Maldives cuts tourism forecasts amid market, geopolitical changes
The Ministry of Finance in Maldives has revised its tourism growth forecasts downward, reflecting changes in market composition and economic and geopolitical circumstances. According to the Macroeconomic Update, published in late June, in 2023, tourist arrivals reached 1.88 million, surpassing pre-pandemic levels with a 12.1 percent increase compared to 2022. The first three months of […]
Maldives ready for fiscal reforms with SOE restructuring start: Finance minister
The Maldivian government on Monday acknowledged shortcomings in implementing debt-reduction measures and announced a renewed commitment to fiscal reform, starting with a focus on state-owned enterprises (SOEs). Finance Minister Dr Mohamed Shafeeq made the announcement during a discussion on the World Bank report “Scaling Back and Rebuilding Buffers.” Dr Shafeeq admitted that planned reforms from […]
Tourism sector contraction spurs moderation amid Maldives’ fiscal challenges
The Maldives navigated through a year of economic moderation and resilience in 2023. According to the latest Quarterly National Account (QNA) estimates by MMA, the Maldivian economy witnessed a growth rate of 4.0% in 2023, a significant slowdown from the remarkable 13.9% growth recorded in the preceding year. This deceleration, falling short of the initially […]
Maldives plans 5 resorts in Kaafu Atoll for tourism diversification
The Visitor Economy Council, established after the new government’s inaugural cabinet meeting, is set to initiate the development of five resorts in the Kaafu atoll, aiming to broaden the spectrum of tourism in the Maldives. Tasked with promoting diverse tourism sectors across the nation, the council’s focus extends beyond traditional tourism, encompassing areas such as […]
Maldives tourism leaders to probe revenue drop despite increased arrivals
Tourism Minister Ibrahim Faisal and the new Managing Director of MMPRC, Fathimath Thaufeeg, highlighted plans to investigate why the surge in tourist arrivals in Maldives hasn’t translated into increased revenue. The government’s target of hosting 1.8 million tourists for the year was hit with the arrival of the 1.8 millionth tourist on Wednesday. Following a […]
Maldives hotel performance weakest in Asia Pacific, new study reveals
Hotels and resorts in Maldives posted the weakest performance in the Asia Pacific region, with Gross Operating Profit Per Available Room (GOPPAR) at -11.8% in the past 12 months, according to the most recent Asia Pacific Hotels Monitor put out by hospitality advisory firm Whitebridge. The last 12 months saw many good performers in the […]
Maldives aims to boost annual tourism revenue to $6 billion
The newly formed Visitor Economy Council, announced by the government on Sunday, set its sights on ramping up annual tourism revenue to hit the $6 billion mark. Economic minister Mohamed Saeed, heading the council, disclosed this target during a press conference at the President’s Office on Monday. Highlighting the current scenario, Saeed noted, “Maldives’ GDP […]
Maldives tourism revenue drops by $200m in 8 months
Despite an increase in overall tourist arrivals to the Maldives, the tourism sector has generated $200 million less in income in the first eight months of this year compared to the same period in 2022, according to data released by the Maldives Monetary Authority (MMA), the central bank. The data reveals that Maldives received $2.5 […]
MVR 79m allocated for new domestic airport projects in 2024
The 2024 state budget includes an allocation of MVR 79.9 million for new projects aimed at developing domestic airports across the nation. In the MVR 49 billion budget presented to the parliament on Tuesday, a sum of MVR 79 million has been earmarked for the construction of new domestic airports on various islands. Airport development […]
Maldives tourism weakens as occupancy growth slows, bed nights declines
The Maldives tourism sector, which is the main source of foreign exchange earnings for the island nation, has faced a slowdown in its growth, according to the latest data released by the Maldives Monetary Authority (MMA). According to the the central bank’s Monthly Economic Update (October 2023), total tourist arrivals in September 2023 stood at […]
Maldives sets 2m tourist arrivals target for 2024; European arrivals likely to decline
The proposed state budget for 2024 indicates that while European arrivals are likely to decrease, the number of tourists visiting the Maldives from other markets, including China, is set to rise, with an anticipated total of over 2 million tourist arrivals next year. On Tuesday, the finance ministry submitted a budget of MVR 49.5 billion […]
Maldives faces $1.7b annual economic loss from 88 unfinished resorts
The Maldivian tourism industry is grappling with a substantial setback as 88 resorts designated for development remain incomplete, resulting in an annual economic loss of $1.7 billion, as per the Finance Ministry’s fiscal statement for 2024-26. Maldives, heavily reliant on tourism, considers these unfinished resorts a linchpin of its economic prosperity. However, these 88 islands, […]
