The government has published a new regulation, repealing the previous one, which stipulates that the maximum extension period for construction projects on leased tourism properties is 12 months for land-based sites and 24 months for lagoons. Minister Mohamed Ameen stated that 168 undeveloped sites have been identified, and this measure aims to bolster state revenue and create employment opportunities. Under the new framework, an extension fee of $100,000 is required. Furthermore, the Ministry is now empowered to immediately terminate agreements for properties where physical work has not commenced within eight years of the deadline and outstanding rent and fines exceed $10 million, as well as for projects that remain less than 15% complete after eight years.
