About Us

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Our core values are the enduring tenets and what guides us and unites us. In every business transaction, we will;

Protect the interest of our shareholders at all times

Be open minded and transparent

Challenge the status-quo

Be caring, respecting and recognizing individual ability

The government has leased 9 islands to MTDC for resort development. 8 of the 9 islands were initially leased for development. Each of the 9 leased islands is unique not only in size, shape, natural features, and beauty but also in terms of development.

The future, Now.

Tourism in the Maldives is one of the most lucrative businesses in the region. Since its humble beginnings in 1972, the Maldivian tourism industry has grown to become a global leader. The current industry boasts international properties and operations such as Hilton, Six Senses, Four Seasons, and One and Only among others. There still remains a huge demand within the community to create the means to allow individual Maldivians to invest and participate in the industry and its extraordinary ROI, thus making MTDC as necessary as it was during the company’s inception.

Investor Relations

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Our core purpose is to ensure that the investments yield the highest returns which will maximise the wealth of our shareholders.

Our projects aim to enhance the country's tourism infrastructure, improve visitor experience, and preserve its natural beauty, which in turn, can lead to potential returns on your investment

Providing direct benefits of the tourism industry to citizens

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Today, MTDC have established mutually rewarding business relationships with strong and influntial players in the world tourism industry. Of the three ongoing resort development projects, two resorts are being operated under the sublease model while one is to be developed under a joint venture.

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Driving Tourism Growth for the Benefit of the People

MTDC Annual Report 2025 English

MTDC Annual Report 2024 English

Corporate Governance and Compliance Committee Charter

First Quarter report

MTDC Quarterly Reports – 2026

Nomination and Remuneration Committee Charter

Proposed Dividend 2025

AGM 2025

Forth Quarter report

Third Quarter report

Second Quarter report

MTDC Quarterly Reports – 2024

MTDC Quarterly Reports – 2025

Audit and Risk Management Committee Charter

AGM 2024 decisions

AGM  2024 decisions 

Notice of Annual General Meeting 2024

Notice of Publishing of minutes of AGM 2023

AGM MINUTES 2023

Notice of Publishing of Annual Report and Audited Financial Statements 2024

Announcement - External Auditors 2025

Announcement - Proposed Dividend 2024

Notice of Book Closing Date

AGM 2024

MTDC is proud to announce the inauguration of our first commercial office complex, a landmark development under our ownership. This project marks a significant milestone for the company as we expand our footprint in the real estate sector.

On May 30th, 2022, MTDC signed the Land Sale Agreement with the Housing Development Corporation (HDC) to acquire a prime plot of land in Phase 1 of Hulhumalé, strategically located in Lot No. 11634, directly across from Central Park. Spanning 6,194 square feet, this prime location is set to become a beacon of modern architectural excellence.

Immediately after finalizing the Land Sale Agreement, MTDC moved swiftly to appoint Gedor Consulting Pvt Ltd as the Project Management entity. Renowned for their unparalleled expertise in construction management and design consultancy, Gedor Consulting was tasked with developing both the concept and detailed drawings for the building, as well as overseeing project management and site inspection. Their reputation for excellence in the Maldives made them the ideal partner for this prestigious project.

To bring our vision to life, MTDC entered into a construction agreement with Hunan No.6 Engineering Company on September 25th, 2023. As a subsidiary of the esteemed Hunan Construction Engineering Group of China, Hunan No.6 Engineering Company boasts an impressive portfolio of successful projects, including the notable highway link road between Hulhulé and Hulhumalé. Their proven track record in delivering large-scale infrastructure projects ensures that our office complex is in capable hands.

Our ten-story office complex will feature a striking full-height floor-to-ceiling glass façade, encompassing a total floor area of 2,205 square meters. The building has been thoughtfully designed to include a range of modern amenities: a vibrant café on the ground floor, convenient basement parking, a state-of-the-art convention hall on the first floor, and flexible office spaces on the remaining floors.

In alignment with MTDC's commitment to environmental sustainability, the building incorporates an energy-efficient design philosophy. Key features include energy-saving lighting luminaires, Low-E glass to minimize heat gain, and advanced thermal insulation. These elements are integral to reducing the building's carbon footprint and ensuring long-term operational efficiency.

Currently, the project is in the preliminary stages of construction, with a targeted completion date in the third quarter of 2025. As MTDC continues to grow, this office complex represents a significant addition to our expanding portfolio, demonstrating our dedication to fostering sustainable development in the Maldives.

Our First Commercial Building

Naagoashi is a resort which is being developed in Haa Dhaalu Atoll. Upon completion, Naagoashi will be the first resort to be opened in Haa Dhaalu. Government leased the island to MTDC on 17th September 2006. Soon after, MTDC entered into a Sublease Agreement on 5th December 2007 with Threek International Private Limited.

However in 2016, this sublease was terminated on the grounds of incomplete construction and failure to pay the sublease rent by the sublessee. Due to these same reasons, the headlease for Naagoashi was also terminated in the same year. Naagoashi was once again leased to MTDC for 50 years under a settlement agreement signed with the Government on 13th July 2017. This agreement was however terminated by mutual agreement and a fresh lease agreement for 50 years was signed for Naagoashi between MTDC and Government on 2nd July 2020. In August of the same year,

MTDC entered into a Joint Venture Partnership with a Dubai based company, for the development and operation of Naagoashi as a tourist resort. MTDC holds 15% stake in the Joint Venture Company (Global Resorts and Development Maldives Pvt Ltd). In December 2021, MTDC subleased Naagoashi to Global Resorts. The work plan and concept drawings of the property have been completed and approved by the Ministry of Tourism. As of now, Global Resorts is in the process of finalizing the Environmental Impact Assessment Report and preparing to mobilize on the island. Once the resort is completed, Naagoashi will become the biggest one island resort property in 

Driving Tourism Growth for the Benefit of the People

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The future, Now.

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