Gov’t Pledges Continued Support for Farmers and Sustainable Agriculture

Farmers are the backbone of the nation during times of crisis, Minister for Cities, Local Government and Public Works Adam Shareef Umar has said.

Speaking at the opening ceremony of the Fehi Dhirun Expo held on 18 October to mark National Farmers’ Day, World Food Day and World Animal Day, Minister Shareef reflected on the vital role of farmers throughout history. He recalled that during World War II, food shortages affected many countries, but Maldivians were able to sustain themselves thanks to the nation’s rich marine resources and the relentless work of farmers across the islands.

“In this country, it is the farmers who provide the public with the greatest reassurance during times of difficulty. Their work must be recognised and valued,” the Minister said, acknowledging their continued contribution to national resilience.

He further noted that while the Maldives has evolved over the years, challenges such as land shortages persist. However, he highlighted that many farmers across the country continue to maintain productive farms through the use of modern technology.

At the same event, Minister of Agriculture and Animal Welfare Dr Maryam Mariya announced that a dedicated application for farmers, the ‘Dhanduveriyaa’ app, will be launched later this year. She stated that ensuring safe and affordable food for all should remain a national and international priority, noting that the agricultural industry is expanding and plays an increasingly important role in the country’s economy.

Dr Mariya revealed that more than 7,000 farmers are currently active in the Maldives, with women comprising over half of the workforce. She said this growing participation contributes significantly to women’s economic empowerment.

She also underlined the importance of prioritising environmental sustainability and human wellbeing in agricultural practices, pointing to the Maldives Food Agricultural Practice Certification System as the national framework ensuring the safety, quality and sustainability of local produce.

The Minister added that the government is continuing efforts to attract investors to agricultural islands, implement projects that promote island farming, and develop digital tools to collect and analyse agricultural data. She said the beta version of a new mobile application is now being tested and will be made publicly available to farmers later this year.

Dr Mariya commended President Dr Mohamed Muizzu’s leadership in ensuring that every island is equipped with land and resources to promote self-sustenance. She reaffirmed the government’s commitment to supporting this goal through targeted agricultural initiatives.

Maldives and Egypt Commit to Expanding Trade, Health, and Tourism Cooperation

The Minister of Foreign Affairs of the Maldives, Dr Abdulla Khaleel, held official talks with his Egyptian counterpart, Dr Badr Abdelatty, in Cairo, reaffirming the strong and historic ties between the two nations.

The meeting, held at Tahrir Palace, underscored the longstanding relationship between the Maldives and Egypt, founded on shared values and strengthened through deep-rooted religious and cultural connections. Both sides expressed commitment to expanding cooperation across multiple sectors.

Minister Khaleel conveyed appreciation for Egypt’s continued support in education and human resource development, highlighting the significant role of scholarships from Al-Azhar University that have benefitted generations of Maldivian students. The discussion also explored potential collaboration in health and the exchange of technical expertise.

The two Ministers discussed prospects for enhancing economic and trade relations, including cooperation in agriculture and food security, and noted the potential for growth in tourism through increased connectivity and people-to-people exchanges.

Turning to regional and global developments, Minister Khaleel commended Egypt’s steadfast leadership in supporting the Palestinian cause and reiterated the Maldives’ unwavering solidarity with the Palestinian people in their pursuit of an independent state within the pre-1967 borders, with East Jerusalem as its capital.

He also praised Egypt for successfully hosting the recent Gaza Peace Summit, which resulted in a ceasefire agreement, describing it as a key step towards easing civilian suffering and fostering prospects for long-term peace in the region.

Both Ministers reaffirmed their countries’ shared commitment to continued cooperation on the multilateral stage, particularly in promoting peace, stability, and sustainable development.

The meeting concluded with both parties expressing confidence that relations between the Maldives and Egypt, spanning more than five decades, will continue to deepen, delivering mutual benefits for both nations.

The Next Frontier for Maldivian Finance Lies in Skills, Not Titles

Across the world, the finance profession is evolving beyond traditional accounting and reporting. Today’s most sought-after professionals are not just number crunchers; they are strategic thinkers who understand data analytics, automation, sustainability, and risk management. In the Maldives, this shift has been slower to take root, but the need for it is becoming increasingly clear.

As the country’s economy diversifies, businesses are beginning to demand more from their finance teams. It is no longer enough for accountants and financial controllers to simply close books or prepare statements. Modern finance functions are expected to analyse data in real time, forecast future scenarios, and guide decision-making that supports growth. In this new landscape, companies that continue to rely solely on conventional qualifications and experience may find themselves at a disadvantage.

Skill-based hiring, recruiting and developing professionals based on demonstrable capabilities rather than job titles or years of experience, offers a way forward. It allows organisations to identify individuals who bring a blend of technical expertise and adaptability. For instance, a finance officer who understands automation tools or data visualisation platforms can save a company time, improve reporting accuracy, and uncover insights that traditional systems overlook. Similarly, knowledge of sustainability accounting and environmental risk assessment is becoming essential as businesses face growing expectations around ESG reporting and responsible investment.

For Maldivian companies, investing in skill-based hiring also means investing in long-term resilience. The country’s reliance on a small pool of finance professionals often leads to talent shortages and wage pressure. By widening the criteria for what makes a candidate valuable, prioritising skills in data literacy, digital finance, compliance, and sustainability, organisations can cultivate stronger teams from within rather than competing over a limited number of experienced hires.

Upskilling existing finance teams is another critical step. Training programmes, online certifications, and cross-functional exposure can transform traditional accounting staff into multi-skilled professionals who can handle digital transformation, budgeting for green projects, or managing financial risks in a globalised market. Such development not only strengthens company performance but also improves employee retention by giving professionals a clear path for growth.

As artificial intelligence, automation, and digital payment systems become more integrated into Maldivian business operations, the future finance function will need to be faster, smarter, and more strategic. Skill-based hiring ensures that the people leading these functions are prepared for what comes next.

For companies that want to thrive, the challenge now is to look beyond degrees and job histories and start recognising the value of skills that drive transformation. The Maldives’ next generation of finance leaders will not just manage money; they will manage change.

Ministry of Fisheries Opens Youth Fishing Program for Maldivians Under 24 Again

The Ministry of Fisheries and Ocean Resources is offering five Maldivians under the age of 24 the opportunity to gain hands-on experience in the fishing industry through a three-month programme this year.

As announced on 16 October, the programme will run from November 2025 to January 2026, with applications closing on 23 October 2025.

The initiative, published in the Maldives Gazette yesterday, aims to boost youth interest in the fishing sector and is supported by the World Bank’s “Transforming Fisheries Sector in the South-West Indian Ocean Region and Maldives Project”.

Participants will receive practical training and guidance on fishing, including the chance to experience pole-and-line fishing for skipjack tuna aboard prominent Maldivian vessels. They will also learn directly from experienced fishermen, acquiring skills and insights into the industry.

To be eligible, applicants must be under 24, demonstrate an interest in working in the fishing sector, and not be currently registered in the Ministry’s fishermen’s registry. Applicants are required to submit a completed form, a copy of their ID card, and, for those under 18, a guardian’s letter of consent.

This is the second time the ministry has opened applications for the programme. Earlier, on 2 September, the Ministry opened applications, which was set to run from September to November 2025.

Former President Nasheed Pushes for Spending Pause to Stabilise Finances

Former President Mohamed Nasheed has urged the Maldives to slow down its pace of development, calling for a four to five-year pause on major infrastructure projects to stabilise the country’s finances.

In a post on X on Friday evening, Nasheed said the slogan for the next presidential election should be “wait for now,” arguing that the next leader must commit to reducing expenditure and delaying large-scale projects. He said that development should not be defined by concrete structures alone, but by the strength of public finances and the nation’s ability to sustain long-term growth.

Nasheed’s comments come amid growing attention on state spending. The 2025 state budget, the first under President Dr Mohamed Muizzu’s administration, stands at MVR 56.6 billion, with MVR 12 billion allocated for Public Sector Investment Programme (PSIP) projects. However, official statistics show that by September 18, only MVR 7.1 billion had been utilised.

President Muizzu has maintained that development work will continue and pledged to complete ongoing projects within two years. He has also inaugurated multiple initiatives in recent months, including airports, roads, and housing projects across various islands.

Nasheed’s call for restraint followed remarks by President Muizzu earlier in the week that MVR 3 billion would be allocated for new projects in next year’s proposed budget. The former president, who has increasingly voiced concerns about the nation’s fiscal health on social media, said that real progress lies in reducing public debt, strengthening reserves, and creating fiscal surpluses rather than expanding infrastructure.

Hanimaadhoo Airport’s New Terminal Begins Operations Ahead of Completion

The new passenger terminal at HDh. Hanimaadhoo International Airport has officially begun operations, marking a major step forward in the airport’s ongoing redevelopment project.

Maldives Airports Company Limited (MACL) confirmed that operations were shifted to the new terminal’s ground floor on Thursday. The move is part of efforts to align the airport’s infrastructure with the Maldives Civil Aviation Authority’s standards, allowing Code C aircraft to use the full length of the new runway. To meet clearance requirements, MACL stated that the old terminal and nearby tall structures will be dismantled.

The government has targeted November 2025 to complete all remaining works and inaugurate the airport. During a visit to Hanimaadhoo in August, President Dr Mohamed Muizzu reaffirmed his administration’s commitment to completing the project, describing the airport’s development as vital to enhancing northern connectivity, tourism, and economic activity.

The redevelopment of Hanimaadhoo International Airport is being financed under an USD 800 million line of credit from EXIM Bank of India, signed between the Maldivian government and the bank in 2019. The project was awarded to India’s JMC Projects for USD 136.6 million.

Once complete, the project will feature a 2,400-metre runway, a 42,000 square feet apron, a 10,500 square feet passenger terminal, and a 3,800 square feet air traffic control tower, alongside an arm and fuel jetty. The terminal will have the capacity to handle up to 1.3 million passengers annually.

For residents and businesses in the northern atolls, the airport’s expansion carries significant expectations. Despite having numerous resorts and guesthouses, the region’s tourism potential has long been constrained by high domestic airfare and heavy reliance on travel via Malé. A direct gateway through Hanimaadhoo is seen as a key step towards unlocking the economic opportunities of the north.

Dr Khaleel’s Visit to Egypt Aims to Deepen Bilateral Ties

Minister of Foreign Affairs Dr Abdulla Khaleel has departed on an official visit to the Arab Republic of Egypt, following an invitation from Egyptian Foreign Minister Dr Badr Ahmed Mohamed Abdelatty.

During the visit, Dr Khaleel will hold discussions with Dr Abdelatty to review the longstanding ties of friendship and cooperation between the Maldives and Egypt. The two ministers are expected to explore ways to strengthen collaboration in key areas such as education, health, trade, and cultural exchange.

Dr Khaleel is also scheduled to meet with senior Egyptian government officials to discuss opportunities for expanding partnerships across priority sectors.

The visit highlights the Maldives’ commitment to deepening relations with Egypt and advancing shared interests both bilaterally and in multilateral forums, reflecting the close ties between the two nations grounded in mutual respect and shared Islamic heritage.

Maldives’ Payments Revolution: Fast Rails, Slow Habits

If you were to judge the Maldives’ financial future by its instant payment system, Favara, you might think the country is on the verge of a cashless leap. In a relatively short period, it has processed millions of real-time transfers worth billions of Rufiyaa. Cheques are declining, card payments are soaring, and a second phase of Favara, with a national mobile app, is now undergoing testing. It is a rare example of a developing economy building modern payment rails faster than its own behavioural change can catch up.

Cash use remains resilient. Currency in circulation rose again in 2024, while ATM withdrawals, though fewer, still totalled nearly MVR 35 billion. Free withdrawals and the convenience of physical cash are hard to displace, especially in outer atolls where merchants and households rely on tangible money.

Favara, however, has changed the texture of everyday transactions. The Maldives Monetary Authority’s latest Payment Bulletin shows over 7.7 million instant payments worth billions of Rufiyaa processed by end-2024, with interbank retail transfers climbing sharply. Cheques, by contrast, continue their quiet retreat, down notably in both volume and value. Yet they persist in corporate life, not out of nostalgia, but because they act as a guarantee of payment, something Favara’s real-time transfers, so far, do not replace.

Mobile wallets tell another story. Around 90,000 e-money accounts exist, but less than a third are active. Most usage still revolves around topping up mobile credit or paying bills. In theory, Favara should breathe new life into these wallets, allowing seamless bank-to-wallet transfers. In practice, many remain dormant, waiting for compelling reasons to exist.

Meanwhile, the banking sector is racing to connect. Five of the eight banks are already live on Favara, and the rest are testing. Cards remain dominant for retail spending, with 80 million card transactions in 2024 worth billions of Rufiyaa, evidence that Maldivians are as ready to tap as they are to transfer.

And beyond domestic banking, the frontier is expanding. Ooredoo’s recent partnership with PayPal hints at the next wave, cross-border interoperability. For freelancers, small businesses, and tourists, this could redefine how money flows in and out of the country. It is not just a fintech story; it is about integrating a small island economy into global payment networks without going through large intermediary banks.

Compared to neighbours, Maldives is now running faster than most. India’s UPI processes billions of transactions a month, but it took years of merchant incentives and public campaigns to get there. Sri Lanka’s LANKAQR has national QR acceptance but still struggles with usage beyond cities. Bangladesh’s Binimoy faltered on governance and adoption. Against this backdrop, Favara’s growth looks impressive. The challenge is not technological anymore; it is cultural and institutional.

Digital money systems succeed when they become invisible, when paying a bill or sending a salary does not feel like using a platform, but like breathing. The Maldives is close to that point technically, but not yet socially.

The country has built the pipes. The next test is whether it can change the flow.

Ooredoo Maldives Partners with Google Cloud to Bring Google Workspace to Local Businesses

Ooredoo Maldives has announced a new partnership with Google Cloud to introduce Google Workspace to small and medium enterprises (SMEs) and large organisations across the country. The collaboration aims to strengthen the digital capabilities of Maldivian businesses by providing access to Google’s suite of productivity and collaboration tools with local billing and support.

Google Workspace integrates a range of cloud-based applications, including Gmail, Drive, Docs, Sheets, Slides, Calendar, and Meet, offering a unified platform for communication, file management, and virtual collaboration. Through this partnership, businesses in the Maldives can streamline operations, improve productivity, and enhance teamwork while maintaining data security and compliance.

Ooredoo Maldives stated that it will offer flexible Google Workspace packages tailored to different business needs, backed by its ICT expertise and customer support. The service will allow local businesses to register and manage their subscriptions locally, simplifying the process and ensuring a more accessible digital experience.

Commenting on the launch, Ooredoo Maldives CEO and Managing Director Khalid Al-Hamadi said, “At Ooredoo, our focus has always been on empowering local businesses to thrive in an increasingly digital world. By bringing world-class tools like Google Workspace to our customers in the Maldives, we are transforming the way organisations work by enabling smarter collaboration, greater efficiency, and stronger connectivity.”

Chief Business Officer Rajesh Mehta added, “With Google Workspace, Ooredoo Business Maldives is empowering local organisations, whether they are SMEs, startups, or large enterprises, to reimagine how they work, collaborate, and achieve their goals. By bringing this global solution with local support, we make it easier for Maldivian businesses to embrace digital transformation with confidence.”

The partnership marks a significant step in Ooredoo’s broader strategy to drive digital inclusion and enable Maldivian enterprises to stay competitive in an evolving global economy.

SBI Maldives Temporarily Reduces Salary Remittance Limit to USD 150 for Indian Expatriates

State Bank of India (SBI) Maldives has temporarily reduced the salary remittance limit for Indian expatriates in the Maldives to USD 150 (MVR 2,313) due to low foreign exchange inflows.

According to a notice on SBI Maldives’ website, the limit applies to each account holder and includes a temporary suspension of ATM withdrawals and ECOM/POS usage from MVR cards outside the Maldives, effective from 25 October 2025. The bank did not specify when the restrictions would be lifted.

SBI urged customers to understand the current situation, stating they are working to fix the matter as soon as possible.

“Please be assured that we are closely monitoring the situation and will review these limits periodically. Our endeavour is to restore normal limits as soon as the foreign exchange availability improves,” the bank said.

The bank noted that unused amounts under the monthly limit will not be carried forward to the following month.

Gov’t Offers Over MVR 2.5 Billion in Treasury Bills

The Government of the Maldives has announced the issuance of new Treasury Bills (T-Bills) worth a total of over MVR 2.5 billion, inviting subscriptions from investors through the Ministry of Finance and Planning.

According to the invitation published by the Ministry, the sale will take place on 19 October 2025, with settlement due on 20 October. The T-Bills, issued under series TB-2025-020, include maturities ranging from 28 to 364 days with interest rates between 3.5 and 4.6 percent.

The offerings comprise four different maturities: MVR 854 million for 28-day bills at a 3.5 percent rate, MVR 326 million for 98-day bills at 3.87 percent, MVR 722 million for 182-day bills at 4.23 percent, and MVR 627 million for 364-day bills at 4.6 percent.

T-Bills are short-term government debt instruments used to manage liquidity and finance budgetary requirements. They are typically purchased by banks, financial institutions, and state-owned enterprises.

The Ministry noted that subscriptions must be submitted on the official form during the specified sale window and paid in full on the settlement date. Non-compliance with the settlement deadline may result in suspension from future government securities operations.

The issuance comes as part of the government’s regular domestic borrowing strategy aimed at managing short-term financing needs and sustaining fiscal stability.

Maldives Calls for a Renewed, Responsive, and Reform-Oriented NAM

At the 19th Midterm Ministerial Meeting of the Non-Aligned Movement (NAM) held in Uganda, the Maldives called for a more responsive and reform-oriented Movement capable of addressing 21st century challenges.

Delivering the Maldives’ statement, Ambassador-at-Large Dr Mohamed Fahmy Hassan commended Uganda’s leadership under its current chairmanship and highlighted that the fast-changing global landscape demands stronger collective action from NAM. He said the Maldives envisions a revitalised NAM that can lead in addressing emerging non-traditional security threats, embrace innovation for sustainable and inclusive development, and take an active role in reforming global governance, including the United Nations Security Council.

Dr Fahmy stressed that the Movement’s ability to remain relevant depends on its responsiveness to modern realities such as climate change, digital transformation, and inequality. He said NAM must once again become a platform that reflects the priorities of developing nations and amplifies their collective voice in global decision-making.

On the Israel–Gaza conflict, the Maldives welcomed the agreement reached by NAM members to commence implementation of the first phase of the proposal to end the war in Gaza. Dr Fahmy urged Israel to abide by the terms of the agreement and reaffirmed the Maldives’ readiness to support genuine efforts toward lasting peace.

The meeting, held under the theme “Deepening Cooperation for Shared Global Affluence,” brought together ministers from across NAM’s 121 member states to review progress and chart a common path forward. Many participants reiterated that NAM, originally formed during the Cold War to safeguard independence from major power blocs, must now adapt to a new era marked by economic uncertainty, technological disruption, and environmental pressures.

For the Maldives, renewing NAM’s purpose aligns with its own foreign policy vision of strengthening multilateralism, ensuring fairer representation in global institutions, and advancing the interests of small island developing states. The country, which joined NAM in 1976, continues to advocate for equity, justice, and sustainable development through platforms that give small nations a voice in shaping the international order.

Gov’t to Allocate MVR 500 Million Each for Health and Education in 2026 Budget

President Dr Mohamed Muizzu has announced that the Government will allocate MVR 500 million each to the health and education sectors in the 2026 State Budget.

Speaking to residents of Funadhoo in North Miladhummadulu Atoll, the President said the upcoming budget will place strong focus on strengthening essential services and driving social development through investment in health and education.

In the education sector, the Government plans to enhance inclusive education and expand access to higher secondary opportunities nationwide. According to the President, inclusive classrooms for students with disabilities will be established in all schools, while additional teachers will be trained in special education. He also revealed that a vocational high school will be opened next year to diversify academic and technical learning pathways.

The health sector will see parallel investments aimed at reducing the need for Maldivians to seek medical treatment abroad. President Dr Muizzu said the Government intends to improve domestic capacity for medical testing and surgical procedures. Efforts will also focus on developing regional hospitals and strengthening services in Malé City and priority islands.

The President added that the national health policy for 2026 will integrate both preventive and curative approaches to ensure the overall well-being of citizens, reflecting his Administration’s wider development vision for the country.

Ooredoo Fintech Secures MMA License to Enable International Remittances via m-Faisaa

The Maldives Monetary Authority (MMA) has granted Ooredoo Fintech Maldives an Inward Remittance License, marking a key milestone in expanding digital financial services across the nation. The new approval enables users to receive international remittances directly into their m-Faisaa digital wallets.

At a special ceremony held at the MMA headquarters, Governor Ahmed Munawwar officially handed over the license to Fatima Al Kuwari, Board Member of Ooredoo Fintech Maldives and Chairperson of Ooredoo Maldives, and Chief Executive Officer Khalid Al-Hamadi.

The move is expected to make cross-border transactions more accessible and secure, particularly for freelancers, small business owners, and families who rely on overseas income. With this new capability, users can receive funds from abroad without intermediaries, offering faster and more flexible money management options.

Khalid Al-Hamadi, CEO and Managing Director of Ooredoo Fintech Maldives, said the new license reflects Ooredoo’s ongoing support for the MMA’s vision of a cash-lite, digitally driven economy. He highlighted that m-Faisaa’s expanding services—from bill payments and merchant QR transactions to domestic and soon international transfers—are contributing to a more connected and digitally empowered Maldives.

The introduction of inward remittances through m-Faisaa aligns with Ooredoo’s broader strategy to strengthen its fintech ecosystem across markets in the Middle East, North Africa, and Southeast Asia, supporting digital inclusion and financial empowerment throughout the region.

STO Begins Supply of 23 Newly Classified Essential Food Products

State Trading Organisation (STO) announced today that the company has started to import all food items recently added to the essential food items list.

In a press release issued today, STO stated that the move aligns with the government’s policy to ensure the availability of basic food items at affordable prices. The company confirmed that 23 essential food items will now be available at STO Wholesale Centres and STO People’s Choice outlets across the country.

STO said the prices of the 23 products have been set in line with prevailing market rates and will fluctuate based on market conditions. Consumers can monitor updated prices through the Ministry of Economic Development and Trade’s Agumaagu portal.

According to STO, discussions are ongoing to explore measures that would facilitate easier access for businesses to procure these items based on market demand. The company emphasised its commitment to ensuring the consistent availability of healthy and affordable food for the Maldivian public.

The Cabinet had approved the bulk import of 10 varieties of fruits, 10 varieties of vegetables, and other essential food items through STO for local sale.

Maldivians Urged to Comply with New Immigration Procedures in India and Sri Lanka

The Ministry of Foreign Affairs has issued an urgent travel advisory for Maldivian citizens planning to visit India and Sri Lanka, urging them to exercise caution and comply with upcoming changes to immigration regulations in both countries.

For travellers heading to India, a new requirement mandates that all passengers must complete an online e-arrival card before entering the country, effective from 10 October. According to the Ministry, travellers are required to fill out the form within 72 hours prior to departure.

The Ministry clarified that this update does not alter existing visa arrangements or policies applicable to Maldivian citizens visiting India.

Similarly, new immigration rules in Sri Lanka will require all travellers to obtain an Electronic Travel Authorisation (ETA) before arrival, starting 15 October. Travellers are instructed to complete the online authorisation between 48 and 24 hours before departure.

As with India, the Ministry confirmed that this measure does not constitute a change in the visa policy for Maldivian nationals travelling to Sri Lanka.

The Ministry has urged all Maldivians planning to travel to either destination to familiarise themselves with these updated procedures and complete all necessary formalities ahead of time to avoid any travel disruptions or delays.

Hanimaadhoo International Airport Operations to Relocate to New Terminal

The Maldives Airports Company Limited (MACL) has announced that operations at Hanimaadhoo International Airport will be moved to the ground floor of the newly constructed terminal from Wednesday.

According to MACL, the relocation is part of efforts to align the airport’s facilities with the Maldives Civil Aviation Authority’s standards, allowing Code C aircraft to make full use of the newly developed runway. To comply with runway clearance requirements, the existing terminal and nearby tall structures will be dismantled.

As part of the transition, the airport jetty located opposite the current terminal will be decommissioned. Passengers and airport users will temporarily access the airport through the Hanimaadhoo port, which will serve as the designated point for transport and related services during this period.

The relocation represents a significant milestone in the Hanimaadhoo Airport expansion project, being developed under an USD 800 million credit line facilitated by the Exim Bank of India and signed by the previous administration in 2019. The project includes the construction of a new runway, terminal building, and upgraded facilities, with the goal of transforming Hanimaadhoo into a regional aviation hub.

During a visit to Hanimaadhoo on August 25, President Dr Mohamed Muizzu reiterated his administration’s commitment to completing and opening the airport by November 2025. The President stated that the project plays a crucial role in enhancing northern connectivity, supporting tourism, and driving economic growth in the region.

First National and Maldivian Red Crescent Launch Maldives’ First Blended Finance Initiative

First National Finance Corporation (First National) and the Maldivian Red Crescent (MRC) have launched the Maldives’ first blended finance initiative to develop MRC’s land in Hulhumalé.

The project brings together philanthropic, public, and private capital to create a model for partnerships that combine social impact with financial innovation. It aims to strengthen community resilience while contributing to the development of the country’s capital market.

Speaking at the signing ceremony, Mr. Hassan Ziyath, CEO of First National, described the collaboration as a “turning point” in the Maldives’ development finance landscape.

“This engagement is not just a responsibility, it is a privilege,” said Mr. Ziyath. “We carry this role with immense pride, knowing that our efforts will directly strengthen the humanitarian backbone of our nation.”

Mr. Ziyath also highlighted First National’s growing track record in financial innovation, including the launch of the Maldives’ first online trading platform in 2022, the introduction of the first Money Market and Savings Fund, and ongoing efforts to launch the nation’s first Green Bond.

“This initiative marks a historic first, blending philanthropic, public, and private capital to create a sustainable humanitarian asset,” he added. “It opens a new avenue of collaboration that we hope will inspire similar partnerships across sectors.”

The launch also marks a defining moment for the Maldivian Red Crescent in its institutional journey.

Reflecting on the significance of the project, Mr. Ali Nashid, President of the Maldivian Red Crescent, remarked that establishing a permanent home for the organisation “strengthens our position as the leading humanitarian organisation in the country.” He remarked further, “This dedicated space will enhance our ability to coordinate, respond and reach those in need, enabling us to build capacity, expand our reach and pursue our humanitarian mandate with greater impact.”

Under the partnership, First National will lead financing, project management, and post-completion stewardship of the land development, ensuring the project generates long-term social and economic value by aligning financial innovation with humanitarian purpose.

The signing ceremony was attended by representatives from the Capital Market Development Authority, Maldives Stock Exchange, embassies, and financial institutions.

The First National–MRC partnership reflects ongoing efforts to strengthen the Maldives’ financial and social infrastructure through innovative and collaborative approaches.

Ooredoo and PayPal Announce Intent to Collaborate in the Maldives

Ooredoo Fintech and PayPal have announced their intent to collaborate in the Maldives, marking a significant step toward enhancing cross-border digital financial services in the country.

The partnership, expected to go live in 2026, will allow consumers in the Maldives to shop with PayPal merchants globally and transfer funds seamlessly between their PayPal and m-Faisaa accounts. The collaboration also aims to open new opportunities for Maldivian businesses by enabling them to sell to international customers, further integrating the nation into the global digital economy.

“As the Maldives accelerates its digital transformation, enabling cross-border transactions is a critical enabler for both our citizens and businesses,” said Khalid Al Hamadi, CEO and Managing Director of Ooredoo Maldives. “With Ooredoo Fintech and PayPal announcing their intent to collaborate towards linking PayPal wallets to local m-Faisaa wallets, this is an exciting time for individuals and businesses in the Maldives.”

The initiative represents a milestone in the Maldives’ journey toward a fully digital economy, empowering both consumers and enterprises to engage in global e-commerce and financial networks.

Universal Enterprises Launches VERSA Hospitality and New Lifestyle Brand NIVA Hotels & Resorts

Universal Enterprises, parent company of Universal Resorts, announced on Monday that it is rebranding its hotel management arm to VERSA Hospitality and simultaneously launching a new hospitality lifestyle brand, NIVA Hotels & Resorts.

The move marks a strategic transformation of the independent family business from a largely B2B-focused resort operator into a globally recognised, consumer-centric hospitality brand with ambitions for international growth.

Regarding this move, Ahmed Umar Maniku, Managing Director of Universal Enterprises, highlighted the company’s five-decade-long legacy in shaping Maldivian resort tourism. He emphasises the group’s pioneering role, beginning with the opening of Kurumba in 1972 and expanding to other globally recognised resorts like Baros, Kuramathi, Huvafen Fushi, Velassaru, Milaidhoo, and Labriz. Maniku frames the rebranding to VERSA Hospitality as a strategic evolution, aimed at increasing brand recognition, leveraging the full potential of their resort portfolio, and positioning the company for future growth in an evolving global travel market. 

“VERSA isn’t merely a new name; it’s a strategic repositioning to unlock the full potential of our resort portfolio and position the company for our future growth ambitions,” he said.

The announcement coincides with the appointment of Visha Mahir, a second-generation member of the founding family and board director of Universal Enterprises, as Chief Executive Officer of VERSA Hospitality. Visha has held multiple senior leadership positions within Universal Enterprises over the past two decades, most recently serving as Chief Operating Officer of Universal Resorts.

According to Universal Enterprises, through VERSA Hospitality, the company aims to strengthen brand identity, expand its consumer-facing operations, and enhance its global presence in the competitive luxury hospitality sector. NIVA Hotels & Resorts will serve as the company’s new lifestyle brand, reflecting contemporary hospitality trends and catering to discerning travellers seeking unique resort experiences.

Gov’t Targets 30-Month Completion for Bileiyfahi Airport Project

President Dr Mohamed Muizzu has announced that the reclamation and development of Sh. Bileiyfahi Airport will be completed within 30 months, as part of broader efforts to enhance regional connectivity and support economic growth in the north.

Speaking during his visit to the island, the President said the project, to be carried out by Maldives Airports Company Limited (MACL), would move forward without delay. The formal agreement for the airport’s development and operation was signed earlier in the day during his visit.

Once completed, the airport is expected to strengthen access to Shaviyani Atoll, supporting the movement of goods and people while creating new opportunities for local businesses. The development also aligns with the government’s push to expand aviation infrastructure to improve inter-island transport and regional trade.

In addition to the airport, several other infrastructure and service-related projects are planned for Bileiyfahi. The government has prioritised the completion of the island’s water and sewerage system and pledged to address the stalled waste management project.

Plans also include the construction of a new harbour to improve access and transport efficiency for residents. The President stated that this project would proceed in consultation with the island community.

Under the 2026 Budget, the island is also set to receive a handball and volleyball court and a football stadium. Construction of eight classrooms and a multipurpose hall is expected to begin within the year, while the island’s health centre will expand to provide 16-hour services.

Questions Persist as Development Bank of Maldives Remains Inactive

Economic Minister Mohamed Saeed has said that preparations for the Development Bank of Maldives (DBM) are progressing as planned and that the institution will become operational in the near future.

Responding to a question from South Galolhu MP Meekail Ahmed Nasym during Tuesday’s parliamentary sitting, Minister Saeed explained that DBM is not designed to function like a conventional bank offering account services or fund management. Instead, its main role will be to facilitate financing for development initiatives, serving as a key institution to support national development projects.

While the Minister indicated that work was moving forward at a fast pace, he did not specify a date for the operational launch of the bank.

The Development Bank of Maldives was one of President Dr Mohamed Muizzu’s electoral pledges. Using powers under the Companies Act, the President established the bank on 16 May 2024. The Economic Ministry later applied for a banking licence with the Maldives Monetary Authority (MMA) on 28 July 2024, which was approved on 13 October 2024. The DBM was officially inaugurated on 16 November 2024 but remains non-operational.

According to the Finance Ministry, MVR 6,566,338.20 has been spent on the bank from its inception to 25 March this year. The Ministry has not disclosed details regarding the nature of these expenses.

Public concern has grown over the delay in operationalising the bank, especially following a series of high-level resignations earlier this year. Noel Gregor Paterson-Jones, who was appointed as CEO and Managing Director on 26 August 2024, resigned on 20 March and subsequently filed a case with the Employment Tribunal seeking remuneration for his notice period. Shortly after, board director Ahmed Ali also resigned on 23 March.

Gov’t Tightens Policy on Work Permit Quotas Over Unpaid Fees

The Ministry of Homeland Security and Technology has stated that quota slots for work permits revoked due to unpaid foreigner-related fees and penalties will only be released after all outstanding dues are fully settled.

The Ministry previously allowed employers to pay pending fees in instalments under a concessionary arrangement. However, it has now decided that work permits issued to employers who have not promptly cleared their payments will be cancelled, provided the employer agrees to pay all related fees and penalties through the Expat System. The quota slots from these cancelled permits will only be released once full payment is made.

According to the Ministry, there are 68,000 employers registered on the Expat Portal, but only 7,900 are making regular payments. More than 8,000 individuals have been suspended from the Expat System for failing to pay fees associated with employing foreign workers.

The government has so far recovered MVR 1.2 billion of the MVR 1.7 billion owed in foreign worker-related fees. As part of its broader efforts to improve oversight of the expatriate workforce, the Ministry has also collected biometric data from over 177,000 foreigners living in the Maldives.

President Appoints Two Members to Tax Appeal Tribunal

President Dr Mohamed Muizzu has appointed two members to the Tax Appeal Tribunal in line with the Tax Administration Act.

Ibrahim Afeef has been appointed as a member of the Tribunal, while Shaufa Ibrahim has been appointed as the member representing the legal field. Both will serve for the remainder of the current term, which is set to expire on 28 November.

The appointments were made after Parliament’s review and approval. During the parliamentary debate, several Members of Parliament raised concerns about the timing of the appointments, noting that the current term of the Tribunal is nearing its end. Some MPs proposed amending the law to prevent such appointments if the Tribunal’s quorum can still be maintained.

According to existing regulations, when a position on the Tax Appeal Tribunal becomes vacant, a new member must be appointed within 60 days.

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