Documents on renouncing govt. shares in Shangri-La handed over to operating company

President Ibrahim Mohamed Solih, on Saturday night, revealed the documents pertaining to renouncing the government’s shares in Shangri-La resort, non-operational at the moment, have been handed over to the operating company of the resort.

The government holds 30 percent shares of Shangri-La resort located in Addu City which has been closed for renovations since 2020, at the onset of the COVID-19 pandemic. Addu residents have expressed concerns over the delays in making the resort operational.

Speaking at the ceremony held on Saturday night to inaugurate Addu reclamation project – President Solih assured the government’s commitment to remove any obstruction in the way of making Shagri-La operational. In this trajectory, he revealed that the documents pertaining to the renouncement of the government-held shares in the resort have been handed over to the operating company.

The president detailed that the documents were handed over to Addu Investment Private Limited on May 18^th – two weeks before his arrival at Addu City.

Tourism Minister Dr. Abdulla Mausoom, during a ministerial questioning session at the parliament last year, said that efforts were underway to renounce the government-held shares in Shangri-La and make the resort operation by the end of the year.

Mausoom detailed that the government was holding discussions with Addu Investment Private Limited which holds 70 percent of the shares of the resort on reopening the resort at the earliest date possible. He noted some construction work at the resort was required before they could reopen.