Maldives Minister for Economic Development says each private island could generate USD 15m as acquisition fees

Fayyaz Ismail, the Minister for Economic Development in Maldives, has said that hat USD 15 million could be acquired by the state as acquisition costs of islands under the concept of private islands. 

The Minister made these remarks in the Parliament discussing the evaluation and assessment of the proposed amendments to the Tourism Act.  

“Under this law, the wealthy are provided these private islands for personal use. This is something commonly done throughout the world, in a good model. Can estimate a large revenue from a few islands as a limited edition.” said the Minister who added that the Tourism Ministry was in discussions with interested parties abroad even now.  

“The belief is that USD 15 million could be earned as an acquisition fee from an island of three to four hectares. Around half a lakh of dollars could be obtained to reduce state debt by leasing 20 or so islands for the long term” he added. 

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