Business
Foreign tourism investments to register?

“No foreign investor may carry out any tourism related activity in the Maldives except after signing a foreign investment agreement and registering that investment with the Ministry of Tourism.”
Sounds like a major policy shift?
It is neither a new policy initiative nor a recent change in law.
The law
The policy statement is captured eloquently in section 39 of the Maldives Tourism Act. The section has been part of the Tourism Act since the law was first enacted some 21 years ago. Despite the fact that the Tourism Act has undergone amendments at least nine times since its introduction on May 16, 1999, section 39 has survived unaltered, unchanged.
Section 39 of the Maldives Tourism Act says this:
No foreign investor may carry out any tourism related activity in the Maldives except after signing a foreign investment agreement as mentioned in the Foreign Investment Act and registering that investment with the Ministry of Tourism as a foreign investment as provided in the Foreign Investment Act.
As is evident from the language of the section, the position crystallised in the form of section 39 of the Tourism Act is closely related to and deeply rooted in the Maldives Foreign Investment Act – a piece of law that has been in existence for some 41 years already, again unaltered, unaffected.
Section 1 (b) of the Foreign Investment Act that was introduced on May 1, 1979 says that no foreign investment can be carried out in the Maldives except after registering that investment and signing an agreement with the Ministry of Tourism (if the investment is in tourism) and with Ministry of Trade Industries and Labour (if the investment is in any other industry). Ministry of Trade is now succeeded by the Ministry of Economic Development.
Further, section three of the Foreign Investment Act reiterates that every investor in the tourism industry shall sign an agreement with the Ministry of Tourism if that activity relates to tourism, and with the Ministry of Trade Industries and Labor if the business relates to any other industry.
The unpacking
Let’s unpack section 39 of the Tourism Act and understand its components.
Firstly, the section applies to all foreign investments in the Maldives tourism sector. This may mean that it goes beyond the acquisition or leasehold ownership of a resort property. It extends to all verticals of the industry which are open for foreign direct investment.
Secondly, permissibility is dependent on to two events: signing a foreign investment agreement; and registration of the investment as a foreign investment.
The execution of the foreign investment agreement and registration of the investment are both considered as “entry requirements” for a foreign investor. Once a foreign investor travels through these two processes and completes its entry in to the Maldives, it gets to operate at a level field with a local investor in the same space. All other regulatory requirements of the industry are applicable to local and foreign investors alike – for example – the signing of an island lease agreement for lease of a resort property.
This striking legal requirement flows from the Foreign Investment Act which asks tourism sector foreign investors to register their investments with the Ministry of Tourism and investors in the non-tourism sectors to register their investments with Ministry of Economic Development; and irrespective of their chosen industry, to sign foreign investment agreements with the respective ministries.
The breach
Section 39 embodies a classic case of a piece of law that is “more honoured in breach than in the observance.”
While over time foreign investment approvals and signing foreign investment agreements have become synonymous with the Ministry of Economic Development, the requirement of law is in reality equally applicable to foreign investors in tourism and non-tourism sectors alike – as the legal requirement emanates from the same source – the country’s foreign investment law.
However, to our knowledge, there has never been an occasion where this legal requirement has ever been complied with so far as it relates to the tourism industry.
There is nothing in the body of legal rules, guidelines, or administrative bureaucracy of the Ministry of Tourism that dictates a foreign investor to complete a separate process of signing a foreign investment agreement or complete a registration process for its investment with reference to section 39 of the Tourism Act or section three of the Foreign Investment Act.
Whenever this legal requirement was flagged in legal due diligence investigations in the past, the prevailing view of responsible officials had consistently been that the requirements of section 39 are duly met with the signing of the Island Lease Agreement (in place of a separate foreign investment agreement) and grant of an operating license (in place of the registration of a resort investment). As much as they carve out these two requirements, the remaining regulatory requirements on registration and licensing are religiously followed – and applied to all investors alike – local or foreign – in all verticals of the industry.
The shift
However, this position may shift soon.
Ministry of Economic Development (the body responsible among other things for the registration of entities investing or operating in tourism industry) has launched a new FDI policy on February 11, 2020.
Since the inception of this FDI policy, the Ministry of Economic Development is insisting on following the foreign investment law requirements even in case of tourism sector investments – so long as they remain law.
The relief for existing investors is that the policy will be enforced only in respect of future requests – existing investments will not be disturbed.
The conclusion
Since this legal requirement rooted in an archaic piece of law (which has only been followed in its breach) has now been revived with the introduction of the FDI policy, there is bound to be discussion and disagreement. It is likely that the ensuing discussions may stimulate relevant policy makers or interested legislators to make a decision – either to keep the requirement as it is or expunge it from the statute books of the country.
Note: This article has been reproduced with permission from its author: Nasheed & Co., a commercial law firm in the Maldives. The original article can be viewed here.
Business
SATA 2025 announces partnerships; confirms Hotelier Maldives, Maldives Insider as Media Partners

Hotelier Maldives and Maldives Insider have been confirmed as official Media Partners of the South Asian Travel Awards (SATA) 2025. The announcement was made during a signing ceremony held at Hulhulé Island Hotel, Maldives, where SATA unveiled its distinguished partners for the 9th edition of the annual awards.
Now in its ninth year, SATA has become a key platform for recognising excellence in South Asia’s tourism and hospitality sector. The partnership with Hotelier Maldives and Maldives Insider will strengthen the awards’ regional visibility and ensure extensive coverage of the event across Maldives and beyond.

This year’s awards ceremony will take place from 19th to 20th September 2025 at Cinnamon Grand Colombo, Sri Lanka, bringing together industry leaders, stakeholders, and innovators from across South Asia.
In addition to the media partnership, SATA 2025 also announced its corporate partners. Honda Marine has been named the Platinum Partner, while The Hawks, Velana International Airport, and Allied Insurance Company of the Maldives join as Gold Partners. Renaatus Realty has been confirmed as the Silver Partner, and Hulhulé Island Hotel continues as the official Hospitality Partner in the Maldives.

Speaking at the ceremony, SATA organisers noted that the strong lineup of partners reflects the growing importance of collaboration within the tourism and hospitality industry. With the support of its partners, SATA 2025 aims not only to celebrate outstanding achievements but also to foster long-term cooperation and sustainable growth in the region’s tourism sector.
The awards are endorsed by leading national tourism bodies and associations across South Asia, including the Sri Lanka Tourism Development Authority, Nepal Tourism Board, Visit Maldives Corporation Limited, and several travel and hotel associations across the region.

This year’s evaluation process was conducted by a panel of nine jury members representing different countries, including tourism leaders from India, Sri Lanka, Bangladesh, Nepal, Bhutan, Spain, and the Maldives.
Through partnerships with media outlets such as Hotelier Maldives and Maldives Insider, SATA 2025 will ensure broad engagement across key markets, strengthening its position as one of South Asia’s most prestigious hospitality and travel award platforms.
Business
BBM, Mamee Food Services partner to elevate Maldivian dining with Asian Cuisine Engagement Week

Bestbuy Maldives (BBM), a key supplier to the Maldives’ hospitality industry, in partnership with Mamee Food Services, has launched the Asian Cuisine Engagement Week. The programme, running from 29th June to 4th July 2025, is designed to introduce premium Asian sauces to the Maldives foodservice sector and upskill culinary professionals.
The official launch was held on Monday at BBM’s venue partner, the Faculty of Hospitality and Tourism Studies (FHTS) at The Maldives National University (MNU). FHTS continues to be a key collaborator with BBM on industry events and culinary development. The event was attended by over 40 chefs from leading hotels and restaurants in Malé. Representatives from Mamee Food Services travelled to the Maldives to lead the session, which included live product demonstrations and technical training.

The focus of the initiative is the introduction of Mamee’s premium Asian sauces, including the Daebak range, which features a variety of Korean and East Asian flavours. The programme aims to support chefs in incorporating these new products into their menus, fostering innovation within commercial kitchens.
AVS Subrahmanyam, Chief Operating Officer of Bestbuy Maldives, commented on the initiative, stating, “Our goal is to be a strategic partner for the culinary community in the Maldives. This collaboration with Mamee Food Services is a direct reflection of that commitment. By providing access to new products and facilitating hands-on training, we are investing in the skills of chefs and supporting the evolution of menu offerings across the country. This initiative aligns with our broader strategy to continuously elevate the culinary standards in the Maldives.”

He added, “We believe that introducing high-quality, authentic Asian flavours through our partnership with a globally recognised brand like Mamee will provide a new dimension to the dining experience for tourists and locals alike. This reinforces BBM’s role as a trusted partner for global F&B brands seeking to make a mark in the Maldivian market.”
Jennifer Chee, Director of Food Service at Mamee Food Service, expressed her enthusiasm for the collaboration, stating, “We are incredibly excited to partner with Bestbuy Maldives to bring Mamee’s authentic Asian flavours to the vibrant culinary scene of the Maldives. This engagement week is a fantastic opportunity to showcase how our premium sauces, particularly the Daebak range, can inspire creativity and elevate dishes in professional kitchens.”
“We believe that by working directly with chefs and providing hands-on training, we can truly empower them to explore new culinary possibilities and deliver exceptional dining experiences to their guests. We look forward to seeing the innovative ways Maldivian chefs will incorporate our products.”

Following the launch in Malé, a dedicated follow-up session will be held at OBLU XPERIENCE Ailafushi for resort-based chefs. This session will include participation from properties within the Atmosphere Core group, providing hands-on training focused on the scalable integration of Mamee products into commercial resort kitchens.


Throughout the week, the culinary team from BBM and Mamee will conduct on-site visits and tastings at selected restaurants in Malé, offering further technical support and guidance.
This joint initiative between BBM and Mamee Food Services is set to drive menu innovation and provide culinary professionals in the Maldives with the tools and skills needed to meet evolving consumer tastes.
Business
2025 sees Maldives reach 1 million tourist mark in record time

Maldives has welcomed its 1 millionth tourist of 2025 on 7th June 2025, the fastest that the country has achieved a million tourists in our nation’s history.
Kajal Singh, an Indian national, arrived in the Maldives today on IndiGo flight 6E 1131 at 12:55. She is visiting for her honeymoon at Bandos Maldives. This is her first trip to the Maldives.

Visit Maldives, in collaboration with the Ministry of Tourism and Environment and Maldives Airports Company Limited (MACL), hosted a special celebratory event at Velana International Airport to commemorate this remarkable achievement.
“This milestone fills us with immense pride, reflecting the successful culmination of our destination marketing initiatives that showcase the true essence of the Maldivian experience,” stated Minister for Tourism and Environment Thoriq Ibrahim. “Welcoming one million tourists with such unprecedented speed is a powerful indicator of our global appeal, and I extend my sincere appreciation to all the hardworking individuals across the tourism sector whose dedication made this achievement possible.”

In a gesture highlighting the nation’s commitment to environmental sustainability, the one millionth visitor, Kajal, was invited to participate in the “Five Million Trees Planting Program” initiated by President Dr. Mohamed Muizzu. Kajal planted a tree at Hulhulé as part of this nationwide effort to combat climate change, enhance biodiversity, and promote a greener Maldives for future generations.
“This achievement is a clear indicator that we are well on our way to attaining H.E President Dr Mohamed Muizzu’s national tourist arrival target of 2.3 million for this year,” said CEO & MD of MMPRC Ibrahim Shiuree. “We are thrilled to celebrate this milestone with all our stakeholders, whose dedication and hard work are invaluable. Our commitment doesn’t end here; we are continually working to enhance the Maldives’ tourism industry and ensure the Sunny Side of Life remains a dream destination for everyone.”

The arrival of the 1 millionth tourist in 2025 marks a proud moment for Maldivian tourism, symbolizing the robust momentum generated by MMPRC’s strategic promotional efforts. Building on the resounding success of the recent Arabian Travel Market (ATM) 2025, where the Maldives captivated the global travel trade community with its powerful and immersive showcase, this milestone highlights the effectiveness of our enhanced global visibility and affirmed key industry partnerships.
Complementing these efforts, the ongoing comprehensive Summer Campaign, with its multi-market strategy spanning Europe and key international markets, is actively driving increased visibility and stimulating early bookings for both the summer and upcoming winter seasons. MMPRC’s marketing initiatives such as high-impact campaigns, strategic partnerships, and targeted outreach are significantly enhancing the Maldives’ global brand, boosting booking confidence, and solidifying its position as a leading, year-round holiday destination.
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