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History

Tourism wasn’t always considered the key to the development of the Maldives. As unlikely as this sounds today, we must never overlook the fact that the industry is founded on the hard work and perseverance of a handful of key individuals, visionaries who built the industry up from nothing. When the world first saw our nation as the paradise on earth that it is, these individuals were the ones who envisioned tourism as a sustainable source of livelihood.

Today this is an overstated fact; the industry accounts for much of the nation’s prosperity. MTDC is the culmination of these visionaries’ aspirations. MTDC are the hands that give form and structure to the development of Tourism in the Maldives. Yet while we protect and nurture the industry, MTDC is aware that for Tourism to grow strong, the industry must never be allowed to remain static. We always seek diversity and new energy, which we will shape into new establishments.

We will never cease to bring paradise to the rest of the world in unforgettable experiences. To that end MTDC is currently developing 15 islands across the nation as resort hotels.

Values

MTDC is founded on the belief in social responsibility. It could be said that the entire purpose of the corporation is to create the opportunity to bring the wealth garnered from the tourism industry to every man and woman in the Maldives. MTDC will bolster development of the nation and all branches of its community. We intend to create job opportunities close to home. MTDC intends these goals to strengthen society and contribute to the health, happiness, and economic stability of not just every individual but of every household. We value you, and we value your family.

The government shows its staunch belief in our vision by leasing us 9 islands at a rate substantially below the market rate. With support of such a scale, MTDC is positioned to act on our vision; just as the industry was founded on the hard work and imagination of a select few individuals, our ideals will be made a reality based on affordable share valuation and the creation of economic opportunities. Like the mat patterns that represent MTDC’s branding, we believe that the aspects of the economy are also intertwined and inseparable; MTDC believes that tourism should bolster and brace other industries as a result of the industry’s growth. As such, purely based on scope, our goals are based on the long-term and not on short-term rewards with undesired byproducts.

It is MTDC’s fervent belief that the Maldives will become a self-sustainable country that invests in sustainable development to benefit the entire nation. We believe our vision and our policies have the strength to steer the tourism industry into creating avenues for better distribution of wealth.

Strategies

Affordable share valuation is one of our central tenets. As the basis of MTDC’s foundation is to give every Maldivian the chance to invest in the rewards of tourism, our work will only be done when each and every Maldivian citizen is a company shareholder.

In order to make this bold statement a reality, shares were issued at MRF 100.00 or USD 7.78. A limitation of 1,000 shares per person was enforced on every individual and entity. A high demand made necessary a second share issuance  under the same rules as the IPO. However, the point of these issuances would have been defeated if we hadn’t ensured equal ownership opportunities to Maldivians of varying economic status. The measures we took to this end were to limit the ownership of shares to no more than 0.1% per single person or entity, with the exception of the government.

MTDC does not believe in half measures. Our ideals are wasted unless we indiscriminately open up opportunities for effective share ownership to all Maldivians.

For the creation of economic opportunities, MTDC intends to bring the benefits of tourism to all the corners of the Maldives. Again, the ideal is pointless unless we act on it effectively. As such, MTDC has created development plans strategically, without spreading the aforementioned benefits thin. We intend to do this by developing the areas currently neglected by the industry.

As development proceeds, we will outsource key aspects of the operations to the communities in these areas based on feasibility and strategic considerations. As economic activity increases in these communities, the average household will increasingly benefit from this growth.

We also intend to brace other industries with our development agenda. Businesses in the regions we develop will be give preference to produce and source supplies. These will be the direct products of fisheries, agriculture, and handicraft. This will foster the growth of micro economies in addition to directly affecting the development of the region. Employment opportunities will increase as a result.

These benefits directly tie into how much we value the condition of home and family life. Much harm can result from underdevelopment and the absence of employment opportunities near one’s home.

It is our desire to obtain the meaningful participation of more Maldivians in the company’s activities. We are determined to create models which prove what we already know: Maldivians are determined to work with their own hands to make life better.

The best example of our commitment to our values, and exemplifying our strategies is the development of Herathera Island resort, built purely with Maldivian labour. MTDC is proud to be able to have accomplished such an immense task in record time while the Maldivian families in the region benefit directly.

Strengths

The individual strengths brought to MTDC by our staff are too numerous to name. MTDC believes that we are a corporation more than the sum of our parts. However, we consider our management team and our corporate responsibility as our strongest components. Our history, our values, and our strategies strongly influence them.

The management team consists of a group of talented men and women, professionals who have cut their teeth on the tourism industry. As a result, MTDC is a tapestry of interconnected links, much like the branding which represents us. Our team bring expertise from various sectors to lead our projects. Like those who founded the industry, MTDC and the management team mutually sought each other out as pioneers. Founders of early tourist establishments rub shoulders with young and vibrant members to create unparalleled energy. A staff retention rate of over 82% attests to how our management team stands together as a team of dynamic leaders respected by the community.

Our outlook is strictly at ground level. The daily lives of every Maldivian matters to us. To improve these lives is our most fundamental tenet and this outlook informs our every decision. We carry a corporate responsibility to develop and sustain the economy while never losing sight of our most basic goal, to improve and nurture what’s most precious to us, the citizens of Maldives. Though every company exists to profit, we balance this aspect with the shape of our ownership, cut into the outline of the populace.