TOURISM

30%
Share in GDP
1.4 million
Tourist Arrivals (2014)

TOURIST ARRIVALS

2013
2014
2015

 

The Maldives is a tried and tested brand when it comes to its world-class tourism industry. Although no further need be said about our luxury resorts, there are opportunities to expand the industry even further into new areas.

WELLNESS TOURISM

Interested investors can capitalize on the fame of the destination to establish a wellness centre providing services such as cosmetic surgery, anti-ageing treatments, therapeutic spas as well as rest and recuperation from other ailments.

YACHT MARINAS & CRUISE TERMINALS

Maldives attracts a large number of luxury yachts and cruise ships to its waters. A yacht marina or cruise terminal if established in the Maldives would be well-positioned to benefit from the traffic.

INTERNATIONAL CONFERENCE AND EVENTS CENTER

The beauty of the Maldives makes it an ideal destination to hold international events such as conferences, expos, festivals and concerts.

INCENTIVES

  • Opportunity to acquire long leases on state-owned islands and land ear-marked for tourism development.
  • No limits on repatriation of profits.
  • Opportunity to get duty exemption on capital goods brought in to develop facilities.

AGRIBUSINESS

2.3%
Share of GDP
US$ 8.3mn
Value of Agri Produce Imported

 

With the strong demand for quality agricultural produce in the booming tourism sector, agribusiness has great potential for growth in the Maldives. Pilot projects conducted by the Government have demonstrated that investors can reap what they sow in key agribusinesses.

COMMERCIAL EGG PRODUCTION

Maldives imports over US$ 10mn worth of eggs in a year and a tourist resort with 300 beds needs at least a 1000 eggs a day. Investments in commercial scale egg production as well as ancillary services such as feed mills have the potential to yield considerable benefits for investors.

SCALING UP PRODUCTION OF ORGANIC PRODUCE

The clientele of upscale luxury resorts not only consume large quantities of agricultural produce on a daily basis - they are discerning as to quality. This demand can be met by direct substantial investments in the targeted production of tropical fruits and vegetables.

INCENTIVES

  • Opportunity to acquire long leases for up to 35 years on state-owned islands to set up and operate agribusinesses.
  • Opportunity to get duty exemption on capital goods.

CONSTRUCTION & INFRASTRUCTURE

11.5%
Share of GDP
20.6%
Sector Growth (2013-2014)

SECTOR GROWTH

2013
2014

 
Rapid development and urbanization coupled with new developments in the tourism sector are the driving forces behind the large number of projects on offer for developers.

INTEGRATED DEVELOPMENTS

The Government has planned integrated developments such as the Hulhumale’ Youth City encompassing the development of residential and commercial spaces as well as services and infrastructure for entertainment serving a sizeable population.

HOUSING

Male’ City is one of the most densely populated areas in the world and owing to current migratory trends the population of Male’ is set to increase in the near future. The supply of housing has to meet this increasing demand. To address this issue, the Government has initiated several housing projects on a public-private-partnership basis. Those projects include development of low-income as well as luxury housing in addition to ancillary services attached to housing developments.

RESORT & HOTEL DEVELOPMENTS

In addition to the high-value developments based on the one-island-one-resort concept, the Government and private parties are interested in developing luxury accommodation as well as hotels in several areas across the country.

INCENTIVES

  • Opportunity to acquire long leases of up to 99 years for housing developments.
  • Opportunity to get duty exemption on capital goods brought into the country for resort development.
  • Opportunity to enter into joint-venture agreements with the Government for integrated developments and large-scale housing projects.

ENERGY

US$ 30mn
Share in GDP
245MW
Installed Power Capacity
105MW
Installed Capacity in 105 Resorts
31m kWh
Annual Consumption in Male'

 

Maldives has set a target of generating 50% of its power from renewable sources by 2025. Also in order to decrease its oil-vulnerability Maldives is interested in oil and gas exploration in its waters. The demand for power continues to increase in the capital city of Male’ which consumes 50% of the total power generated in the country. Meanwhile tourist resorts which consume 40% of the remainder are also open to greener and smarter energy solutions.

SREP PLAN

The Government has initiated a Scaling-up Renewable Energy Program to increase investment in renewable energy, offering opportunities to establish facilities to generate power from renewable energy sources for whole island communities as well as urban areas.

WASTE-TO-ENERGY

The Greater Male’ Area produces waste of around 330 tons of rubbish a day. If utilized for energy generation, around 200 tons per day is estimated to produce 4 MW using waste-to-energy technologies. Thilafushi itself consumes around 6MW per day while the demand for the Greater Male’ Area is considerably higher thereby creating the potential for waste to energy solutions to cater to that demand through interconnected grids.

OIL AND GAS EXPLORATION

In order to reduce dependency on fuel imports Maldives is interested in partnering with foreign parties to explore for oil and gas in its waters. Previous studies have indicated that there are hydrocarbon deposits in Maldivian waters.

BUNKERING FACILITIES

With the number of vessels both local and international passing through its waters, there is vast potential to establish fuel storage and bunkering facilities in strategic locations of the country.

INCENTIVES

  • Opportunity to get duty exemption on capital goods brought in for development of facilities.

FINANCIAL SERVICES

US$ 123mn
Share in GDP

 

The Maldivian financial sector shows promise with great local demand for financing in the tourism sector as well as other sectors with growth potential along with regional demand to which international finance centres established in the Maldives can cater to.

MALDIVES INTERNATIONAL FINANCE CENTER

Supported by incentives and relaxed regulatory restrictions afforded by the special economic zones framework there is great potential for the establishment of an international finance centre in the Maldives. Such an IFC can capitalize on the Maldives’ proximity to nearby India as well as other SAARC countries which have great appetite for financing. Also, Maldives is an ideal location for an international finance centre to house Islamic financing institutions which can channel savings from the Gulf Cooperation Council (GCC) countries and the Muslim population in South Asia.

MSME BANK

As proven by financing schemes launched by the Government, the growing number of MSMEs in the country have a dire need to access credit to establish themselves or expand their services. An MSME bank if established can serve the large number of MSMEs which range from corner-shops to businesses that provide complementary services to luxury resorts such as dive schools.

INCENTIVES

  • Tax exemptions and special regulatory regimes provided by the special economic zones framework for a possible Maldives International Finance Centre.
  • Opportunity to get duty exemption on capital goods brought in for development of facilities.

Fast Facts

 

Luxury Resorts

 

International Airports
[]

 

Domestic Airports

 

Commercial Ports

 

Income Per Capita (USD)

 

(USD) Gross International Reserves
as at June 2015

 

Literacy Rate

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