Floating properties are to be developed on Five lagoons within the Kaafu Atoll that will include a convention centre and an 18-hole golf course as part of a joint venture agreement between the government and Netherlands-based developer, Dutch Docklands.
As part of a Memorandum of Understanding (MoU) signed with the government last year, the developer has now established a joint venture company known as Dutch Docklands Maldives that will hope to gather additional investment of about US$500m into the country, Haveeru has reported.
The Maldives government will hold a five percent share in the joint venture, which is expected to begin work on the five floating developments this year with a projected completion date of 2015, the report added.
During a signing ceremony held at the Ministry of Toruism, Arts and Culture on Thursday, Dutch Docklands claimed that the five developments would require the adoption of a number of new technologies such as renewable energy projects in the country.