The bidding of 16 islands in the Maldives for resort redevelopment projects has been extended, the country’s tourism ministry informed. The government had estimated to raise around $39 million in revenue through the process.

The ministry has extended the deadline to two weeks. Earlier, the deadline was 10 June which has now been extended to 24 June. Authorities had to lower acquisition costs, especially after considering the current investment situation. 

The country’s tourism industry suffered a big jolt because of the coronavirus. The ban on international flights by many countries affected the industry which is considered as a pillar of its economy. 

However, late in 2020, the industry was on a full recovery path, registering monthly growth. The government believed that in 2021, they would see significant investment in the industry. However, the resurgent Covid wave in the Maldives and other countries around the world dashed those hopes. 

Some of the islands up for bidding include smaller islets near the original island as well as sandbanks. Both local and foreign companies are allowed to bid for the islands. 

(SAM)