The Hankede Integrated Tourism Development Project in Addu City has been inaugurated. The project, contracted to China’s National Electrical Engineering Company (CNEEC), was finalised by the previous administration with the contract, totalling US$142.9 million (MVR 2.3 billion), signed on 30 March 2023.
Home Minister Ali Ihusaan, Maldives Fund Management Corporation (MFMC) Managing Director (MD) Ahmed Nazim Abubakr and a representative of CNEEC inaugurated the project during an event held at the Hankede site on Monday.
On 2 December 2021, the Ibrahim Mohamed Solih administration designated Hankede as an area for real estate tourism projects with a view to increase tourism revenue.
The loan agreement for the financing of the project was signed with the Bank of China on 6 November 2023. Almost every project requirement had been completed when President Mohamed Muizzu took office on 17 November 2023.
Under the project, 2,082 tourists will be accommodated at various classes of tourist lodgings. Including;
| Accommodation Class | Bed Capacity |
| Two Grand Hotels | 600 |
| Two Deluxe Hotels | 320 |
| Eight Boutique Hotels | 560 |
| Eight Serviced Apartments | 560 |
| Eight Two Room Beach Villas | 32 |
| Nine Four Room Beach Villas | 72 |
MFMC estimates that the project, targeted at 25,000 tourist annually, will create 1,500 jobs in Addu City.
MFMC will manage land acquisition and leasing of the areas designated for real estate purposes.