President Dr. Muizzu on Monday established a fully state-owned company named the Dhivehin's Resort Shares Corporation (DRSC), aimed at ensuring that the benefits of the tourism industry are shared fairly among all Maldivians.
The company was created by presidential decree, under the powers granted to the president by the Companies Act.
The President's Office said the company is also intended to build an investment portfolio that maximises the value of state-controlled lagoons, islands and natural resources, delivering long-term returns for the state and future generations.
The corporation will develop and operate international-standard resorts and other tourism-related facilities, with a focus on environmental protection and renewable energy. It will also create jobs and technical training opportunities for Maldivians, increase foreign currency earnings for the national economy, and work with local and foreign investors to build a competitive tourism business network.
In his presidential address this year, President Dr. Muizzu said that at least 10 resorts would be developed through a state company within the next three years, and that a large share of the profits from those resorts would be deposited once a year, in foreign currency, into the bank account of every Maldivian. He also said a law would establish every Maldivian citizen as a shareholder in all resorts developed under the project.
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