President Ibrahim Mohamed Solih says the government has relinquished its 30 percent share of the Shangri-la resort in Addu City and has handed over the relevant documents to the resort operator.
The President made the comments during his address following the initiation of the land reclamation project at the Hankede-Maradhoo intersection in Addu City.
President Solih said that he was prepared to remove any hurdles that would hinder sustainable management of the resort and that he would not allow the government share of the resort to be the reason the resort's operations are delayed.
The President further said that the government shared the documents related to handing over its share of the resort to the operator and once these proceedings are completed the resort would be open for operations.
Addu Investment Private Ltd holds a 70 percent share of the resort and has now decided to sell the 284-bed resort. It handed over the sale of the property to American investment farm CBRE which has come to an agreement with the Riolo group to purchase the resort.
The government must pay USD 80 million to relinquish its share of the resort.
