DhiraaguPay Launches MVR 1 Shawarma Promotion with Baabaa Gaadiyaa

Dhiraagu Fintech has announced a limited-time promotion offering customers the chance to buy a shawarma for just MVR 1 from Baabaa Gaadiyaa, continuing the company’s recent series of public engagement campaigns. Press Release – DhiraaguPay Off…

According to the announcement, the promotion will take place on Friday, 12 December 2025, at the Social Centre outdoor area, with two redemption windows: from 4pm to 6pm and from 8pm to 10pm. To claim the offer, users must present their Wallet ID and complete the purchase using their DhiraaguPay wallet. New customers can participate by downloading the DhiraaguPay app, registering, and making the payment through the platform.

The initiative follows the success of Dhiraagu Fintech’s recent MVR 1 Coffee promotion, which saw strong public interest. Dhiraagu Fintech said such activities reflect its ongoing efforts to connect with customers through partnerships with merchants across the Maldives, giving businesses more opportunities to reach wider audiences.

The company noted that DhiraaguPay continues to promote secure and convenient digital payments while supporting the nation’s broader digital transformation goals.

Techverin Unveils AI Tool to Speed Up Trade Documentation

Techverin Private Limited has launched the Customs Digital Assistant, an AI-powered platform designed to automate trade documentation and reduce import clearance times by as much as 80 percent. The Maldivian software company said the tool aims to streamline the most time-consuming steps in preparing customs declarations.

According to Techverin, the platform transforms complex supplier documents into Single Administrative Document files within minutes. It uses automated data extraction and smart tariff classification to assign accurate tariff codes and minimise the risk of delays or compliance issues. Ahmed, the company’s Chief Operating Officer, said the launch reflects Techverin’s wider goal of improving productivity for Maldivian businesses through digital solutions.

The Customs Digital Assistant is available on a pay-per-use model, priced at MVR 99 for each processed document. As part of the launch promotion, the first ten companies to register and verify their profiles will receive 500 credits, allowing them to process up to five files.

Techverin, based in the Maldives, builds software solutions that help businesses digitise manual processes and improve operational efficiency.

Abdul Razzaq Haleem Appointed Chairperson of New State Pharmaceutical Corporation

Ibrahim Abdul Razzaq Haleem has been appointed Chairperson of the Board of Directors of the State Pharmaceutical and Medical Supply Corporation Limited, a newly established state-owned enterprise created to strengthen the country’s medical supply chain.

Haleem currently serves as the Chief Executive Officer of the Male’ City Group of Hospitals, and his appointment adds leadership to a company tasked with improving access to medicines, medical consumables, and medical equipment across the Maldives.

The State Pharmaceutical and Medical Supply Corporation was incorporated on 9 September under Section 15 of the Companies Act through a presidential decree. As a fully government-owned entity, its mandate includes expanding wholesale procurement and import operations to support healthcare facilities nationwide.

Earlier appointments to the corporation include Aishath Mohamed and Shibana Abdullah Didi as board members, and Dr Shah Mahir as Managing Director, following decisions by the Privatisation and Corporatisation Board.

Gov’t Issues Permit for USD 790 Million Sustainable Township Project

The government has issued a permit for the Maldives’ first Sustainable Township Project under the Special Economic Zones Act, marking a shift towards large-scale, multi-sector developments beyond conventional tourism models. The approval was granted to Crystal Holdings Private Limited following its formal application and review by the Board of Investments.

According to the announcement, the project carries an investment exceeding USD 790 million and is designed to integrate luxury hospitality and residential components with a range of social and economic sectors. These include a state-of-the-art healthcare facility aimed at positioning the Maldives as a destination for medical and wellness tourism, an international hospitality and leadership school, and a specialised island for advanced agriculture and aquaculture systems to strengthen national food security.

The township will operate with a minimum of 60 percent renewable energy, which authorities say will contribute to reducing national carbon emissions.

Set to begin operations by 2028, the project is expected to create high-value employment opportunities, support regional economic diversification, and attract both long-stay visitors and high-net-worth travellers. Officials also expect the development to contribute to broader national objectives related to growth and resilience.

In its statement, the Board of Investments said the issuance of the permit signals the Maldives’ commitment to encouraging future-focused and sustainable investments that advance long-term socio-economic stability.

President Urges Revival of SAARC Cooperation on 40th Charter Anniversary

President Dr Mohamed Muizzu has issued a message to the Secretary General of the South Asian Association for Regional Cooperation on the 40th anniversary of the SAARC Charter, reiterating the Maldives’ position that meaningful regional cooperation remains essential for South Asia’s future.

In his message, the President said the moment called for reinvigorating the organisation by rebuilding trust among member states and reconvening the long-stalled SAARC Summit. He noted that dialogue, unity, and cooperation continue to be the region’s most viable route to achieving shared development goals.

The President highlighted several areas where stronger collaboration is increasingly necessary, including climate change, renewable energy, public health, food security, inequality, and broader economic development. He said a more effective institutional structure within SAARC would help the region respond to these challenges and deliver better outcomes for its populations.

President Dr Muizzu reaffirmed that the Maldives remains committed to a stronger and forward-looking SAARC, one that prioritises collective interests, upholds shared values, and contributes to long-term stability and prosperity.

SAARC was established with the signing of the SAARC Charter on 8 December 1985. The organisation was founded with the aim of promoting regional cooperation among its eight members: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. While the grouping has facilitated cooperation in areas such as health, education, environment, and disaster response, political tensions in the region have limited its ability to convene summits and advance broader regional integration in recent years.

The President’s message comes at a time when SAARC has not held a summit since 2014. His call to rebuild trust and reconvene leaders reflects a wider concern among smaller member states about the organisation’s relevance and its capacity to address shared challenges without renewed political engagement.

Maldives Tourism Act Updated with New Rules: What Has Changed

The 16th Amendment to the Maldives Tourism Act came into force on 6 December 2025, introducing several structural changes that affect resort developers, operators, tour agents, and councils. Regulations to support these changes must be issued within 90 days. 

What Has Changed

The amendment revises which tourism services fall under the Act, creates a new category of tourism training resorts, resets the window for reduced lease extension fees, revises construction period extension rules, and introduces fresh licensing requirements for foreign tour operators. It also restructures penalties and updates how tourism developments in council jurisdiction are treated. 

New Definitions Under the Act

The scope of services regulated by the Act has been refined. Watersports services provided specifically for tourists are now clearly included, as are dive centres. Resort hotels have been removed from the section listing tourism services, although the term remains defined elsewhere in the Act. The introduction of tourism training resorts marks a future shift toward institutionalised on site training within resort settings.

This part of the amendment clarifies the government’s direction on how tourism activities are categorised and which operations must comply with the Act. 

Reduced Lease Extension Window Reopened

One of the most consequential changes for resort owners is the reopening of the reduced extension fee window for resort leases. The previous window, introduced through the 15th Amendment, expired in September 2025. The new six month opportunity runs from 6 December 2025 to 5 June 2026.

Resorts nearing the end of their lease periods or planning long term investments are now expected to reassess their timing and consider applying within this renewed window. 

Registration Now Mandatory for Foreign Tour Operators

The amendment requires any foreign tour operator selling or facilitating Maldivian tourism products to obtain a Foreign Tour Operator Licence. Such operators must work through locally licensed tour operators and enter into written affiliation agreements.

For resorts and guesthouses that rely heavily on international wholesalers, OTAs, or collaborations with large overseas travel companies, commercial partnerships may now need to be reviewed and formalised to stay compliant. 

Changes to Construction Period Extensions and Resort Boundaries

Construction period extensions and boundary demarcation procedures, previously detailed in regulations, are now part of the Act. While much of the process remains the same, two adjustments are significant.

First, the Ministry now has discretion to require either a payment to the tourism trust fund or a contribution to a Ministry designated development project as part of CSR obligations. Second, a separate extension fee must be paid in addition to CSR obligations.

Ongoing or delayed resort projects could face higher compliance costs, depending on how the upcoming regulations specify payment formulas. 

Tourism Training Resorts Introduced

A new category of tourism establishment, the tourism training resort, has been added to the Act. These establishments must provide dedicated training facilities and create structured opportunities for trainees to gain hands on experience. They will operate similarly to standard resorts but with additional training related obligations.

Acquisition fees for these islands will be defined in future regulations and are expected to be more favourable to encourage development. 

SOEs May Now Receive Direct Leases

The amendment introduces an exception allowing state owned enterprises to receive direct leases for resort or integrated resort development. Cabinet approval is required, and the SOE must demonstrate financial and professional capacity.

This provision could widen the role of SOEs in tourism development, particularly for strategic or large scale projects. 

Tourism Development Within Council Jurisdictions

The amendment narrows the scope of tourism development permitted on islands, plots, and lagoons under council jurisdiction. These locations may now be leased only for tourist guesthouses and tourist hotels.

Furthermore, lease rent collected by the central government from such locations must now be recorded and transferred to the relevant council as council income. This strengthens the financial link between tourism activity and local governance. 

Revised Penalty Structure

A new penalty framework replaces the previous flat fine of MVR 100,000. Operating without a required licence may now lead to fines of up to MVR 1,000,000, with an additional daily fine of MVR 100,000 for ongoing violations. Other breaches of the Act may attract fines between MVR 5,000 and MVR 100,000.

Industry stakeholders should expect more active enforcement once the supporting regulations are issued. 

What the Industry Should Watch Next

The amendment sets out the legal foundation, but many crucial details will come through upcoming regulations. Stakeholders should monitor:

• How acquisition fees and standards for tourism training resorts are defined
• How CSR and extension fee requirements are calculated for construction period extensions
• Conditions for Foreign Tour Operator Licences and affiliation requirements
• Updated procedures for lease extensions and boundary demarcation
• How councils adapt their development frameworks under the new limitations

With the regulatory timeline set at 90 days, the sector can expect a series of announcements that will determine practical compliance obligations in early 2026.

Leasehold Rights to Thelu Veliga Resort Offered Through Closed Tender

Photo: Drift Thelu Veliga Retreat

The Bank of Ceylon has announced the sale of the head leasehold rights to Drift Thelu Veliga Retreat in South Ari Atoll, following authorisation granted by the Civil Court to recover dues related to a term loan facility obtained by Castaway Maldives Private Limited. The property, a 5 star 30 villa resort located on Theluveliga Island, will be sold through a closed tender process. 

According to the sale notice, the resort’s current lease expires in April 2064, and the successful bidder will have the opportunity to extend the lease for an additional 49 years in line with the Tourism Act. The reserve price has been set at USD 9.9 million. Firms wishing to participate must submit proposals that meet the tender requirements, including company registration documents, board resolutions and proof of identity of authorised representatives. 

A non refundable fee of USD 5,000 is required to obtain tender documents. Bidders must also submit a deposit of USD 25,000, which will be forfeited if the bidder withdraws or fails to meet payment requirements upon being selected. Applications will be opened in the presence of bidders at Bank of Ceylon’s Malé branch immediately after the submission deadline. 

Payment terms for the winning bid include 25 per cent of the bid value within 30 calendar days from the date of award and full settlement within 60 days. Should the winning bidder fail to comply, the bank may offer the opportunity to the next highest bidder. Any outstanding taxes, charges or other government fees associated with the property will be deducted from the sale proceeds. 

Tender documents will be issued until 7 January 2026, and the final deadline for submitting applications is 14:00 on 8 January 2026. The bank noted that the sale is strictly on an as is basis, without warranties regarding the property’s condition or compliance status. 

Gov’t Seeks Consultants for Rasmale’ Transport Master Plan

The Ministry of Finance and Planning has invited firms to submit Expressions of Interest for consultancy services to prepare the Transport Master Plan and feasibility study for Rasmale’. The announcement was made on behalf of the Ministry of Construction, Housing and Infrastructure. 

According to the notice, the consultancy aims to develop a detailed Transport Master Plan that establishes safe, reliable and sustainable connectivity between Malé and Rasmale’, as well as within the new island. The scope includes assessing a range of transport options across land, sea and air. 

Interested firms are required to demonstrate technical competence, experience in similar assignments and the availability of qualified staff. Submissions will be evaluated under the Quality and Cost-based Selection method in line with the Public Finance Regulation. A shortlist will be formed based on the EOIs received, after which a detailed Request for Proposal will be issued to the selected firms. 

The Terms of Reference for the consultancy will be available on the Ministry’s website from 9 December 2025. Firms may seek clarification by contacting the National Tender Department. 

Expressions of Interest must be submitted by 14:00 on 24 December 2025, either in person, by mail, or via email to the Ministry of Finance and Planning. 

Tourism GST Lifts Revenue as Infrastructure Spending Remains Low

The latest Weekly Fiscal Developments report shows the government recorded a cumulative deficit of MVR 1,438.3 million as at 27 November 2025, with capital expenditure continuing to slow despite earlier projections for the year. 

According to the Ministry of Finance and Planning, total revenue and grants reached MVR 34,966.8 million for the period. The biggest increase this week came from Tourism Goods and Services Tax, maintaining its role as the main driver of tax inflows. Non tax revenue also grew, supported by higher fees and charges and property income. 

Cumulative expenditure stood at MVR 36,405.1 million, with the primary rise this week stemming from salaries and wages under recurrent spending. Recurrent expenditure reached MVR 31,193.0 million, led by staff related costs and administrative expenses. Capital expenditure, however, remained subdued at MVR 5,212.1 million, less than half of the approved annual total. Most major categories, including land and buildings and infrastructure assets, reflected lower utilisation compared with the same point last year. 

This slowdown is also visible in the Public Sector Investment Program. Outlays in sectors such as housing, land reclamation, environmental protection, health services and education all showed lower-than-anticipated progress. Transport is the only major category that remained close to last year’s pace, largely due to continued spending on airports and bridges. 

The report shows that most large ministries and agencies continue to operate within similar ranges as past years. The Ministry of Construction, Housing and Infrastructure accounts for the largest share of spending so far, followed by the National Social Protection Agency and the Ministry of Education. Health sector entities, including the Ministry of Health and Indira Gandhi Memorial Hospital, have also recorded notable expenditure. 

Financing costs for the period reached MVR 4,214.7 million, while loan repayments climbed to MVR 4,963.7 million. Government securities outstanding totalled MVR 97.2 billion as of 17 November 2025, reflecting both domestic and external instruments. 

With just over a month left in the fiscal year, the data highlights the persistent gap between projected and actual capital spending, raising questions about the pace of ongoing infrastructure projects and the broader execution of the development plan. At the same time, the consistent rise in recurrent commitments and interest related costs continues to shape the government’s fiscal position.

Ooredoo Fun Run Music Show Set to Return with Leading Local Acts

Ooredoo Maldives has announced that the Ooredoo Fun Run Music Show will return on 18 December at Hulhumalé Central Park, featuring performances by Traphic Jam, Equatic Vibe, Habeys and Symbolic Records. The event will run from 20:00 to 23:59 and is free for the public to attend. 

The music show forms part of the wider Ooredoo Fun Run 2025 festivities, which remain among the most popular annual events in the Maldives. According to Ooredoo, the aim is to offer an evening of entertainment for Fun Run participants, families, and music enthusiasts, while also supporting local artists through a large community platform. 

Ooredoo stated in its announcement that the Fun Run is intended as a celebration of wellness and togetherness, with the music show enhancing the experience for attendees. The company noted that the gathering creates a space that brings people together on the eve of what it describes as the happiest run in the Maldives. 

The annual Fun Run is widely known for its family friendly activities, colourful run kits, giveaways and upbeat atmosphere. Organisers expect this year’s live show to draw large crowds ahead of the main run day. 

Nearly 2,000 Temporary Parking Slots Opened in Hulhumalé to Ease Malé’s Congestion

Temporary parking areas have been designated in Hulhumalé to help address the growing vehicle parking difficulties in Malé, with space now available for 1,964 four-wheeled vehicles. The initiative is a joint effort by the Housing Development Corporation and the Ministry of Transport.

According to officials, the temporary sites aim to ease traffic flow in Hulhumalé by reducing the number of vehicles parked along the streets. With parking challenges in Malé continuing to intensify, allocating such a large number of slots in Hulhumalé marks a notable step toward reducing congestion across the Greater Malé Region.

The designated areas and parking capacities are as follows:

  • Near Masjid al-Walidain: 115 slots
  • Ghazi School area: 254 slots
  • Hiyaa Tower 16 area: 1,233 slots
  • Vinares area: 362 slots

Authorities said the arrangement is expected to improve road conditions in Hulhumalé, ease movement for motorists, and enhance overall safety for pedestrians and other road users. In addition to the temporary solution, the Corporation has noted that work is underway to construct parking buildings as part of efforts to establish a long-term solution to the region’s parking constraints.

Dhiraagu Introduces New Limitless Boosters for Postpaid Customers

Dhiraagu has rolled out a new range of Limitless Boosters for its Postpaid customers, offering unlimited high-speed data through flexible short-term add-ons. The launch expands the company’s existing suite of unlimited products and caters to customers who require temporary boosts in connectivity. 

The boosters are available in five variants, with validity options ranging from one day to fifteen days. Dhiraagu stated that customers can activate their preferred booster through the Dhiraagu App, MyAccount portal, or by sending an SMS to 343. 

According to the company, the new product is targeted at users with high data demands, including those who stream, game, work remotely, or frequently rely on mobile data while on the move. Dhiraagu described the Limitless Boosters as the first of their kind in the local market and said the introduction further extends its unlimited offerings under Limitless Postpaid and Limitehneh Fibre. 

The company stated that these additions are designed to provide more value at competitive prices for a broad range of customer needs.

Maldives Sees 12 Percent Growth in Early December Tourist Arrivals

Tourist arrivals to the Maldives in December have begun on a strong footing, with data from the first six days showing a 12.4 percent increase compared with the same period last year. According to the Ministry of Tourism’s daily update, 37,901 visitors entered the country between 1 and 6 December, compared with 33,733 during the same period in 2024. 

The figures point to steady momentum heading into what is traditionally the Maldives’ busiest month. Daily arrivals in the opening week ranged from around 5,500 to nearly 7,700, with the 6 December count standing out as the highest so far. The early-December average now sits at 6,317 visitors per day, setting the pace for what could become one of the strongest year-end performances on record. 

This uplift comes on the back of a consistent year for the tourism sector. As of 6 December, total arrivals for 2025 have reached 2,059,962, already surpassing the full-year total of 2024. Resorts continue to hold the largest share of tourist accommodation, accounting for 73.6 percent of arrivals, while guesthouses host about 21.6 percent. China remains the top source market with 316,147 arrivals, followed by Russia and the United Kingdom. 

Monthly trends also show year-on-year growth across most of 2025, with double-digit increases in several months, including April, June and November. The early data for December suggests that the upward trajectory may continue through the holiday season, which typically draws the highest influx of visitors for the year. 

Hawks Group Singapore Earns ISCC Certification for Global Biofuel Trading

Hawks Group’s Singapore office has received International Sustainability and Carbon Certification (ISCC), enabling the company to trade biofuels on the global market. The certification represents a notable step forward for the marine fuel and cargo-trading firm, which described the achievement as part of its continued drive to reduce environmental impact and expand sustainable energy options. 

With ISCC approval, Hawks can now supply fully sustainable and traceable marine biofuels worldwide. The company noted that the certification strengthens its environmental, social and governance strategy and aligns with its wider efforts across its energy portfolio.

Hawks Group operates an international network of offices and is a licensed physical supplier in the Maldives, Sri Lanka and on the high seas in the Indian Ocean and Arabian Sea. The company specialises in marine fuel and cargo trading. 

Floating Solar City Project Enters Execution Phase with 2027 Target

Work has officially begun on the Maldives’ landmark 100 MW Project Solar City, a major floating-solar installation that represents one of the country’s most significant steps toward renewable energy adoption. The project forms the central infrastructure of the Maldives’ first Special Economic Zone, signalling the start of a new phase in large-scale energy development.

According to the Ministry of Economic Development and Trade, the project has now moved from planning to execution. Material delivery, shore protection and land dredging are underway after the authorities granted practical work permissions required for on-site activity.

Valued at USD 187 million, with more than USD 100 million dedicated to renewable energy components, the initiative aims to install a massive floating solar platform in a lagoon in Male’ Atoll. Once completed, the platform will generate 100 MW of electricity and feed it into the national grid through an undersea cable.

The government awarded Canadian company Abraxas Power Corporation the contract to implement the facility, following its approval for the first phase in April last year. Sangro Power Supply Co. is serving as the technical partner for the project.

The Ministry has set 2027 as the completion target for the full development.

Project Solar City is part of the government’s wider national energy strategy, which seeks to convert 33 percent of the country’s energy consumption to renewable sources within the designated timeline. Officials estimate that reaching this target could save the nation around USD 42 million each year in fuel expenses.

Trans Maldivian Airways Recognised as Global and Regional Leader at World Travel Awards 2025

Trans Maldivian Airways (TMA) has received two major honours at the 32nd Annual World Travel Awards, strengthening its reputation as the leading seaplane operator both globally and in the Indian Ocean region. The airline was named the World’s Leading Seaplane Operator 2025 and the Indian Ocean’s Leading Seaplane Operator 2025. 

The ceremony, held at Exhibition World Bahrain, brought together more than 300 leaders from the global tourism sector. TMA’s latest wins add to its long record of international recognition, reflecting the company’s role in supporting the Maldives’ tourism and aviation sectors.

Established in 1993, TMA operates the world’s largest seaplane fleet with 65 DHC 6 Twin Otters, serving over 80 resort destinations across the country. The airline conducts more than 400 flights daily, providing essential transport links that connect visitors to islands spread throughout the archipelago. Its operations are built around safety, reliability, and efficiency, making it a central component of the Maldives’ tourism infrastructure. 

Commenting on the awards, TMA CEO A.U.M. Fawzy said the recognition reflects the trust placed in the company by partners and guests. He noted that TMA will continue to invest in improvements, building on decades of service experience as the Maldives’ tourism industry expands.

TMA is currently upgrading its operational capabilities through investments in fleet improvements, infrastructure, training, and technology. These developments aim to meet rising passenger demand while maintaining the airline’s established standard of consistent service. 

As the Maldives anticipates further growth in tourist arrivals, TMA stated its commitment to supporting national tourism goals, working with industry partners, and ensuring smooth and dependable travel for visitors heading to resort islands.

Maldives Highlights Need for Equal Application of Justice at Doha Forum

Foreign Minister Dr Abdulla Khaleel is in Doha to take part in the 23rd edition of the Doha Forum, a global policy platform that brings together leaders from more than 150 countries to discuss diplomacy, governance, development, and security.

The Forum, held from 6 to 7 December, is centred on the theme “Justice in Action: Beyond Promises to Progress,” with a focus on implementing policies that support peace, accountability, and sustainable development.

Dr Khaleel participated in the ministerial roundtable on international justice and the rule of law, where he reiterated that justice must apply equally to all nations, regardless of size. He also reaffirmed the Maldives’ long standing commitment to diplomacy and constructive dialogue. According to the Ministry, the roundtable brought together global experts and officials to examine how international justice systems can strengthen peace and the rule of law in an increasingly complex global environment.

Ahead of the Forum, the Minister stated that the Maldives remains committed to multilateral cooperation and shared solutions for global challenges, noting that the discussions will focus on some of the most pressing issues facing the world today.

On the sidelines of the Forum, Dr Khaleel is expected to meet counterparts and senior officials from participating countries and international organisations. These engagements aim to deepen bilateral ties and advance areas of cooperation across various sectors.

The Maldives’ participation in the Doha Forum reflects the Government’s ongoing efforts to contribute meaningfully to global conversations on governance, justice, and international cooperation.

PPI Data Shows Rising Construction Costs Amid Declines in Utility Prices

The latest Producer Price Index (PPI) publication from the Maldives Bureau of Statistics shows a mixed picture across utilities, construction, tourism, communications, and education during the third quarter of 2025. The data, released on 30 November, highlights declining prices in electricity and water, continued sharp increases in construction costs, and moderate shifts in resort and communication prices. 

Utility prices continued their downward trend through Q3. Electricity PPI fell year on year by 3.74 percent in September, reflecting the impact of new regulations introduced earlier in 2025 and lower domestic consumption levels. Month on month, electricity prices showed minor fluctuations, with the largest recent increase recorded in March due to seasonal demand during warm weather and Ramadan. Water supply prices followed a similar pattern, with the index dropping 2.01 percent year on year in September. Officials attributed these movements to changes in consumption levels, as both electricity and water PPIs are sensitive to how usage shifts customers between pricing bands. 

In sharp contrast, construction costs continued to rise. The construction PPI increased 11.80 percent year on year in September, driven by higher import prices, labour expenses, and exchange rate movements. Building construction recorded a 13.62 percent increase, while road construction rose by 6.91 percent. The overall sector maintained its upward trend throughout the quarter, reinforcing concerns about rising development costs and the impact on housing and infrastructure projects. 

The resort sector experienced modest shifts, shaped largely by seasonality and changing tourist demand. After steep declines in May linked to global conflicts and reduced travel confidence, the sector stabilised, recording a year on year increase of 1.81 percent in September. Prices typically rise around August due to international holidays, but fluctuations persisted as resorts adjusted to varying market conditions. 

Prices in the information and communication sector showed mild upward movement. The PPI for the sector rose 2.46 percent year on year in September, with operators’ promotional offers and consumer data use noted as key influencing factors. Communication prices had declined through much of 2024 but began stabilising in early 2025, with a more consistent trend visible across recent months. 

Education sector prices remained largely stable, showing only slight changes overall. The sector recorded a 0.09 percent year on year increase in September, with pre primary and primary education seeing a 1.90 percent rise, while secondary education fees fell by 6.23 percent. Much of the movement is linked to institutional fee revisions, especially at the start of academic terms. Higher education prices remained mostly unchanged throughout the year. 

The Bureau noted that future expansions of the PPI will include more detailed categories within tourism and communications, as well as new indices for fisheries, transport, manufacturing, and health. These additions aim to give policymakers and businesses a clearer picture of price behaviour across the economy.

New Tourism Act Amendment Formalises Training Resorts and Tightens Licensing Rules

President Dr Mohamed Muizzu has ratified the 16th Amendment to the Maldives Tourism Act, bringing a series of legislative updates that reshape how islands, lagoons, and land are leased for tourism development while formalising new categories of tourist facilities.

The Amendment, passed by the People’s Majlis on 3 December during its 28th sitting of the session, establishes a framework for leasing areas for resort projects and for the creation and operation of Tourism Training Resorts. These facilities are now formally recognised under the law, with defined procedures for their lease, development, and management.

Under the new provisions, only guesthouses or tourist hotels may be developed within inhabited islands or city jurisdictions, and revenue generated from such establishments must be directed to the respective Island or City Council.

The Amendment clarifies lagoon boundaries for islands leased for tourism and introduces regulatory requirements for tourism-related travel planning and management services. It further provides an extension of up to six months to the construction period of islands, land, or lagoons leased for tourism, outlining the conditions and procedures for granting such extensions.

Another significant change is the expanded eligibility for State-Owned Enterprises, allowing companies in which the Government holds at least 45 per cent of shares to lease islands, lagoons, and land for resort or integrated resort development.

The Amendment also states that travel planning and management services may only be carried out by those holding a Tour Operator Licence. Foreign tour operators registered abroad must now obtain a Foreign Tour Operator Licence to operate in the Maldives.

In addition, the Ministry of Tourism and Environment has been authorised to defer rent payments for properties that close for redevelopment. This includes postponing rent and any fines accrued up to the date of closure, following relevant regulations.

To support regulatory compliance, the Amendment introduces penalties of up to MVR 1 million for providing tourist services without the required licence, with the exact amount determined by the nature of the service and the duration of the violation.

The changes came into effect upon publication in the Government Gazette.

DhiraaguPay MVR 50,000 Promotion Nears Deadline

Dhiraagu Fintech has announced that its WIN MVR 50,000 promotion will conclude on 31 December 2025, giving customers only a short window to register for DhiraaguPay and be included in the upcoming lucky draw. 

According to the company, both new and existing DhiraaguPay users are automatically entered once they register on the platform. Anyone with a local mobile number is eligible to participate.

The promotion follows Dhiraagu Fintech’s recent MVR 1 coffee campaign, which drew large crowds and highlighted growing interest in digital payment initiatives. The company said the response reflects how merchants and customers are increasingly engaging with DhiraaguPay.

DhiraaguPay currently offers a range of payment services, including bill splitting, sub wallets, peer to peer transfers, FAVARA transfers, bill payments and spending insights. The platform is positioned as a convenient option for everyday financial transactions.

Dhiraagu Fintech noted that this promotion forms part of its ongoing effort to encourage wider adoption of digital payments in the Maldives. As a subsidiary of Dhiraagu, the company stated that it intends to continue expanding its fintech services to improve user convenience. 

ECPI Records Slight Movement in November as Food Prices Adjust

The latest Essential Commodities Price Index (ECPI) for Malé shows a slight easing in overall prices in November 2025, driven mainly by lower food costs, according to data published by the Maldives Bureau of Statistics. The ECPI stood at 113.24 for the month, reflecting a month-on-month decline of 0.69 percent. Despite this decrease, prices remained 0.73 percent higher compared with November last year. 

Food prices recorded the sharpest monthly drop, falling by 1.11 percent from October. The decline was primarily due to a 4.50 percent fall in fruit prices and a 0.80 percent decrease in milk, dairy products and eggs. These reductions offset increases in categories such as sugar, jam, honey, chocolate and confectionery, which rose by 0.63 percent, and cereals, which saw a marginal 0.06 percent increase. On a year-on-year basis, food costs were 0.16 percent higher, with notable increases in oils and fats and sugar-related products, while vegetable prices fell by 7.90 percent. 

Beverage prices rose by 0.55 percent during November, supported by increases in tea, maté and plant-based infusions as well as coffee products. Compared with last year, beverage prices were up 2.91 percent, with coffee seeing the largest annual rise at 8.07 percent. Personal care products also rose by 0.54 percent on the month and 3.33 percent over the year. 

Gas and other fuel prices remained unchanged in November, though the category showed a year-on-year decline of 0.83 percent. According to the index structure detailed on page 3 of the publication, fuel accounts for 6.43 percent of the ECPI basket, compared with much higher weights for food (70.94 percent) and beverages (14.20 percent). 

The ECPI tracks monthly price movements of 96 essential goods through more than 2,500 price quotations. As a sub-index of the Consumer Price Index, it is used as an early warning tool for inflation in essential commodities and can inform price regulation. 

Business Survey Shows Broad Expansion in Q3, but Tourism Lags as Financial Pressures Persist

The latest Quarterly Business Survey from the Maldives Monetary Authority indicates that overall business activity expanded across most major sectors in the third quarter of 2025, with the tourism industry the only exception. While tourism businesses reported mixed performance, construction, wholesale and retail trade, and transportation and communication all recorded stronger activity during the period. 

According to the survey, conducted between 25 September and 12 October, employment increased in every sector, though the pace of hiring slowed in all but tourism. Businesses also faced rising input prices, with selling prices declining in most sectors except wholesale and retail trade. Financial conditions weakened across the board, apart from the transportation and communication sector, which registered an improvement. Access to credit remained tight for all sectors and is expected to stay constrained in the coming quarter. 

Tourism firms reported declines in total revenue, although the drop was less severe than the previous quarter. Bookings, however, showed improvement, and businesses anticipate a substantial rebound in Q4 as the peak season begins. Expectations for revenue, bookings, room rates and the overall business environment were strongly positive, suggesting renewed confidence heading into the year’s final quarter. 

The construction sector continued to expand but at a slower pace. While the volume of activity remained positive, selling prices fell sharply, and firms reported weaker overall business conditions. Looking ahead, companies remain cautiously optimistic but expect a moderation in activity and sustained cost pressures. 

Wholesale and retail businesses posted one of the strongest rebounds in the quarter, with notable increases in sales, orders and cost of goods sold. Despite this, the sector’s financial situation deteriorated significantly, reflecting squeezed margins and rising operating costs. Expectations for Q4 remain upbeat, with firms anticipating higher sales and improved financial performance. 

The transportation and communication sector showed clear signs of recovery as both revenue and demand turned positive. Businesses also reported improvements in their financial situation and overall outlook. Expectations for the coming quarter are highly optimistic, supported by rising demand and planned capital spending. 

Across all sectors, businesses continue to grapple with rising input costs, credit constraints and tighter financial conditions. Nevertheless, sentiment for the final quarter of 2025 is broadly positive, driven largely by anticipated gains in tourism and continued momentum in trade and transport.

Ooredoo Fintech Announces Zero-Fee International Transfers via mFaisaa for Cyclone-Affected Countries

Ooredoo Fintech has launched a month-long zero-fee international money transfer initiative through mFaisaa, aimed at easing financial support to communities impacted by the recent cyclone across the region. The offer, available from 1 December to 31 December 2025, allows customers in the Maldives to send money to Sri Lanka, Indonesia, Malaysia and Thailand without paying any transfer fees. 

The company said the decision was driven by the need to provide timely and affordable assistance to families and communities recovering from the severe weather conditions. Transfers are facilitated through mFaisaa’s international money remittance service, powered by MoneyGram, enabling funds to be sent abroad within minutes directly via mobile phone.

Customers can transfer up to USD 10,000 per day using a fully digital process that removes the need for paperwork or queues, with real-time tracking available through the mFaisaa app. After adding funds to their wallet, users simply enter recipient details and complete the transaction with immediate confirmation. 

Ooredoo Maldives CEO and Managing Director, Khalid Al-Hamadi, said the initiative recognises the close cultural and community links the Maldives shares with neighbouring countries affected by the cyclone. “By removing transfer fees and enabling instant, secure digital remittances, we hope to make it easier for people to support those who need help the most during this difficult time,” he said.

The initiative forms part of Ooredoo’s broader push to use digital financial services for social impact and greater regional connectivity. 

Maldives Receives New Facilities and Equipment to Improve Healthcare Waste Management

A ceremony held in Kaafu Dhiffushi marked the formal handover of new healthcare waste management facilities, equipment, and clean-energy vehicles to the Ministry of Health, concluding a three-year initiative implemented by UNDP Maldives with funding from the Government of Japan. The project, valued at USD 4.4 million, was carried out from 2022 to 2025 to enhance safer and more sustainable waste management systems across the country. 

Through the programme, 21 healthcare waste management facilities were constructed nationwide, including the new Dhiffushi building inaugurated during the ceremony. Autoclaves were installed at Thuraakunu and Thakandhoo health centres, and 65 electric tricycles were provided to support clean-energy waste transportation within island communities. The initiative also included capacity building, with 656 healthcare workers trained in waste handling, most of them women, in partnership with WHO.

The project further contributed to the digital development of the sector, supplying 270 computers and 40 network switches to reinforce a national digitalised waste management system. Additional health service equipment such as ECG machines and autoclaves was procured to support continuity of care across facilities. 

Health Minister Abdulla Nazim Ibrahim, Japan’s Ambassador Ishigami Rumiko, and UNDP Resident Representative Adnan Cheema delivered remarks at the event, highlighting the shared commitment to building resilient and environmentally conscious health systems. Participants also toured the Dhiffushi facility and inspected the electric vehicles and equipment now being deployed across islands.

The Ministry of Health, UNDP, and the Government of Japan state that efforts will continue to strengthen safe, sustainable, and gender-responsive healthcare waste management to protect both public and environmental health in the Maldives. 

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