Maldives Promotion House – State Trading Organisation (STO) has announced their decision to venture into the Maldivian tourism industry. The state-owned importer and primary supplier of general goods, fuel and pharmaceuticals in Maldives, announced that they are planning on purchasing at least 3 resorts.
Haveeru news reported STO Managing Director Shahid Ali saying that the company needed to purchase “at least three resorts and one hotel”, to meet its demand for foreign currency. The STO board is currently reviewing resort islands for purchase, and a decision is yet to be made on which islands will be bought.
The company is also building a 5-star hotel on Hulhumalé, one of the island districts of Malé. The hotel is being built in partnership with USA-based international travel company, Carlson Group. As the Maldives strengthens its focus on the tourism industry, STO is not the first government entity to venture into the tourism industry.