President sets up state company to build 10 resorts

President Dr Mohamed Muizzu has established a government-owned company, Dhiveheenge Resort Hihsaa Corporation (DRHC), to develop and operate resorts and other tourism assets, the President's Office said on 9 November 2026.

The company was set up under Presidential Decree No. 19/2026, using the President's powers under Section 15 of the Companies Act (Act No. 7/2023). It is wholly owned by the Government.

What DRHC will do

• Develop and operate international-standard resorts and other tourism-related assets, with an emphasis on environmental protection and renewable energy.
• Maximise the value of the State's lagoons, uninhabited islands and natural resources, and build an investment portfolio for the State and future generations.
• Create jobs and technical training for Maldivians.
• Increase foreign currency earnings.
• Foster a competitive tourism business environment through partnerships with domestic and international investors.

At least 10 resorts in three years

The Government plans to develop at least 10 resorts over the next three years. The President said a substantial portion of the profits would be deposited each year, in foreign currency, into the bank account of every Maldivian citizen.

He also announced plans to introduce legislation making every Maldivian citizen a shareholder in all resorts developed under the initiative. He first announced the plan in his Presidential Address on 5 February 2026, when he said the first deposits were estimated to start in 2030 and that, on current projections, each citizen would receive an average minimum of USD 400 a year.

What has not been announced

The press release does not give a total investment figure, the locations of the resorts or a date for the legislation.