AGP Executive Report

Banking & Payments: Bank of Maldives (BML) launched a weekly $1,000 draw for new users of its US Dollar Debit Card, running for seven weeks until 30 July, with eligibility tied to at least $100 in card spending. Tourism Demand: Maldives Monetary Authority’s Quarterly Business Survey says tourism stayed in positive territory in Q1 2026, even as revenue and bookings growth slowed and operating costs stayed high. Resort Investment & Marine Tech: Anantara Dhigu Maldives Resort unveiled a 3D-printed clay reef installation in its lagoon, aiming to support coral regeneration and marine biodiversity. Hotel Deals & Packages: Dhawa Ihuru introduced new “Dive More, Pay Less” and “Family Splash Escape” offers built around its house reef and family-friendly stays. Regional Trade & Connectivity: The 10th China–South Asia Expo in Yunnan drew 560+ firms and 1,500+ buyers, with Maldives listed among dialogue partners and a focus on boosting South Asia–China trade and investment links. Business Travel Calendar: ITB Asia 2026 returns to Singapore (21–23 Oct) with new “experience zones” and guided tours, featuring Visit Maldives among confirmed exhibitors. Local Hospitality Growth: Residency Hotels says it will invest Rs 600 crore over three years for three new luxury hotels in South India, while also developing properties in Mysuru and a second Maldives project.

Tourism Outlook: The Maldives Monetary Authority says tourism kept growing in Q1 2026, but at a slower pace—revenue and bookings indices fell yet stayed positive, while employment still expanded and costs remained high. Destination Marketing: Visit Maldives Corporation reported its strongest financial performance in eight years at its AGM, with 2025 self-generated income rising to MVR32.54m and tourism receipts topping USD5.57bn. Banking Promotion: Bank of Maldives launched a weekly $1,000 draw for new Dollar Debit Card users, running for seven weeks to 30 July, with eligibility tied to at least $100 in card spending. Regional Trade Links: SAARC CCI pushed for stronger South Asia–Yunnan connectivity, with Maldives economic development and trade officials among those attending discussions in China. Mobile & Community: Ooredoo Maldives rolled out World Cup promotions and a family football event in Hulhumalé Central Park, pairing SuperNet upgrades with prizes and kid-focused activities. Hospitality Moves: Dhawa Ihuru introduced new dive and family packages aimed at deeper reef experiences, while Sun Siyam and other operators continued staffing and management promotions across properties.

Tourism Outlook: Maldives Monetary Authority says tourism kept growing in Q1 2026, but at a slower pace—revenue and resort booking indices slipped while employment stayed positive, with operators still facing high input costs and Middle East-linked travel demand pressure. Government Revenue Watch: Maldives Inland Revenue Authority reports May collections fell short, down 5.8% year-on-year, with lower tourist arrivals hitting GST, tourism land rent and migrant quota fees—partly offset by lease extension fees and stronger enforcement recoveries. Visit Maldives Performance: Visit Maldives Corporation says 2025 delivered its strongest income in eight years, with destination marketing and trade engagement supporting a year that saw over 2 million arrivals and tourism receipts above $5.57bn. Banking & Inclusion: Bank of Maldives-linked coverage highlights broader financial access efforts, while separate regional banking moves underscore how agencies are expanding service reach. Maldives-Japan Ties: Vice President Latheef and Japan’s ambassador reaffirmed cooperation ahead of the 60th anniversary of diplomatic relations, with focus on HR, infrastructure, climate resilience, disaster management, tourism and economic links. Sports & Connectivity: Ooredoo Maldives rolled out World Cup promotions and a kids’ football event in Hulhumalé, pairing prepaid/postpaid/SuperNet upgrades with prizes and community engagement. Public Sector Accountability: Police detailed an investigation into former Immigration Controller General Mohamed Shamaan Waheed, responding to corruption and money-laundering claims tied to a 2025 immigration operation.

Tourism & Revenue Watch: Maldives Monetary Authority data shows tourism kept growing in Q1 2026, but at a slower pace—revenue and resort booking indices eased while employment stayed positive, even as operating costs and input prices remain high. Government Finance: Maldives Inland Revenue Authority reports May revenue collection fell below expectations, mainly due to weaker tourist arrivals linked to Middle East disruptions, hitting GST, tourism land rent and migrant quota fees. Regional Trade Push: SAARC Chamber of Commerce and Industry met Yunnan Province leaders in Kunming to expand South Asia–China trade, investment, logistics and tourism links, with Maldives represented. Destination Marketing Results: Visit Maldives Corporation said it logged its strongest income in eight years at MVR 32.54m in 2025, citing tourism growth and expanded international marketing. Bilateral Ties: Maldives and Japan reaffirmed cooperation ahead of the 60th anniversary of diplomatic relations, with focus on tourism, people-to-people links and economic collaboration. Law & Accountability: Police detailed an investigation into former Immigration Controller General Mohamed Shamaan Waheed over alleged corruption, abuse of power and money laundering. Tourism Product Updates: Dhawa Ihuru launched new dive and family-focused packages aimed at deeper reef experiences and value-for-money stays.

Tourism & Revenue: Maldives Inland Revenue Authority (MIRA) says May collections fell short, pulling in USD 132.99m (USD 88.54m in foreign currency), down 5.8% year-on-year, with weaker tourist arrivals blamed for declines in GST, tourism land rent and migrant quota fees. Public Finance & Enforcement: MIRA also reported support from lease extension fees and stepped-up recovery work, with late payments at 13.8% of collections and proactive enforcement contributing 21.9%. Destination Marketing: Visit Maldives Corporation reported its strongest financial performance in eight years at its 9 June AGM, with self-generated income of MVR 32.54m in 2025, alongside record tourism—over 2m arrivals and USD 5.57bn in receipts (+16.4%). Bilateral Ties: Vice President Hussain Mohamed Latheef and Japan’s ambassador reaffirmed Maldives-Japan cooperation ahead of the 60th anniversary of diplomatic relations, highlighting tourism, people-to-people links and economic collaboration. Governance & Accountability: Maldives Police detailed its investigation into former Immigration Controller General Mohamed Shamaan Waheed, responding to corruption, abuse of power and money laundering claims. Telecom & Community: Ooredoo Maldives launched World Cup promotions and a kids’ football event at Hulhumalé Central Park, with SuperNet upgrade offers and device financing. Regional Trade: The 10th China–South Asia Expo opened in Kunming, with South Asian firms pushing B2B deals—an indirect boost for regional business links that Maldives tourism and trade partners watch closely.

Tourism Revenue Watch: Maldives Inland Revenue Authority (MIRA) says May government collections fell short, down 5.8% year-on-year to USD 132.99m, with weaker tourist arrivals hitting GST, tourism land rent and migrant quota fees, though enforcement and recovery added USD 24.78m. Bilateral Business Ties: Vice President Hussain Mohamed Latheef and Japan’s ambassador reaffirmed Maldives–Japan cooperation ahead of the 60th anniversary of diplomatic relations, with focus on HR, infrastructure, education, climate resilience and tourism. Governance & Integrity: Maldives Police opened an investigation into former Immigration Controller General Mohamed Shamaan Waheed after media claims, citing allegations of corruption, abuse of power and money laundering tied to a March 2025 immigration operation. Destination Marketing Boost: Visit Maldives reported its strongest financial performance in eight years at its AGM, citing record 2025 tourism receipts of USD 5.57bn and 2m+ arrivals. Regional Trade Push: Visit Maldives and MEDTT are showcasing Maldivian businesses at the 10th China–South Asia Expo in Kunming, supporting exhibitors from MIFCO to Viva Trips. Telecom Promotions: Ooredoo Maldives launched World Cup-themed bundles and a kids event at Hulhumalé Central Park, including SuperNet upgrade offers and a chance to win a 75-inch TV. Leadership Moves: Sun Siyam Resorts promoted Masdhooq Saeed to cluster GM for Iru Veli and Vilu Reef, plus Operations leadership appointments across Olhuveli and Vilu Reef.

Tourism & revenue watch: Maldives Inland Revenue Authority (MIRA) says May collections fell below expectations to USD 132.99m, down 5.8% year-on-year, with weaker tourist arrivals hitting GST, tourism land rent and migrant quota fees; enforcement and recovery helped add USD 24.78m. Bilateral business ties: Vice President Hussain Mohamed Latheef met Japan’s ambassador, Ishigami Rumiko, to reaffirm cooperation ahead of the 60th anniversary of Maldives–Japan diplomatic relations, with focus on tourism, people-to-people links and economic collaboration. Immigration integrity probe: Police detailed its investigation into former Immigration Controller General Mohamed Shamaan Waheed, responding to corruption and money-laundering claims, including allegations around a March 2025 operation and payments linked to detainee release. Tourism marketing results: Visit Maldives reported record income at its AGM, while Visit Maldives also showcased Maldivian exhibitors at the 10th China–South Asia Expo to boost destination marketing. Energy policy debate: Environmental groups urged the Asian Development Bank to halt waste-to-energy funding, calling it a “false solution” that worsens pollution and harms communities. Climate & food security angle: A “Food Passport” concept argues rationing could shift into digital permission systems as shortages intensify.

Tourism Revenue Watch: Maldives Inland Revenue Authority (MIRA) says May collections fell short as lower tourist arrivals weighed on GST, tourism land rent and migrant worker quota fees, with total revenue at USD 132.99m (down 5.8% y/y) while enforcement and recovery helped lift receipts. Diplomacy & Trade: Vice President Hussain Mohamed Latheef and Japan’s ambassador reaffirmed Maldives–Japan cooperation ahead of the 60th anniversary of diplomatic ties, with focus on HR, infrastructure, climate resilience and people-to-people links including tourism. Bilateral Business Push: Visit Maldives is showcasing Maldivian products and services at the 10th China–South Asia Expo in Kunming, supporting exhibitors from fisheries to travel experiences to strengthen China market presence. Regional Payments Leadership: Mastercard appointed Zakia Sultana as Bangladesh country manager, aiming to scale digital payments adoption and partnerships across banks, mobile money and fintech. Governance & Integrity: Police detailed its investigation into former Immigration Controller Mohamed Shamaan Waheed, responding to corruption, abuse of power and money laundering claims. Hospitality Appointments: Sun Siyam promoted internal leaders across Olhuveli, Iru Veli and Vilu Reef, while Anantara Downtown Dubai appointed Manish Jha as General Manager. Tourism Calendar: Visit Maldives and CROSSROADS Maldives signed the host property agreement for World Travel Awards Asia, Oceania & Indian Ocean 2026 in the Maldives.

Tourism & Trade: Visit Maldives Corporation (VMC) and CROSSROADS Maldives signed the host property agreement for the World Travel Awards Asia, Oceania & Indian Ocean 2026, kicking off preparations and positioning the Maldives as the regional ceremony destination. Payments & Finance: Mastercard appointed Zakia Sultana as Country Manager for Bangladesh, aiming to scale digital payments adoption and deepen partnerships as the market moves toward interoperability. Regional Digital Remittances: Nepal’s NCHL connected Nepal’s NPI with India’s UPI via cross-border VPA transfers, enabling 24/7 real-time remittances with transaction limits set by direction. Banking Strength: Fitch endorsed Bank of Maldives’ financial strength and resilience. Business & Environment: Bisleri International represented India at Nepal’s SACEP training on EPR and plastic credit systems, with Maldives among participating countries to strengthen circular economy frameworks. Aviation Demand: Turkish Airlines reported its highest May load factor (84%) and 7.9m passengers despite Middle East conflict pressures.

Tourism & Trade Promotion: Visit Maldives Corporation (VMC) and CROSSROADS Maldives signed the host property agreement for the World Travel Awards Asia, Oceania & Indian Ocean 2026, kicking off preparations and reinforcing the Maldives’ pull with key regional tourism markets. Air Connectivity: Maldivian’s new direct Malé–Melbourne route is already lifting demand, with Australian arrivals up 16% to 20,878 visitors (as of 6 June), pushing Australia to the Maldives’ ninth-largest source market. Destination Marketing Finances: VMC’s 9 June AGM reported its strongest financial performance in eight years, with 2025 self-generated income of MVR 32.54m, alongside record tourism momentum (over two million arrivals; receipts above USD 5.57bn). Hospitality Investment: Bohemia Luxury Resort is set to acquire NH Maldives Kuda Rah Resort for USD 17.25m, while Minor Hotels will continue managing the property—another sign of ongoing consolidation in Maldives resort assets. Payments & Regional Links: Nepal–India UPI-based cross-border remittances went live via NCHL’s NPI link, enabling 24/7 person-to-person transfers with defined limits—useful context for the wider South Asia payments push. Leadership & Business Networks: Mastercard appointed Zakia Sultana as country manager for Bangladesh, with a remit including expanding digital payments adoption across the region that includes the Maldives.

Tourism Finance & Performance: Visit Maldives Corporation reported its strongest financial performance in eight years at its 9 June AGM, with 2025 self-generated income of MVR 32.54 million, alongside tourism momentum that saw the Maldives welcome over two million arrivals and record tourism receipts above USD 5.57 billion in 2025. Air Connectivity Boost: Direct flights are already lifting Australian demand: arrivals from Australia rose 16% to 20,878 visitors (as of 6 June) after the Malé–Melbourne route launched less than a month earlier, with stakeholders expecting further gains for the Australian market. Hospitality Appointments: Amora Hotels and Resorts named John Bristowe as General Manager of Amora Hotel Brisbane, underlining continued regional investment in premium hospitality leadership. Marine Conservation Spotlight: Milaidhoo marked World Ocean Day with a student-led marine conservation programme in Baa Atoll, while Six Senses Kanuhura renewed its title sponsorship of the Lhaviyani Turtle Festival 2026, supporting large-scale community outreach for sea turtle protection. Business & Trade Tech: TripWorks announced it has achieved full OCTO certification, aiming to strengthen standardized connectivity for AI- and business intelligence-powered booking across tours and activities. Policy & Regional Context: Maldives-related international training was highlighted as Japan’s customs anti-counterfeit programme welcomed participants including from the Maldives.

Tourism & Connectivity: Visitor numbers from Australia are up 16% year-on-year, with 20,878 Australians arriving in the Maldives as of 6 June, after the Malé–Melbourne direct route launched in early May—cutting travel time to about 11 hours and lifting Australia to the ninth-largest source market. Destination Marketing & Finance: Visit Maldives Corporation says it delivered its strongest financial performance in eight years, reporting MVR 32.54m in self-generated income for 2025 and pointing to tourism growth and expanded international marketing. Banking & Ratings: Fitch assigned Bank of Maldives a ‘CCC-’ long-term issuer rating with a stable outlook, citing the bank’s standalone resilience and strong market position, while noting ratings remain linked to the sovereign ceiling. Ocean Economy & Sustainability: Fisheries Minister Ahmed Shiyam says ocean research and marine resource identification are central to economic diversification, as the Maldives marks World Ocean Day with renewed focus on protecting ecosystems and boosting value in fisheries. Business & Media: The Maldives Independent relaunches Minivan News with a membership push and investigative ambitions, including past work on major legal and island investment probes. Hospitality Deals: Bohemia Luxury Resort plans to acquire NH Maldives Kuda Rah Resort for USD 17.25m, keeping Minor Hotels to manage the property. Regional Trade/Policy Watch: Lakshadweep ends a 47-year alcohol prohibition, replacing it with a licensing system as it moves to boost tourism.

Air Connectivity Boost: Maldivian’s inaugural Melbourne–Malé direct flight is being marked by Centara Grand Lagoon Maldives and Luxury Escapes, with weekly services aimed at making the Maldives easier to reach for Australians. Hospitality Expansion: Accor’s MGallery Collection has launched V Villas Maldives at Mirihi (42 villas, including four overwater units with private pools), adding another new high-end property to the South Ari Atoll. Banking & Risk: Fitch has assigned Bank of Maldives a ‘CCC-’ long-term issuer rating with a stable outlook, citing strong standalone resilience while noting the sovereign rating ceiling. Tourism Talent Pipeline: Marriott International Maldives graduated 40 apprentices from its 2026 programme, supporting local careers across front office, housekeeping, F&B, culinary and electrical maintenance. Environment Funding: President Muizzu announced an additional US$454,000 annually from the Maldives Green Fund for environmental protection, on top of existing allocations. Ocean Economy Focus: Fisheries minister Ahmed Shiyam said ocean research is central to economic diversification, highlighting climate impacts on fish stocks and moves toward value addition and aquaculture. Corporate Growth: Stredge rebranded to “orchestrate value,” pointing to ongoing expansion engagements in the UAE and Maldives.

Finance Leadership: President Muizzu appoints Hassan Zareer as Finance Minister and Public Enterprises Minister after Moosa Zameer’s resignation, with Zareer bringing decades in taxation, auditing and compliance, plus a brief Bank of Maldives chair stint. IMF Cooperation: The new finance leadership meets IMF Executive Director for Arab countries and the Maldives to boost technical assistance, capacity building and financial expertise. Banking Credit Watch: Fitch assigns Bank of Maldives a ‘CCC-’ long-term rating with stable outlook, citing strong standalone resilience but noting the sovereign rating ceiling. Ocean-Led Diversification: Fisheries minister Ahmed Shiyam says ocean research and marine resource development are central to economic diversification, value addition in fisheries and aquaculture amid climate-driven fish stock pressures. Environment Funding: Muizzu announces MVR 7 million annually from the Maldives Green Fund and also MVR 454,000 USD annually for environmental protection, protected areas and conservation, including support for schools and civil society. Tourism & Jobs: Marriott Maldives graduates 40 apprentices from its 2026 programme, while Grand Park Kodhipparu marks nine years of boutique luxury in North Malé Atoll. Global Spotlight: Maldives wins its first-ever seat on the UN ECOSOC for 2027–2029, a diplomatic milestone for climate and development advocacy. Food Safety Push: Muizzu calls for stronger food safety systems, border controls and regulations under the Food Safety Act.

Food Security Shock: UN agencies say the Strait of Hormuz crisis is now feeding into hunger—WFP warns higher energy costs are pushing more people into acute food insecurity in Somalia and worsening access to care in Afghanistan. Food Safety Push: President Muizzu marks World Food Safety Day calling for stronger food safety systems, faster border controls, and new regulations under the Food Safety Act, urging businesses and consumers to raise hygiene standards. Green Funding Boost: Maldives Green Fund allocations rise with Muizzu announcing an extra $454,000 annually (and MVR 7 million from the fund) for protected areas, wildlife, research, awareness, and capacity-building. Tourism Skills Pipeline: Marriott Maldives’ Apprenticeship Programme graduates 40 apprentices across front office, housekeeping, F&B, culinary and maintenance—its third cohort under a partnership with MIT and the youth ministry. Credit Rating Debate: Government spokesperson Mundhu says Fitch’s upgrade to CCC- reflects fiscal reforms, but argues lenders’ concerns also target money printing and debt policies. Diplomatic Win: Maldives secures its first-ever seat on the UN ECOSOC for 2027–2029, aiming to better represent small island priorities on climate and development. Hospitality Loyalty Expansion: STORY Hospitality joins GHA Discovery, giving guests access to Discovery Dollars and benefits across a growing portfolio that includes Maldives.

Food Safety Push: President Dr Mohamed Muizzu marked World Food Safety Day by calling for stronger, data-driven food safety systems and collective action, pointing to new regulations under the Food Safety Act, tighter border food controls, and expanded monitoring and testing capacity. Green Fund Boost: Muizzu also announced additional annual environmental funding from the Maldives Green Fund—MVR 7 million and a separate USD 454,000 allocation—to back protected areas, wildlife conservation, research, public awareness, and school/civil society projects. Tourism Skills Pipeline: Marriott Maldives graduated 40 apprentices from its 2026 cohort of the Marriott International Maldives Apprenticeship Programme, training locals across front office, housekeeping, F&B, culinary, and electrical maintenance. Diplomatic Milestone: The Maldives won its first-ever seat on the UN Economic and Social Council (ECOSOC) for 2027–2029, with officials framing it as recognition of small-island priorities like climate risk and economic vulnerability. Finance Concerns: Government spokesperson Mundhu said Fitch’s upgrade to CCC- reflects fiscal reforms, but international lenders’ worries also centre on past money printing and debt accumulation. Regional Trade Standards: Maldives joined other South Asian members in Dhaka to finalise SARSO’s 2026 action plan, aiming to cut technical barriers and harmonise quality standards. Sand & Sustainability Watch: A UNEP-backed report warns sand extraction is accelerating globally and is already damaging ecosystems and livelihoods—an issue with clear relevance for island states.