The power of partnership
OVERVIEW
OVERVIEW
Today the economy of the Maldives is six times larger than it
was just two decades ago. Having laid down a solid financial
foundation, the paradisiacal Islamic nation is betting on
strategic infrastructure projects and collaboration with its
partners in the Gulf to sustain its growth well into the future
The Maldives is remarkable not only for its beautiful beaches and gorgeous waters, but also for the staggering progress it has made in recent decades. One of just a handful of countries in the world to have graduated from the least developed country category, the Maldives remains firmly on the path of steady growth and development, with 6.9% GDP growth expected for 2017.
Much of the country's success is thanks to a world-class tourism industry, but the nation also has a visionary government, intent on opening the country to mutually beneficial foreign trade and investment.
"At the very heart of our economic transformation strategy is a wholesale modernisation and expansion of our international airport – the gateway to the Maldives," says Maldivian President Abdulla Yameen. Within the coming years, the Maldives will be revolutionised, with the main airport boosting passenger capacity from 1.5 million visitors per year to 7.5 million.
Much of the country's success is thanks to a world-class tourism industry, but the nation also has a visionary government, intent on opening the country to mutually beneficial foreign trade and investment.
"At the very heart of our economic transformation strategy is a wholesale modernisation and expansion of our international airport – the gateway to the Maldives," says Maldivian President Abdulla Yameen. Within the coming years, the Maldives will be revolutionised, with the main airport boosting passenger capacity from 1.5 million visitors per year to 7.5 million.
The airport modernisation is being carried out alongside foreign investors, and many more opportunities exist for potential partnerships to accelerate and work in harmony with the new infrastructure developments in one of the world's most beautiful countries.
The Maldives, a 100% Muslim nation, has had a strong relationship with Gulf countries for decades. But it has become an even closer political ally in recent years under President Yameen's administration, elected in 2013.
This past October, the Maldives signed four historic agreements with the UAE, including an agreement to end double taxation and another related to the promotion and reciprocal protection of investments. The Maldivian government hopes to forge similar agreements throughout the region.
The Maldives offers investors a benign tax climate, free of income tax and relatively low in sales duties and business profit tax. Those interested in making significant investments can also take advantage of the Special Economic Zones, which provide further business tax incentives and the possibility of owning land if the investment is over $1 billion.
The Maldives, a 100% Muslim nation, has had a strong relationship with Gulf countries for decades. But it has become an even closer political ally in recent years under President Yameen's administration, elected in 2013.
This past October, the Maldives signed four historic agreements with the UAE, including an agreement to end double taxation and another related to the promotion and reciprocal protection of investments. The Maldivian government hopes to forge similar agreements throughout the region.
The Maldives offers investors a benign tax climate, free of income tax and relatively low in sales duties and business profit tax. Those interested in making significant investments can also take advantage of the Special Economic Zones, which provide further business tax incentives and the possibility of owning land if the investment is over $1 billion.
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"Tourism in the Maldives is ripe for
investment and development"
investment and development"
Investment in the Maldives primarily focuses on the country's lucrative tourism industry, which promises big returns on bold investments. In fact, the Maldives boasts one of the fastest and highest rates of returns on investment in Asia, with significant investments recovered within just seven years on average, according to Mohamed Saeed, the Maldives' economic development minister.
"Tourism in the Maldives is ripe for investment and development, with the potential to significantly benefit companies in the UAE, which have leading experience in this vital field," adds Saeed.
However, the country is interested in holistic development and welcomes new solutions, partnerships and investment in diverse areas, including renewable energy, infrastructure, real estate, finance and banking, education, construction, health, duty free zones, logistics and fisheries.
"Tourism in the Maldives is ripe for investment and development, with the potential to significantly benefit companies in the UAE, which have leading experience in this vital field," adds Saeed.
However, the country is interested in holistic development and welcomes new solutions, partnerships and investment in diverse areas, including renewable energy, infrastructure, real estate, finance and banking, education, construction, health, duty free zones, logistics and fisheries.
The Maldives Investment Forum
On December 18 the Dubai International Convention and Exhibition Centre is hosting the Maldives Investment Forum. The premier investment promotion event of the Government of Maldives will showcase the trade and investment opportunities available in the country to entrepreneurs, partners and investors from the Gulf and all over the world.
Already, the ultra-luxurious resorts in the Maldives love products from the Gulf. The UAE is the main source of imports for Maldivian resorts, as the country is relatively nearby and produces quality goods at competitive prices.
"Brands which are present in Dubai are recognised for quality and stature. With the investment forum, investors from the GCC will be able to promote their businesses," says Maldivian Vice President Abdulla Jihad.
Ample opportunity for networking will also be a part of the important yearly event, which was first held in Singapore in 2014.
"Investors will have an opportunity to sit down with our regulators, policymakers and institutional directors to see what's available," adds Moosa Zameer, the Maldives' minister of tourism.
On December 18 the Dubai International Convention and Exhibition Centre is hosting the Maldives Investment Forum. The premier investment promotion event of the Government of Maldives will showcase the trade and investment opportunities available in the country to entrepreneurs, partners and investors from the Gulf and all over the world.
Already, the ultra-luxurious resorts in the Maldives love products from the Gulf. The UAE is the main source of imports for Maldivian resorts, as the country is relatively nearby and produces quality goods at competitive prices.
"Brands which are present in Dubai are recognised for quality and stature. With the investment forum, investors from the GCC will be able to promote their businesses," says Maldivian Vice President Abdulla Jihad.
Ample opportunity for networking will also be a part of the important yearly event, which was first held in Singapore in 2014.
"Investors will have an opportunity to sit down with our regulators, policymakers and institutional directors to see what's available," adds Moosa Zameer, the Maldives' minister of tourism.
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