AGP Executive Report

Tourism & Hospitality Policy: President Dr. Mohamed Muizzu says the government will start construction of 10 new resorts in November under a national shareholding model, with Maldivians becoming shareholders and receiving US-dollar dividends once properties operate. Banking & Marine Conservation: Bank of Maldives backed coral restoration at Niva Kurumba Maldives and also secured a Guinness World Records snorkelling title with 314 simultaneous participants, tying reef protection to public engagement. Hospitality Industry Trade: Food & Hospitality Asia Maldives (FHAM) 2026 kicked off in Hulhumalé with 100+ exhibitors and international country pavilions, positioning itself as a MICE and supplier hub for resorts, hotels, restaurants and cafés. FDI & Agriculture: India’s plantation-sector FDI liberalisation is being discussed, with officials pointing to banana as a model for opening more commercial crops to foreign investment. Maritime & Logistics: A week of maritime focus continues regionally, with the Eighth Colombo International Maritime and Logistics Conference set to spotlight Indo-Pacific shipping and port efficiency—relevant to Maldives’ transhipment and cargo ambitions. Geopolitics: Maldives condemned Houthi attacks on Saudi civilian and economic facilities, reaffirming support for Saudi sovereignty and regional stability.

Tourism & Hospitality: Maldives’ hospitality scene keeps moving fast: Food & Hospitality Asia Maldives (FHAM) 2026 kicked off in Hulhumalé with 100+ exhibitors and a stronger MICE focus, while Sun Siyam Vilu Reef won Best House Reef at the TTM Awards 2026 and Huvafen Fushi rolled out two longevity-focused treatments at its underwater spa. Resort Development & Finance: President Muizzu says construction on new resort projects could start in November under a citizen shareholding model, with US-dollar dividend payouts for Maldivians, and he also defended a new 40% resort earnings conversion rule meant to ease online transaction difficulties. Marine Conservation: Nova Maldives and PADI will co-host Project AWARE Week (16–20 Sept), and Bank of Maldives backed coral planting at Niva Kurumba and helped set a Guinness record for simultaneous snorkelling (314 people). Trade & Industry: Maldives signed a five-year framework with ITFC to mobilise up to USD 1.5bn for trade financing, while the Maldives Ports/Thilafushi port phase 1 award to a Chinese firm keeps the India–China infrastructure balancing act in focus. Climate Risk: The Met Office warns El Niño effects are expected to peak in November, with reduced rainfall and added pressure on fishing, tourism and agriculture.

Tourism Finance & FX Controls: President Muizzu says online transaction difficulties will be eased by forcing resorts to convert 40% of dollar earnings through local banks, after Parliament approved the higher conversion rate—sparking fresh pushback from industry. Citizen-Share Resorts: Muizzu also announced construction of 10 new resorts starting in November under a national shareholding model, with dividends paid to every Maldivian in US dollars. Hospitality Trade Boost: Food & Hospitality Asia Maldives (FHAM) 2026 kicked off in Hulhumalé with 100+ exhibitors from 22+ countries, positioning the event as a MICE and end-to-end solutions platform for resorts, hotels and guesthouses. Marine & Reef Conservation: Bank of Maldives backed coral restoration at Niva Kurumba and set a Guinness record for simultaneous snorkelling by 314 participants, tying conservation to customer transactions. Climate Risk Watch: Maldives Met Office warns El Niño effects are expected to peak in November, with reduced rainfall and added pressure on fishing, tourism and agriculture. Trade Finance Deal: Maldives and ITFC signed a five-year framework to mobilise up to USD 1.5bn for trade financing, including support via local financial institutions. FDI/Plantation Policy (Regional): India is considering wider FDI liberalisation in plantation crops like banana—an example of how regional investment rules may keep shifting.

Tourism Capacity Boost: The Maldives has added 1,069 beds since end-2025, reaching 68,544 beds as of Sept 5, with resorts still leading (45,891 beds) and guesthouses holding a growing share (17,268). GST Pressure on Travel Trade: European travel agents and tour operators are urging the Maldives to pause new GST/TGST rules for foreign booking platforms and overseas sellers, warning the Oct 1 start date leaves too little preparation time for packages sold months ahead. Citizen-Share Resorts: President Muizzu says construction of 10 new resorts under a national shareholding model will begin in November, with Maldivians receiving US-dollar dividend income once operational. FDI Push for Plantations: The government is considering wider FDI liberalisation in plantation crops, with banana specifically mentioned, after consultations on expanding beyond current automatic-route limits. Finance for Trade: Maldives and ITFC signed a five-year framework to mobilise up to USD 1.5B for trade financing, including support for SMEs and essential imports/exports. Climate Outlook: The Met Office warns El Niño effects are expected to peak in November, likely bringing reduced rainfall and added pressure on fisheries, tourism and agriculture. Ocean Literacy Partnership: Dhiraagu and SEAD team up to expand ocean literacy for young people through learning hubs and island outreach. Hospitality Accolades: Sun Siyam Vilu Reef won Best House Reef at the TTM Awards 2026, while Kandooma Maldives received family and sustainability honours at LUXlife Awards 2026. Wellness Launch: Huvafen Fushi introduced two longevity-focused treatments at its underwater spa.

Tourism Capacity Boost: Maldives added 1,069 beds since end-2025, taking total accommodation to 68,544 beds (179 resorts, 956 guesthouses, 172 safari vessels, 16 hotels), as visitor arrivals near 1.4 million this year. Climate Risk Alert: Maldives Meteorological Service says El Niño impacts are expected to peak in November, with reduced rainfall likely through February, urging tourism, agriculture and fisheries to step up safety and mitigation. Trade Finance Push: Government signed a five-year USD 1.5B Framework Agreement with ITFC (2026-2031) to mobilize trade financing for essential imports/exports and support SMEs via local financial institutions. Climate Cooperation: Bangladesh and Maldives reaffirmed climate and resilience partnership through youth-led COP31 track activities. Tourism Tax Pressure: European travel agents and tour operators (ABTA, ECTAA) urged Maldives to pause new GST destination rules for foreign booking platforms ahead of 1 Oct. Fisheries Credit: MVR 14.5m disbursed to 113 fishermen via the Masveriya Portal, including equipment, vessel and guesthouse-related financing. Ocean Literacy: Dhiraagu and SEAD launched youth ocean literacy using connectivity support for hubs and island outreach. Infrastructure & Geopolitics: Maldives awarded Phase 1 of Thilafushi Port to a Chinese firm, a move flagged as a setback for India’s infrastructure engagement.

Tourism Capacity Boost: Maldives added 1,069 beds since year-end, taking total accommodation to 68,544 as of Sept 5, with resorts still leading (45,891 beds) and guesthouses holding 17,268. Guesthouse Demand: New ministry figures show 317,178 visitors stayed in guesthouses so far this year—about 22% of arrivals—highlighting continued diversification beyond resorts. Consumer Credit Watch: Maldives Monetary Authority data shows consumer/personal loans rising to MVR 9.2bn (as of July 31), up from June, while private-sector credit totals MVR 41.34bn. FDI in Plantations: India-linked policy talks are echoing in the region: India is considering wider FDI liberalisation for plantation crops like banana, while Maldives is also discussing FDI liberalisation in its plantation sector. Fisheries Financing: MVR 14.5m in loans has been disbursed to 113 fishermen via the Masveriya Portal, supporting equipment, vessel needs and even guesthouse-related investment. Ocean Literacy: Dhiraagu and SEAD are teaming up to build ocean literacy through island outreach and hands-on marine learning for young people. Port Geopolitics: Maldives Ports Limited awarded Thilafushi Port Phase 1 to a Chinese firm, a move framed as a setback for India’s infrastructure and strategic engagement. Coconut Culture: Madifushi and Hulhule Island Hotel marked World Coconut Day with coconut-based food, crafts and community activities.

Tourism Mix: Maldives recorded 1,461,682 tourist arrivals year-to-date, with 317,178 (22%) choosing guesthouses—China leads with 268,117 visitors, followed by Russia (209,815) and the UK (110,983). Port & Geopolitics: Maldives awards Phase 1 of the Thilafushi Port to China Harbour Engineering Company, ending an earlier India-linked joint plan and raising strategic concerns for India. Fisheries Finance: MVR 14.5m in loans has been disbursed to 113 fishermen via the Masveriya Portal, covering equipment, vessel needs, education and even guesthouse-related investment. Labour & Compliance: Bangladesh reports 29,927 pending labour cases—useful context for regional workforce and dispute systems. Hospitality Appointments: ananea Madivaru Maldives appoints Pierre Leif Edlund as General Manager, while Shamin Ali takes HR leadership at Waldorf Astoria Dubai Palm Jumeirah. Industry & Currency Talk: Maldives Fisheries Minister says the US dollar should not be “sensationalized,” urging reforms to strengthen the rufiyaa and curb black-market demand.

Tourism & Aviation: Maldives tourism is rebounding, with August recording the highest arrivals since the Middle East war disruptions, while China stayed the top source market and Russia remained a major driver. Sanctions & Trade Risk: A Wall Street Journal investigation says Maldives airports are being used as a transit route for Russia-linked shipments, including dual-use items like microchips and aerospace components, raising compliance and security concerns. Ports & Geopolitics: Maldives Ports Limited has signed an MoU with a Chinese firm for Phase 1 of Thilafushi Port after stepping back from a joint India plan, a move that analysts say could expand China’s regional footprint. Fisheries Finance: MVR 14.5m in loans has been disbursed to 113 fishermen via the Masveriya Portal, supporting equipment upgrades, vessel needs and even guesthouse-related investment. Industry Services: DIMO opened a Bosch Diesel Lab in Kurunegala to bring diesel injection pump repair and diagnostics closer to customers. Hospitality & Brand Moves: Patina Maldives will host designer Sean Wotherspoon’s reef-themed collaboration, while Four Seasons spotlights Maldives properties for weddings, private gatherings and conservation-led experiences.

Thilafushi Port Deal: Maldives Ports Limited has signed an MoU with China Harbour Engineering Company for Phase 1 of Thilafushi Port, after reneging on a joint development commitment with India—raising strategic concerns over China’s growing regional footprint. Fisheries Finance: MVR 14.5 million in loans has been disbursed to 113 fishermen via the Masveriya Portal, supporting equipment upgrades, vessel-related financing, home improvements and even guesthouse-linked business investment. Tourism Demand Signals: August recorded the highest tourist arrivals since the Middle East war disruption, with China still the top source market and Russia second; the latest figures point to a gradual recovery in arrivals despite year-on-year softness. Sanctions Risk for Trade: A Wall Street Journal investigation says Maldives is being used as a transit hub for Russia-bound restricted goods, with cargo reportedly staying in the airport transit area before onward transfer. Hospitality Appointments & Awards: ananea Madivaru Maldives appointed Pierre Leif Edlund as General Manager, while Kuredhivaru won TTM Awards for Best Beach Villa Resort and Best Culinary Resort. Russian Visitor Insights: Yandex Ads research with MATI/Visit Maldives shows Russia is now the Maldives’ second-largest market by volume, with bookings rising faster than search interest—pushing hotels to convert demand across more atolls.

Tourism & Hospitality: Hulhule Island Hotel marked World Coconut Day with Maldivian coconut crafts, cooking competitions and a coconut-themed buffet, while ananea Madivaru Maldives appointed Pierre Leif Edlund as General Manager to steer operations and guest experience. Awards & Dining: Alila Kothaifaru Maldives named Umami Best Restaurant at the Travel Trade Maldives Awards 2026, and Kuredhivaru won Best Culinary Resort and Best Beach Villa Resort at the same awards. Tourism Demand Insights: Yandex Ads and MATI/Visit Maldives shared new research showing Russia is now the Maldives’ second-largest source market, with strong conversion into bookings and growing year-round demand. Policy & Tax: MIRA said a new GST amendment will bring foreign tour operators and overseas tourism businesses into the GST system, broadening the tax base. Infrastructure & Industry: President Muizzu praised India-backed Thilamale Bridge as a symbol of Maldives-India ties, highlighting the GMCP’s role in linking Male’ with key industrial and port areas. Risk & Compliance: A Wall Street Journal investigation claims Maldives-based intermediaries helped route restricted, dual-use goods to Russia via Velana International Airport, raising sanctions and oversight concerns. Climate & Weather: The Met Office reported Male’ hit 39.1°C feels-like, with El Niño-driven above-average heat expected and warnings for coral stress and impacts on fisheries and agriculture.

Sanctions & Logistics: A Wall Street Journal investigation says the Maldives is being used as a transit hub for hundreds of millions of dollars in restricted goods headed to Russia, with cargo routed via Velana International Airport and then moved on Aeroflot flights—raising fresh scrutiny over dual-use items like microchips and aircraft parts. FX & Currency Policy: Fisheries Minister Ahmed Shiyam urged people not to “sensationalize” the US dollar, blaming dollar shortages on past policies and calling for reforms to strengthen the Maldivian rufiyaa and curb black-market demand. Tourism Demand Insights: Yandex Ads and MATI/Visit Maldives shared research showing Russia is now the Maldives’ second-largest source market by volume, with strong conversion into bookings and atoll-first decision-making—pushing hotels to target Russian travellers year-round. Halal Investment Push: President Muizzu met ICCD to explore deeper cooperation in halal business and tourism, including capacity-building and investment opportunities. Tax Reform for Tourism: MIRA said a GST amendment will bring eligible foreign tour operators and overseas tourism businesses into the GST system, broadening the tax base. Infrastructure & Diplomacy: Muizzu praised the India-backed Thilamale Bridge under the GMCP as a symbol of enduring Maldives-India ties, highlighting India’s financing and Afcons’ role. Labour Backlog: Bangladesh’s labour courts and tribunal face 29,927 pending cases as of July 31, with steps underway to hire manpower and reduce delays. Climate & Heat Risk: Maldives Meteorological Service reported a 39.1°C feels-like peak in Malé and warned El Niño could raise heat stress risks for reefs, fisheries and agriculture. Industry Recognition: Zipline Maldives won a “World’s Most Beautiful Zipline – Maldives” global award, while Kuredhivaru picked up two TTM Awards for beach villas and culinary excellence.

Sanctions & Logistics: A Wall Street Journal investigation says Russia-linked networks are using Maldives’ Velana International Airport as a transit point for hundreds of millions of dollars in restricted, dual-use goods—routed via Aeroflot and coordinated by local intermediaries—raising fresh scrutiny of airport cargo handling. Tourism Demand: Yandex Ads research with MATI and Visit Maldives finds Russia is now the Maldives’ second-largest source market (150,000 arrivals in H1 2026, +18% YoY) and that conversion is driving growth, with 72% of Russian visitors coming for the first time and 55% preferring winter travel. Tourism Performance: August recorded the highest tourist arrivals since the Middle East war began, with 1.4 million visitors so far (still down 3% vs last year); China leads, followed by Russia. Tax Policy: MIRA says a new GST amendment will bring foreign tour operators and overseas tourism businesses into the GST system via a registration mechanism, broadening the tax base. Infrastructure & Industry: President Muizzu praises India-backed Thilamale Bridge as a symbol of Maldives-India ties, while Maldives also moves to regulate oil and mineral exploration and build a legal framework for offshore resources. Climate & Heat: Maldives Met Office reports Male’ hit 39.1°C feels-like (very hot) and warns El Niño could raise heat stress risks for reefs and affect fisheries and agriculture. Awards & Experiences: Zipline Maldives wins “World’s Most Beautiful Zipline – Maldives,” while Kuredhivaru takes two TTM Awards for beach villas and culinary excellence.

Sanctions & Logistics: A Wall Street Journal investigation says Russia-linked networks have used Velana International Airport in Malé as a transit hub for hundreds of millions of dollars in restricted goods, with local intermediaries reportedly helping cargo move onto Aeroflot flights to Moscow without formal entry. Tourism Tax Overhaul: MIRA says a new GST amendment will pull foreign tour operators and overseas booking sellers into the Maldives tax system, requiring eligible entities to register and collect GST on inbound tourism services. Halal Investment Push: President Muizzu met ICCD to expand investment and cooperation in halal business and tourism, aiming to deepen Maldives participation in the global halal economy. Infrastructure & Diplomacy: Muizzu praised the India-backed Thilamale Bridge under the Greater Male Connectivity Project as a symbol of Maldives-India ties, highlighting financing and delivery by Indian partners. Fisheries Politics: Former finance minister Ibrahim Ameer claims fishermen are catching less fish under the current administration, arguing the country is getting poorer and businesses are struggling. Tourism Industry Spotlight: Zipline Maldives won a “World’s Most Beautiful Zipline – Maldives” Global Excellence Award, while MIFCO appointed Abdulla Faiz as chairman. Climate & Heat: Male’ hit 39.1°C feels-like, with El Niño expected to keep temperatures above average and raise risks for reefs, fisheries and agriculture.

Climate-Tech for Islands: RIBA and the International Solar Alliance launched the ISA-iSUN Design Challenge, asking architecture and engineering students to propose climate-resilient solar panel designs that are built into tourism infrastructure across Fiji, the Maldives and Mauritius (deadline: 31 Oct). Tourism & Culture: COMO Maalifushi will host “The Wave is Hers” with Maldivian surfer Rishtha Shuja on 15 Sept, while Ayada Maldives unveiled a festive 2026–27 programme themed Sea, Fire, Light and Magic (18 Dec–7 Jan). Marine Conservation with Numbers: Kandooma’s Manta Month highlights new research valuing manta ray tourism at US$227.3m in 2021 and calls for stronger protection. Seafood Trade: Seafood Expo Asia/Seafood Processing Asia opens in Singapore today, with Maldives among new country participants. Policy & Tax: MIRA instructed TGST-registered tourism businesses to report foreign parties selling Maldives tourism products, extending GST obligations to foreign bed sellers/OTAs. Fisheries Leadership & Fuel Support: Abdulla Faiz appointed MIFCO Chairman; meanwhile oil subsidies are now routed via the Fahi Hakatha portal, with registration urged by 15 Sept. Sanctions Risk: A report says Maldives has been used as a small but real channel in Russia sanctions evasion via airport cargo flows.

Foreign Exchange Overhaul: President Muizzu ratified the bill requiring resorts to exchange 40% of foreign currency earnings via Maldivian banks, while stressing staff salaries should keep being paid in USD—MATI warns the higher conversion could strain resort operations. Tourism Tax Compliance: MIRA ordered TGST-registered businesses to report foreign parties selling tourist beds, expanding GST obligations to foreign tour operators/OTAs and bed banks without a Maldives presence. Fisheries & Fuel Access: The ministry says oil subsidies now run through the Fahi Hakatha portal only, with registration urged by Sept 15; MIFCO also expanded diesel supply points and offers fuel on credit. Offshore Resources Push: Cabinet approved a dedicated legal framework and a special bill to regulate oil, gas and mineral exploration/extraction in Maldives maritime zones. Infrastructure Durability: AFCONS says the Thilamale’ bridge is designed for a 120-year life with major maintenance about once every 20 years. Hospitality Awards & Growth: TTM Awards 2026 named The Standard Maldives Best Beach Resort and Halcyon Private Isles Maldives Best Water Villa Resort; MIFCO appointed Abdulla Faiz as Chairman. Tour Trade in India: Visit Maldives and co-exhibitors are active at ITB India 2026 to deepen Indian travel trade ties. Public Health & Safety: Police are investigating the death of a 27-year-old Bangladeshi man found dead at a Thinadhoo industrial accommodation.

Tourism Awards: The Halcyon Private Isles Maldives (Autograph Collection) and The Standard, Maldives (Hyatt) both bag top honours at the Travel Trade Maldives (TTM) Awards 2026, underlining how Maldivian resorts are doubling down on signature guest experiences. Travel Trade: ITB India 2026 opened in Mumbai for three days, with Visit Maldives Corporation among the Maldives-linked participants as the country pushes B2B travel connections. Energy & Resources Policy: Cabinet has moved to regulate offshore oil, gas and mineral exploration by setting up a dedicated legal framework and drafting a special bill for permits, ownership and management. FX Rules Shockwave: President Muizzu ratified the Foreign Exchange Bill requiring resorts to convert 40% of USD earnings via local banks, while insisting staff salaries can continue in dollars; the Maldives Democratic Party vows direct action against the policy. Sustainability: Atmosphere Core reported progress across Maldivian resorts, including expanded solar generation and circular waste initiatives. Hospitality Innovation: Four Seasons Kuda Huraa launches ŪRJĀ Naturopathy Island, while Vakkaru Maldives and other properties keep rolling out new villa and wellness concepts ahead of peak trade season. Safety & Labour: Police are investigating the death of a 27-year-old Bangladeshi man found at a Thinadhoo industrial-area migrant accommodation.