Tourism industry generated $5.6 billion in 2024, resorts accounted for 83.6%
The Maldives’ tourism industry generated $5.6 billion in revenue last year, with resorts contributing 83.6% of the total, according to Ahmed Nazeer, Secretary General of the Maldives Association of Tourism Industry (MATI). Speaking at the 35th Annual General Meeting of MATI at Kurumba Maldives on Sunday, Nazeer highlighted the changes in the tourism sector over […]
Maldives’ tourism under increasing pressure from high taxes, foreign exchange rules
The Maldives is facing mounting challenges that could dampen its appeal as a leading tourist destination. Recent regulatory changes, particularly those imposed by the Maldives Monetary Authority (MMA), have raised concerns among industry stakeholders. In addition to significant increases in departure taxes, airport development fees, TGST, and the Green Tax, the MMA has introduced new […]
Forex bill retains $500 requirement for resorts; introduces adjustments for guesthouses, liveaboards
Maldives Monetary Authority (MMA) has circulated a draft bill on foreign currency exchange to various stakeholders, seeking comments on its provisions, with the proposed legislation mandating that resorts still exchange $500 per tourist and guesthouses exchange $25 per guest, with certain exemptions. The MMA has invited stakeholders to submit comments via email by Sunday afternoon. […]
Maldives needs vision for growth, not misguided criticism and burdensome policies
Recent remarks made by a few politicians mocking the Indian Prime Minister as having “cost the Maldives millions” are not only baseless but also deeply unproductive. Such rhetoric detracts from addressing the real challenges the country faces, particularly in its tourism-driven economy. Instead of indulging in baseless debates, the Maldives should prioritise strategies to boost […]
Unlocking potential of Maldives: Role of private investment in transforming uninhabited islands
The Maldives is renowned for its breathtaking resorts and luxury tourism offerings, but it’s worth remembering that many of these iconic destinations started as uninhabited islands, devoid of infrastructure, facilities, or revenue generation. Hundreds of islands across the Maldives remain in this same undeveloped state today, contributing little to nothing the state or public in […]
Maldives enforces new foreign exchange rules: $500 per tourist at resorts, $25 at guesthouses
The Maldives Monetary Authority (MMA) on Tuesday implemented new regulations requiring resorts and guesthouses to exchange a portion of their foreign currency earnings, effective immediately. Under these rules, tourism service providers must exchange foreign currency income based on tourist arrivals, with separate requirements for resorts and guesthouses. According to the regulations, Category A tourism service […]
Maldives sees 10% surge in tourist arrivals
The Maldives has seen a 10% increase in tourist arrivals so far this year compared to the same period last year, according to the Ministry of Tourism. In figures released on September 18, 1.4 million tourists had visited the Maldives in 2024, surpassing the 1.3 million recorded by the same date in 2023. The ministry […]
Maldives’ economy safe from bankruptcy as tourism grows, says Presidential Advisor
The Maldives’ economy will not face bankruptcy as long as the global tourism industry continues to expand, according to Presidential Tourism Advisor Mohamed Khaleel. Speaking at the GM Forum, organised by Hotelier Maldives at Crossroads today, Khaleel addressed concerns about the nation’s financial stability, including the risk of defaulting on foreign debt. Khaleel acknowledged that […]
MITDC asks investors to file claims for land refunds in stalled Baresdhoo project
The Maldives Integrated Tourism Development Corporation (MITDC) has asked investors to take legal action to recover funds paid for land purchases in the long-delayed integrated tourism project on L. Baresdhoo. The project, initially launched during the administration of former President Abdulla Yameen, was first managed by the Maldives Marketing and PR Corporation (MMPRC) before being […]
Parliament passes amendment to reduce resort lease extension fees
Parliament on Monday passed a bill to amend the Tourism Act, proposing changes to lease extension fees for resorts and integrated resorts. The bill, introduced by MP Abdulla Rasheed on behalf of the government, was approved with 76 votes during Monday’s sitting. The current Tourism Act allows for lease extensions of up to 49 additional […]
Maldives proposes law amendment to reduce resort lease extension fees
The government has submitted a bill to parliament seeking to amend the Tourism Act, allowing resort lessees to extend their leases by paying a reduced fee. The bill was introduced by MP Abdulla Rasheed on behalf of the government. Currently, Section 9(a) of the Tourism Act permits the extension of resort leases for an additional […]
Maldives targets 3 million annual tourists by 2026 with focus on India, China
The Maldives government is targeting to boost annual tourist arrivals to an unprecedented three million by 2026, according to Tourism Minister Ibrahim Faisal. Speaking on PSM’s ‘Raajje Miadhu’ programme, Minister Faisal expressed confidence that the goal would be within reach following the completion of the new passenger terminal at Velana International Airport (VIA), anticipated to […]
