Naagoashi

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 Maldives.