The government has said that it had facilitated transfer of its stake in the operating company of Shangri-La resort in Villingili to the Hong Kong company.
Shangri-La Resort is operated by Addu Investment - a joint venture company formed with Shangri-La, Hong Kong and the government of Maldives in 2005.
The resort has not been operational since August 2020 as it took a hard hit from the covid pandemic. Addu City is concerned due to the non-operational status of the resort as the atoll had lost hundreds of employments after its closure and other businesses linked to the resort had also suffered.
President Solih’s government has been in consultations with the Hong Kong company for helping reopen the resort. As a result of the meetings between the government and the company, the government’s stake has been surrendered to the company on its request.
The government’s target has always been to reopen the resort as soon as possible, officials say.
Shangri-La Resort is operated by Addu Investment - a joint venture company formed with Shangri-La, Hong Kong and the government of Maldives in 2005.
The resort has not been operational since August 2020 as it took a hard hit from the covid pandemic. Addu City is concerned due to the non-operational status of the resort as the atoll had lost hundreds of employments after its closure and other businesses linked to the resort had also suffered.
President Solih’s government has been in consultations with the Hong Kong company for helping reopen the resort. As a result of the meetings between the government and the company, the government’s stake has been surrendered to the company on its request.
The government’s target has always been to reopen the resort as soon as possible, officials say.
