr Mohamed Muizzu prioritised the project, prompting the Ministry of Finance and Public Enterprises to secure financing through the Bank of Maldives.
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