The MITDC is a young company, but it is in charge of much of the future development of tourism in the Maldives, especially with the airport infrastructure already underway. What we can expect in the near future?

The sector does not have a long history, and initially there was not much confidence that we would come this far. Yet since the 1970s we have become a key tourism destination, and major brands want to have a pin in the Maldives these days. So we are a success story, and now we want to add to what we already have. The Maldives has traditionally focused on the upscale tourist, but we are going to diversify into the mid-range market and MITDC is going to play a key role in putting new products in the market.


The airport is getting ready to receive many more visitors. This creates a lot of responsibility to create the necessary facilities to accommodate the new numbers. What is your company's role in this effort?

The development of the airport will revolutionize how we accommodate guests in the Maldives, and we need to ensure that this development is fully utilized. We have already opened several resorts that can accommodate more guests, but the airport is already almost at its peak, so there is a perception that there is an oversupply of accommodation. But once the expanded airport is operational, we are confident that the new resorts will be filled and we will even need more beds. A project that we are working on now will accommodate 3,000 tourists in the Integrated Tourist Project at Laamu Atoll, on Baresdhoo Island.


The Maldives has been a luxury destination until now. Do you think it can retain that attractiveness of the "one island-one resort" model with the new tourist figures?

The Maldives has always had a unique "one island-one resort" model and we plan to continue with that strategy. We are simply adding a new segment. We need to tap into the mid-market as well, and Baresdhoo Island will be a leading example of integrated tourism. But the country overall will still maintain the old concept.


How does MITDC fulfill its mission?

We are 100% government-owned but we take a hands-on approach. We are given opportunities for investment and we undertake the development by ourselves, then hand these over to the private sector to operate. By following this methodology, we ensure that we bring the products to market with the timing that we want, and retain control to some extent to ensure that the quality is maintained.

What are the benefits for the investor?

First, the confidence that they are dealing with a strong, government-backed company with a systematic approach to contracts and a guarantee that agreements will be maintained. We also undertake the development risk, which is a key element for any foreign investor. Once you are moving across borders, you always have that development risk. You need a local partner to ensure that what you are doing abides by the rules, and no two countries will share the same challenges in terms of development. So when they partner with us, they get a partner who is established by the government, who knows the local ways of doing things, who can give them timeliness and quality, and who can deliver the investment.


You talked about development risks: what about climate change?

The Maldives is one of the lowest-lying countries in the world. There is so much that we can do in terms of mitigating the effects of climate change, but we can definitely play a role to the extent that we can move from conventional energy sources to sustainable energy sources. A few resorts have gone fully solar already and we are moving in that direction as much as possible, to tap into renewable resources, to tap into reducing the footprint.


When you develop property, is it tailor-made to the investor's needs and wishes?

We generally give them an idea of what can be done with a certain development, but of course, no two properties need to be the same, so they can request customisations and we can talk, so that in the end they will get a property that is custom designed to their expectations and their needs.

Why would a GCC investor be particularly keen on these opportunities?

Hospitality in the Maldives is a very lucrative and well-established segment, and that in itself provides them with a very good ROI. Right now we are trying to diversify our tourism offering, and if any investor is interested in having a dialogue with us on creating an asset, we are more than happy to go through the process.


What is the government's attitude towards business and international investors, considering that this agency is just one year old?

Although we are young, we have been assigned a very ambitious role, which already is a strong indication that the government is working towards attracting investors, and the government is willing to work to give investors the confidence and the product they desire and to mitigate any risks. This company, even with this short history, is geared to partner with solid investors and to get the products rolling.


What could the Maldivian tourism sector offer GCC investors interested in Halal and Sharia-compliant integrated tourism?

One of the projects that we are showcasing is developing part of an island to create an integrated mid-range concept. It makes a lot of business sense to push that project through as a Sharia-compliant project to target Halal tourism. If we are able to successfully implement it, the same model could be replicated at the high-end scale as well.


Are there currently any Sharia-compliant resorts or developments in the Maldives?

Not at the moment. This would be the first one.


Looking at global tourism, what kind of market share could Halal tourism expect to secure?

From what I've read, it's a sizable component. It's a sector that hasn't been tapped into a lot yet. Sharia-compliant Halal tourism is an upcoming sector that is marketable, as we have seen in Malaysia and other countries.

Why would the GCC countries be ideal partners in these types of investments?

This country provides a good opportunity to find win-win situations for the investors and ourselves.


What kind of incentives does the government offer investors?

The regulation here is very flexible in terms of repatriation of profits and more, but above all, what this company offers them is a one-stop solution for investment. We provide design, contractors and products according to their specs. All they have to do is define the parameters. And because this is a government company, they have the assurance and backing of the government.


Are there any fiscal or financial incentives?

In terms of ownership of the asset, what we do is that we lend the asset while we are developing it, and at the end of the project, when it's fully operational, they will own it 100%. It's equity ahead of time.


Why invest in the Maldives rather than Malaysia or Indonesia, which also have large Muslim populations and are interested in the GCC market?

The Maldives has established itself as a premiere holiday destination. I believe that one of our challenges is a temporary issue: a perceived oversupply, but that is because we cannot accommodate more travelers with the current airport facilities. Once the expansion is completed, we will be able to welcome more visitors. This will be addressed over the next year or so. Meanwhile, we will continue to preserve the "one island-one resort" concept. We have managed to maintain the highest revenue per room, and that is one of the strengths that investors look for.


And from the visitors' point of view?

They are offered prime facilities in a pristine environment. This is perhaps one of the few places where nature is still what it is, and we are very proud of the beauty here.


How well is MITDC prepared to lead these development projects in the Maldives?

Our team is dedicated and very diverse in terms of our range of experience, from marketing to legal issues to civil works. We are ready to assist any investor who is interested in coming to the Maldives, and we will do all we can to ensure that they are treated with the utmost respect as we seek to develop mutually beneficial projects.