Feydhoo Finolhu leased to Chinese company for US$4m
Feydhoo Finolhu, the nearest uninhabited island to Malé and the international airport, has been leased to a Chinese company for 50 years at an acquisition cost of about US$4 million.
24 Dec 2016, 9:00 AM
Feydhoo Finolhu, the nearest uninhabited island to Malé and the international airport, has been leased to a Chinese company for 50 years at an acquisition cost of about US$4 million, Tourism Minister Moosa Zameer revealed Tuesday.
The island previously used by the police welfare company was among 11 islands and two lagoons listed by the tourism ministry in late October for leasing before the end of the year.
The tourism law was controversially revised in July to allow the government to bypass a competitive bidding process and lease listed properties to parties that submit a suitable proposal for a pre-determined acquisition cost.
Speaking to reporters after a function held to launch an official tourism website, Zameer said Feydhoo Finolhu is the only listed property to be leased for resort development so far. The government is evaluating proposals for the other islands and lagoons, he added.
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