The tourism sector is the largest contributor to the Maldivian economy with a share of more than a quarter of the national income.
The tourism sector has grown at a rapid pace since the inception of the industry in 1972.
By the end of 2019, tourist arrivals reached 1.7 million. Although there was a decline in arrivals in 2020 due to the Covid-19 pandemic, tourist arrivals surpassed expectations after the borders were opened in July 2020. Maldives is one of the highest performing tourist destinations in the world since international borders opened for travel in 2020.
Tourist arrivals are expected to grow, dramatically by 2022 when global travel is projected to have recovered, and when the Velana International Airport expansion project is scheduled to be completed in 2023.
Opportunities for investment
The government has targeted to add 35,000 new beds to the sector by 2023, and the focus of this expansion
is on diversification and localization.
Investments ranging from high-value developments based on the one-island-one-resort concept, yacht marinas, luxury accommodation and hotels and relatively smaller investments in the guesthouse sector are now open for foreign investors.
Investments that would expand culture and wellness tourism, ecotourism, MICE and adventure tourism are welcome. Investment in tourism real-estate including the development of integrated tourism development projects, holiday homes and private islands, is also an option with great potential, for foreign investors seeking opportunities to invest in the Maldives.
Eco-tourism & research-based tourism
The biosphere reserves and protected areas of the Maldives with their rich and diverse marine and terrestrial fauna and flora and their unique features offer great potential for investments in ecotourism and research-based tourism.
Potential investors also have the prospect of investing in the tourism sector with the Maldives Fund Management Corporation (MFMC). MFMC will invest in luxury tourist establishments, city hotels and other real property assets in Maldives, including development projects such as private islands, holiday homes, floating residences, yacht marinas and integrated tourism projects.
Opportunities are also open, to invest in distressed tourism projects that are in various stages of development.
Contact MFMC at [email protected]