Government proposes $5m resort lease extensions
07 Apr 2015, 7:19 PM
The government is seeking legal changes to allow the extension of resort leases to 99 years for a lump sum of US $5m, and to expand the powers of the tourism ministry.
The lease extension scheme, which would represent the first time they have been lengthened beyond 50 years, aims to raise money for the government.
The bill submitted by government-aligned MP Mohamed Ismail would also transfer to the tourism ministry the power to authorise developments at resorts and conduct environmental assessments.
The changes aim to incentivise investors, make it easier to obtain financing from international institutions, and increase revenue for the government, the proposed law states.
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