President Dr Mohamed Muizzu has established a state-owned company to develop resorts and share their profits equally with every Maldivian.
The company, named Dhiveheenge Resort Hissaa Corporation (DRHC), was created today by presidential decree number 2026/19, under the powers given to the President by the Companies Act.
According to the President’s Office, the company will grow the tourism industry sustainably and make sure its economic benefits are shared among all Maldivians, without discrimination.
It will also build a long-term investment portfolio that makes the most of the state’s lagoons, uninhabited islands and natural resources, for the benefit of the state and future generations.
The government will own 100 percent of the company. It will develop and run world-class resorts and other tourism facilities, with a focus on protecting the environment and using renewable energy.
The company is also tasked with creating jobs and technical training opportunities for Maldivians, bringing more foreign currency into the economy, and building a strong, competitive tourism business in partnership with local and foreign investors.
President Muizzu first announced the plan in his presidential address to the People’s Majlis in February. He pledged to develop at least 10 resorts through a state-owned company within three years, and to deposit a large share of their profits into every citizen’s bank account once a year, in foreign currency, without leaving anyone out.
He also said a law would make every Maldivian citizen a shareholder in all the resorts developed under the project. Based on preliminary estimates, the President said each citizen could receive at least USD 400 a year once the resorts are up and running, with payments expected to begin from 2030.
