President Dr. Mohamed Muizzu, on Thursday, made a historic announcement while delivering the Presidential Address 2026 at the Maldives parliament, where he revealed plans of enriching locals lives with distribution of profits directly from tourism industry.
He said the initiative, part of a strategic development plan, is to develop at least 10 tourist resorts through a state-owned enterprise over the next three years and have a portion of the profits generated from these properties credited directly into the bank account of every Maldivian citizen.
In his address, President Muizzu noted that while the Maldivian tourism industry has spanned for over 50 years, there has yet to be an established mechanism that ensures citizens benefit directly from the country’s natural resources.
He stressed on his belief of creating a path for direct income for the Maldivian citizens – the rightful owners of the country’s natural assets – is the most equitable approach.
Under the initiative, President Muizzu stated that the law will designate Maldivian citizens as the shareholders of these 10 resorts. He said that starting from 2030, the annual dividend payment will be deposited into the bank accounts of every citizen.
“According to our projections… at least USD 400 will be deposited into the account of every citizen annually. For instance, a family of five would receive a minimum of USD 2000,” the President remarked.
During his address, the president also noted that the tourism industry generated USD 5.5 billion last year, a 13% increase compared to the year before. He added the target for 2026 is to achieve 2.5 million tourist arrivals annually and a 17% growth in tourism revenue.
He further ensured that this new initiative will ensure no citizen is left behind in sharing the profits of the tourism industry, marking a significant step towards economic empowerment and prosperity for everyone.