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Maldives central bank posts strong growth forecast for ‘resilient’ tourism industry

Published

8 years ago

May 2, 2017

Maldives central bank has posted a strong growth forecast for the country’s tourism industry as it hailed the resilience of the industry observed last year.

In its annual report for 2016 released Tuesday, Maldives Monetary Authority (MMA) said the strong growth observed in the tourism sector during the latter part of last year is expected to continue this year. The strong growth is attributed mainly to the increased number of tourists from the European market, which reflects better growth prospects for the region, it added.

Mirroring the positive outlook for the sector, MMA projected bed nights growth to be at five percent in 2017.

“These projections may be even higher if the remarkable performance seen in the tourism sector at the turn of the year continues,” the report read.

Recovery in second half of 2016

Maldives marked 2016 as ‘Visit Maldives Year’ in an effort to reach a target of 1.5 million tourists entering the country during the year. Several tourism promotion activities were carried out in Asia and Europe, and many competitions and events were also held within the Maldives to boost tourist arrivals. While the campaign was successful in attracting 1.3 million tourists — four percent more than the previous year — it fell short of reaching the 1.5 million target.

According to MMA, the trend in tourist arrivals to the Maldives during 2016 showed that arrivals picked up strongly in the second half of the year. This increase was underpinned by improving economic conditions in European countries, coupled with a rise in flight movements by international carriers over the period, the authority said adding that the strong growth in arrivals from the European markets more than offset the decline in arrivals from the Chinese market.

MMA noted that other key indicators such as bed nights growth also followed a similar trend, gaining momentum towards the latter part of the year and recording an overall growth of three percent for the year. Reflecting this, the average duration of stay, which has been on a downward trend, fell only slightly to 5.6 days in 2016 from 5.7 days in 2015, contributing to a six percent growth in estimated tourism receipts, it said.

The tourism sector witnessed a major expansion in terms of the number of resorts and bed capacity in 2016, the authority stressed. With the opening of 11 new resorts, the total number of resorts in the country increased to 126 at the end of the year, while the number of registered guesthouses, hotels and safari vessels reached 382, 16 and 144, respectively. With regard to bed capacity, the average operational bed capacity of the industry7 stood at 29,457 beds.

Tourist demographics: Europe regains market share

As for the market share of tourists, Europe accounted for 45 percent of total tourist arrivals, while Asia accounted for 46 percent. Reflecting the improving economic conditions in the European markets, market share for Europe increased; this was a reversal of the downward trend of previous years. However, the market share of Asia — the market leader since 2014 — dipped from the 49 percent in 2015 to 46 percent in 2016.

Arrivals from the European market grew significantly at seven percent during 2016 after recording a marginal growth rate of one percent in 2015. This was mainly supported by growth in arrivals from the UK, despite a marked depreciation in the pound sterling. On the other hand, Germany, the second largest market from the region registered a marginal growth owing to political tensions in their country. Other key markets such as Italy registered a remarkable positive growth, whereas growth in tourists from France dropped significantly during the year. Arrivals from Spain also registered a sizeable growth compared with previous years. In addition, arrivals from smaller source markets in Eastern, Central and East Mediterranean Europe also improved.

“This can be attributed to an increase in flight movements to these regions during the year,” the report read.

MMA noted that arrivals from Russia — the fourth largest European market — also showed a strong positive growth after recording two consecutive years of negative growth. This reflected the easing of the recent economic recession that was prevalent in the country, it said.

Total arrivals from the Asia and Pacific region registered a marginal decline in 2016 after posting a positive growth during the previous year. Growth was largely hampered by the 10 percent decline in Chinese arrivals.

However, other key markets from the Asian region — such as India, Sri Lanka and Malaysia — showed pronounced growth on the back of increased flight movements. Some operators introduced flights to new destinations in 2016, including new flights to New Delhi and Colombo, contributing to more arrivals from both India and Sri Lanka.

MMA attributed the increase in arrivals from Malaysia to the growth in flight movements of a regional low-cost carrier from South East Asia during the year.

Arrivals from the Middle East also posted a strong growth rate, owing to an increase in arrivals from Saudi Arabia. This may be due to a new the commencement of Saudi Arabia’s flagship carrier Saudia between Riyadh and the Maldives, according to MMA.

Arrivals from the Americas, which have doubled in the past five years, also increased due to considerable growth in arrivals from the US.

Similar trends in 2017?

Despite the strong growth forecast by the central bank, Maldives has experienced another slowdown in tourist arrivals in the first quarter of the year. January saw a significant increase in arrivals, but growth has slowed down since then with a 2.1 percent drop in arrivals in March.

Europe, the largest regional source market which has been recovering for the past couple of months after a year of falling growth, also posted a drop of three percent in March with important European markets such as the United Kingdom declining by nine percent.

Middle East, one of the most important emerging source markets, also observed a decline of 8.3 percent in March with arrivals from Saudi Arabia dropping by 31 percent.

Leading global market research and analysis firm STR has also said that the Maldives tourism industry observed a moderate performance in the first quarter of the year.

A report analysing Asia Pacific hotel industry performance shows that occupancy fell by one percent to 69 percent in the Maldives during the first quarter. Average Daily Rate (ADR), however, increased by 2.3 percent to MVR13,044.63 (USD846.5) and Revenue Per Available Room (RevPAR) was up 1.3 percent to reach MVR9,000.17 (USD584).

RevPAR growth was moderate in the Maldives throughout the quarter despite a 10.3 percent increase in January, which was due to a 32 percent rise in arrivals from China during the Spring Festival Golden Week holiday. RevPAR growth for the quarter, however, became muted with declines in both February (-3.8 percent) and March (-4.2 percent).

Over the past three years, dozens of uninhabited islands have been leased to local and foreign resort developers. Several international brands have entered into the market, increasing the number of resorts to 120. That number is set to increase as the government has announced the opening of some 20 new resorts by the end of this year.

Along with the new resort openings come the challenge of increasing demand from budget travellers who choose guesthouses over luxury resorts that the Maldives is known for. The guesthouse sector has rapidly expanded with over 300 guesthouses in operation today.

Government has come under fire from private organisations representing industry stakeholders such as the Maldives Association of Travel Agents and Tour Operators (MATATO) over the lack of effort and budget to promote the Maldives as a destination.

The government has recently announced new steps to maintain a structured growth in tourism, including a slowdown in leasing islands for resort development and increased marketing efforts in key markets such as China and the Middle East in order to reach an ambitious target of a record 1.5 million tourist arrivals this year.

Photo courtesy: Amilla Fushi

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Float & Flow Yoga debuts at Holiday Inn Kandooma Maldives

Published

4 hours ago

May 12, 2025

m@ldives

Holiday Inn Resort Kandooma Maldives now offers guests a unique wellness activity: Float & Flow Yoga. Set amidst the picturesque surroundings of crystal-clear waters, this innovative session blends balance, movement, and mindfulness on a stand-up paddleboard (SUP), fostering a joyful connection with nature.

Designed to accommodate both experienced yogis and beginners, Float & Flow Yoga provides a 60-minute session on the resort’s SUP Yoga Dock. This specially designed floating platform, shaped like a flower, features eight “petals,” each securing a SUP board around a central space designated for the instructor. Participants are guided through gentle yoga sequences that emphasise balance, breath, and flow.

Courtney Chambers, the resident Yoga Instructor at Holiday Inn Resort Kandooma Maldives, describes the activity as a joyful and liberating experience. She notes that SUP yoga encourages participants to embrace the playful side of the practice while reconnecting with nature.

Classes take place every Monday, Wednesday, Friday, and Sunday at 10:00 am, with a maximum of eight participants per session to maintain an intimate and supportive atmosphere. A minimum of three guests is required for each session. The class fee is priced at US$45 per person, inclusive of taxes and service charges.

Additionally, a professional drone photo and video package is available for US$25 per person, providing guests with a memorable keepsake of their experience.

Participants are advised to wear comfortable swimwear or yoga attire and to arrive 10 minutes early at the Perfect Wave Surf Shop for a pre-session briefing.

Whether the goal is mindfulness, gentle movement, or simply a splash of fun, Float & Flow Yoga at Kandooma offers an unforgettable opportunity to reconnect with both self and sea.

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Five-course Indian fine dining by Atrangi to feature at Jumeirah Olhahali Island’s June pop-up

Published

6 hours ago

May 12, 2025

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Jumeirah Olhahali Island has announced an exclusive culinary pop-up in collaboration with Atrangi by Ritu Dalmia, the renowned Indian restaurant located at Jumeirah Al Qasr in Dubai. Scheduled from 7 to 12 June 2025, this special event will feature Atrangi’s Head Chef, Aniket Chatterjee, who will partner with the resort’s culinary team to present a refined five-course dining experience. This unique collaboration aims to reinterpret regional Indian dishes through a contemporary perspective.

Atrangi, inspired by the vision of acclaimed chef and restaurateur Ritu Dalmia, is celebrated for its bold and eclectic approach to Indian cuisine. Ritu Dalmia, a self-taught chef, began her culinary journey by launching Delhi’s first standalone Italian restaurant at just twenty-two. Over the years, she has established a portfolio of acclaimed restaurants across India and Europe, earning her widespread recognition in the culinary world. Representing her creative vision in the Maldives, Chef Aniket Chatterjee brings a modern sensibility and a profound respect for Indian culinary traditions, promising a dining experience that is both sophisticated and soulful.

For this special occasion, Chef Aniket has curated a bespoke menu that masterfully blends traditional Indian techniques with global influences. Guests will be treated to intimate oceanfront dinners and relaxed beach grills under the stars, with both vegetarian and non-vegetarian tasting menus available.

The dining journey will commence with a playful twist on the nostalgic chilli cheese toast, followed by pickled doodhi and smoked dahi. Main course offerings include Malvani chicken tikka with confit garlic, or for vegetarians, paneer peeli mirch tikka accompanied by spring onion curry. A whipped butter board will serve as a palate cleanser before guests savour dishes such as kappa meen curry or satu pulao with dalma, parwal, and burnt tomato chutney, celebrating the rich diversity of Indian flavours. The meal will conclude with an indulgent Indian sweet, followed by mignardise featuring pistachio soan papdi and a mini jalebi with rabri.

Chef Ritu Dalmia expressed her excitement about the event, stating, “The Maldives has always been a special country for me, having visited several times. It is a thrill to bring Atrangi to Jumeirah Olhahali Island, where we can showcase community-inspired dishes while celebrating the best produce the Maldives has to offer.”

The beach grill dinner at Shimmers Beach on 10 June will be priced at USD 225 plus taxes per person. On other evenings, the five-course set menu will be served at a designated ocean-view location for USD 195 plus taxes per person.

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Summer of discovery awaits at The Ritz-Carlton Maldives, Fari Islands

Published

7 hours ago

May 12, 2025

m@ldives

The Ritz-Carlton Maldives, Fari Islands has launched ‘The Summer Collective: Masters, Explorers, & Extraordinary Moments,’ a carefully curated program of immersive experiences designed to inspire guests of all ages. Rooted in the resort’s core pillars—Nature, Exploration, Responsibility, and Culture—this summer-long celebration promises an unforgettable blend of adventure, discovery, and enrichment in one of the world’s most stunning destinations.

Running from June through August, the program offers guests the chance to engage with global experts and renowned personalities, each bringing unique knowledge and passion. Highlights include surfing sessions with professional big-wave surfer Nic Von Rupp, mindfulness and sound healing experiences with Susy Markoe Schieffelin, and hands-on science workshops with acclaimed educator Sergei Urban, widely known as TheDadLab. Each activity is designed to foster curiosity, creativity, and meaningful connections.

For younger guests, the Ritz Kids program will feature a vibrant lineup of interactive activities that combine education with play. Children will embark on exciting journeys focused on science, sustainability, and creativity, while parents can enjoy world-class wellness treatments, bespoke experiences, and other luxury offerings at the resort.

Program Highlights:

June – Nic Von Rupp: From June 17th to June 20th, professional surfer Nic Von Rupp will host an exclusive ocean adventure. Guests of all ages will have the opportunity to ride the waves alongside the surfing icon through expertly guided sessions. The program includes four surf lessons, two for beginners and two for intermediate and advanced surfers, providing an unforgettable experience in the Maldives’ pristine waters.
July – Susy Markoe Schieffelin: From July 10th to July 24th, renowned sound healer and mindfulness expert Susy Markoe Schieffelin will return to the resort for a transformative wellness journey. Guests will participate in daily yoga, sound healing, and energy healing classes designed to balance chakras, uplift energy, and promote inner radiance. Complementary food and beverage offerings will align with the seven chakras to enhance the experience. Special sessions for children will focus on self-expression and emotional well-being through sound, including ‘Throat Chakra & Kids’ Sound Healing’ and ‘Expression & Authenticity’ workshops.
August – Sergei Urban (TheDadLab): From August 14th to August 16th, Sergei Urban, the creator of TheDadLab, will conduct a series of interactive workshops aimed at inspiring young minds and families. These hands-on learning experiences will engage children with themes of nature, engineering, sustainability, and culture in a fun and immersive way. One of these workshops will be integrated into the resort’s on-site programming for six months, allowing future guests to continue enjoying interactive discovery.

Additionally, Line, a contemporary cocktail bar from Athens, Greece, ranked No. 6 on The World’s Best Bars 2025 list, will bring its innovative cocktail creations to the resort’s EAU Bar. Bartender Vasilis Kyritsis will showcase Line’s sophisticated yet playful drinks, while Chef Panagiotis Polychronis will elevate the culinary experience with a zero-waste concept menu.

To round off a summer of family fun, Marriott Bonvoy invites families to enjoy an unforgettable stay across eight private island resorts in the Maldives, including The Ritz-Carlton Maldives, Fari Islands. Offers include complimentary full-board upgrades, free stays and dining for children, and curated experiences for all ages.

‘The Summer Collective at The Ritz-Carlton Maldives, Fari Islands’ promises a season filled with adventure, learning, and connection, inviting guests to immerse themselves in a truly extraordinary journey.