AGP Executive Report

Tourism & Tax Policy: Tourism Minister Mohamed Ameen says President Muizzu will introduce urgent changes to the Tourism Goods and Services Tax (TGST) Act, responding to industry concerns over the extension of GST to foreign travel agents and destination-principle payment rules. Port & Cost of Living: Economic Minister Mohamed Saeed says the Malé Commercial Port relocation to K. Thilafushi will cut cargo clearance time from 7–14 days to about one day, easing prices for fresh food and other imports; Thilafushi port operations are set to start as early as Oct 28, with a planned Nov 11, 2027 inauguration. Infrastructure (China-funded): China’s ambassador says Malé/Vilimalé road upgrades and a 100-bed China–Maldives Friendship Hospital in Vilimalé are expected to start in late 2026 or early 2027 under Chinese grants. Business & Finance: Maldives Islamic Bank will hold its Guest House Symposium alongside the Guest House Awards on Oct 15, with a single panel discussion and keynote on key sector issues. Mariculture Skills: Applications are open for the fourth Marine Hatchery Skills Development Program (14 days, 15 participants) at Maniyafushi, covering hatchery, nursery and disease prevention modules. Energy & Sustainability: Atoll Solar and Ocean Sun will present lagoon floating solar solutions at the Hotelier Maldives GM Forum 2026. Local Housing Compliance: Fahi Dhiriulhun Corporation is investigating 16 cases of unauthorized subletting in Hulhumalé Phase 2 and reports 564 units with non-payment issues. Tourism Industry Shift: Crown Company Chairman Hussain Afeef backs a government plan to develop at least 10 resorts via state-owned companies, aiming for broader public benefit and workforce impact.

TGST Reform Signals: Tourism Minister Mohamed Ameen says President Muizzu will introduce urgent changes to the Tourism Goods and Services Tax Act, responding to industry calls to adjust the Eighth Amendment that extends GST to foreign travel agents, with concerns focused on deadlines and procedures under the destination-principle model. Commercial Justice Push: Former President Abdulla Yameen urges creation of mercantile and specialised business courts to protect local businesses and foreign investment, arguing disputes could be resolved in about 20 days with judges insulated from influence. Port Relocation to Ease Prices: Economic Minister Mohamed Saeed says the Malé Commercial Port move to K. Thilafushi will cut cost of living by speeding cargo unloading and clearance, with Thilafushi port operations planned to start as early as Oct 28. Road Safety Crackdown: Police announce a special operation targeting repeat dangerous drivers, warning that continued reckless behaviour after summons will lead to criminal investigation and vehicle seizure for 30 days. Biodiversity Financing: MoCCEE signs letters of agreement with UNDP for a GEF-funded plan to update the National Biodiversity Strategy and Action Plan and build a biodiversity financing framework. Renewables for Resorts: Atoll Solar and Ocean Sun will present lagoon floating solar solutions at Hotelier Maldives GM Forum 2026, aiming to expand renewable generation beyond rooftop limits. Zakat Milestone: Maldives Zakat House reports Zakat al-Mal collections of MVR 109.6m from January–September, surpassing last year’s full-year total. Tourism Promotion & Content: Visit Maldives Year 2027 branding and a Maldives-focused MasterChef Sri Lanka destination episode highlight continued efforts to market the country through mainstream media.

UNGA 81 South Asia snapshot: At the UN General Debate, India, Pakistan, Nepal, Bangladesh, Bhutan, Sri Lanka and the Maldives all flagged climate justice, conflict spillovers, AI sovereignty and UN reform—but with no single regional agenda. Renewables for resorts: Atoll Solar and Ocean Sun will pitch lagoon floating solar at the Hotelier Maldives GM Forum 2026, targeting how resorts can cut diesel dependence beyond rooftop limits. Port project and cost of living: The Malé Commercial Port relocation to K. Thilafushi is framed as a productivity and price-stability move, with cargo unloading expected to shift from 7–14 days to about one day once operations begin from Oct 28 (full completion by Nov 2028). Housing enforcement in Hulhumalé Phase 2: FDC is investigating 16 cases of unauthorized subletting and 564 rent non-payments, with violations including unauthorized unit modifications. Zakat momentum: Maldives Zakat House says Zakat al-Mal collections reached MVR 109.6m in Jan–Sep, already above last year’s full total. Climate diplomacy in the Pacific: World powers head to Fiji for pre-COP31 talks (Oct 5–8), with Pacific leaders pushing 1.5°C, bigger climate finance and urgent ocean-focused action.

Port Relocation & Cost of Living: Economic Minister Mohamed Saeed says moving Malé’s commercial port to K. Thilafushi will cut the long cargo-unloading delays (currently 7–14 days) and help clear shipments in about a day, with Thilafushi operations starting as early as Oct 28 and a planned Nov 11 inauguration for the first phase. Tourism Tax & Compliance: MIRA has started levying GST on offshore booking platforms and foreign tour operators under the 8th GST Amendment, prompting pushback from MATATO and European operator groups over enforcement and consultation concerns. Digital Tourism Reporting: MIRA launched the Maldives Guest Information System (MGIS), a centralized platform for guesthouses and tourism businesses to submit guest data more efficiently and link it to state financial institutions. Banking Controls: Bank of Maldives set a new monthly USD 3,500 ATM withdrawal cap (daily USD 1,600 unchanged) citing pressure on dollar reserves, alongside tighter limits on foreign e-commerce and travel-related payments. Housing Enforcement: Fahi Dhiriulhun Corporation is investigating 16 cases of unauthorized subletting in Hulhumalé Phase 2 and reports 564 units with non-payment of rent, with other violations including unauthorized modifications. Social Finance: Zakat al-Mal collections reached MVR 109.6m in Jan–Sep, surpassing last year’s full total, with three months remaining. Environment Funding: MoCCEE signed GEF-funded letters of agreement with UNDP to update the Maldives biodiversity strategy and action plan and build a biodiversity financing plan. Tourism Market Focus: Visit Maldives CEO Abdulla Yasir says India remains a key growth market, citing rising repeat visitors and 90,392 Indian arrivals in Jan–Sep 29.

Port & Cost of Living: Economic Minister Mohamed Saeed says relocating Malé Commercial Port to K. Thilafushi will cut delivery and clearance time from 7–14 days to about one day, easing prices; Thilafushi operations may start Oct 28, with first phase inauguration planned for Nov 11 next year and full completion by Nov 2028. Education & Inclusion: President Muizzu will personally look into a child with down syndrome reportedly rejected by five schools, after the family raised concerns about “inclusive” schools prioritising stronger academics and about teacher capacity in public schools. Zakat Growth: Maldives Zakat House reports Zakat al-Mal collections of MVR 109.6m Jan–Sep 2026, already above last year’s full total, with three months remaining. Tourism Data Reporting: MIRA launched the Maldives Guest Information System (MGIS) to streamline guest reporting for guesthouses and tourism businesses, with phased onboarding starting Nov for larger operators. FX Controls: Bank of Maldives set a monthly USD 3,500 ATM withdrawal cap (daily USD 1,600 unchanged) citing pressure on dollar reserves and tighter limits on foreign spending. GST on Overseas Agents: MIRA began applying GST to offshore booking platforms and foreign tour operators under the amended GST Act, drawing warnings from travel industry groups about enforcement and impacts on SMEs. Environment Financing: MoCCEE signed GEF-funded agreements with UNDP to update the National Biodiversity Strategy and Action Plan and develop a Biodiversity Financing Plan. Connectivity & Trade: President established National Exchange Limited to support a government-backed secondary securities market and Islamic finance growth. Telecom Promotions: Dhiraagu marked its 38th anniversary with free 38GB data and IDD minutes via the DhiraaguApp.

Port & Infrastructure: President Muizzu says relocating the Male’ commercial port to Thilafushi is the government’s top productivity project, a USD 250m build that will be four times larger and aims to start operations by Nov 11 next year. Tourism Data & Tax: MIRA launched the Maldives Guest Information System (MGIS) to streamline guest reporting for Green Tax-registered tourism businesses, with resorts/hotels/guesthouses over 50 beds starting from November; MIRA also began applying GST to offshore booking platforms and foreign tour operators, drawing pushback from MATATO. Banking & FX Controls: Bank of Maldives set a monthly USD 3,500 ATM withdrawal cap (daily USD 1,600 unchanged) as it tightens dollar usage amid pressure on reserves. State Finance & SOEs: Nasheed says the government has “no financial direction” amid shifting fiscal/monetary moves; President Muizzu established National Exchange Limited to back a secondary securities market and support Islamic finance. Regulation & Governance: ERA warned it will fine people who catch, keep or trade protected migratory birds; PCB dismissed two MACL board directors. Business & Consumer: Dhiraagu’s 38th anniversary promos include 38GB data and IDD minutes; iMee added two new noodle flavours. Maritime Security: MNDF seized a foreign fishing vessel for illegal fishing in the Maldives EEZ, the second case this month.

Digital Banking & Cash Limits: Bank of Maldives says a new monthly USD ATM withdrawal cap of $3,500 per customer starts 1 Oct 2026, while the daily $1,600 per card limit stays. The bank points to faster digital payments via BML Mobile and Internet Banking. Capital Markets Push: President Muizzu established National Exchange Limited, a wholly state-owned SOE to develop a government-backed secondary securities market, including trading facilities and post-trade services, with a focus on Islamic finance. Tourism Reporting Overhaul: MIRA launched the Maldives Guest Information System (MGIS), letting Green Tax-registered tourism businesses submit guest data in one place, with resorts/hotels/guesthouses over 50 beds starting from November and others from January. Hospitality Governance Scrutiny: The PCB dismissed two directors from Maldives Airports Company Limited (MACL), including Executive Director Mohamed Mihadh, without giving reasons. Environment Enforcement: ERA warned it will fine people who catch, keep or trade protected migratory birds during the northeast monsoon. Tourism Tax Backlash: UK travel trade group Abta says the extended 17% tourism GST on overseas travel firms’ margins from 1 Oct lacks clarity and consultation, urging a delay. Port Relocation Progress: MPL says the domestic operations area for the Malé Commercial Port move to Thilafushi is on track for early October, with quay wall and yard works underway. Shipping Cost Relief: Maersk cut its Emergency Contingency Surcharge for Maldives-origin cargo to Northern Europe and the Mediterranean, effective next Wednesday. Health Service Access: Health Minister Geela Ali said authorities are preparing a mobile blood donation service to make donating easier, especially for eligible donors who can’t reach blood banks.

Illegal Fishing Crackdown: MNDF seized a foreign fishing vessel with seven crew members 46 nautical miles northwest of Thuraakunu, marking the second such case this month as authorities step up EEZ monitoring. Rasmale Deal Scrutiny: PNF demanded full disclosure of documents and key terms behind the K. Fushidhiggaru (Rasmale’) lagoon agreement with Abu Dhabi’s Eagle Hills, questioning land allocation, financing and obligations. Tourism Tax Pressure: Industry groups warn the government’s extension of a 17% tourism GST to overseas travel firms’ margins from Oct 1 could hurt UK trade, pushing for clearer guidance and consultation. Rasmale Revenue Claims: Finance Minister Hassan Zareer said the USD 20bn Ras Malé Waterfront and Marina project is projected to generate about USD 1.1bn annually and over USD 11bn in state revenue over 10 years. Port Relocation Progress: MPL says the domestic operations area at Thilafushi is on track for early October completion, with quay wall works finished and yard paving underway. Shipping Costs: Maersk cut its Emergency Contingency Surcharge on Maldives-to Northern Europe/Mediterranean routes, effective next Wednesday. Health Service Upgrade: Health Minister Geela Ali said a mobile blood donation service is being prepared to make donating easier, including from homes. Infrastructure Updates: Ameenee Magu’s redeveloped Segment 1 will reopen Sunday, while STELCO seeks compensation after road works damaged power cables in Hulhumale’. Hospitality & Business Events: Hotelier Maldives GM Forum 2026 lines up SHC Law & Tax on FX/MMA/TGST compliance and Atmosphere Core’s Shrikant Dash on “Emotional Ownership,” with Dhivehi Insurance joining as Insurance Partner.

Tourism Tax Pressure: Maldives’ 17% tourism GST extension to overseas travel firms’ margins from Oct 1 has drawn fresh alarm from UK trade body ABTA, which says the deadline and lack of consultation risk making islands commercially unviable. Shipping Costs: Maersk cut its Emergency Contingency Surcharge on Maldives-to-Northern Europe/Mediterranean routes, lowering ECS for 20ft containers from $3,500 to $3,200 and 40/45ft high-cube from $3,900 to $3,300. Port Progress: Maldives Ports Limited says the domestic operations area at Thilafushi is on track for early October, with a 100-metre quay wall completed and yard paving underway. Utilities & Disruption: STELCO will seek compensation for repair costs after road works damaged electricity cables, blamed for recent Hulhumalé power outages. Health Access: Health Minister Geela Ali says a mobile blood donation service is being prepared to make donating easier, especially for people unable to reach blood banks. Hospitality & Industry: Hotelier Maldives named Dhivehi Insurance as Insurance Partner for the Hotelier Maldives GM Forum 2026. Crime & Cash Controls: A Criminal Court extended remand for six Bangladeshi workers accused of money laundering after MVR 3.86m was found hidden in cereal packets at Velana International Airport.

Maldivian Airline Turnaround: Tourism and Civil Aviation Minister Mohamed Ameen says Maldivian is “back on track,” citing reforms and a return to profitability after heavy debt from 2018–2023, as he opened the upgraded seaplane terminal at Velana International Airport. Cost of Living Watch: Maldives Bureau of Statistics reports August transport prices up 8.06% year-on-year and food and beverage prices up 5.69%, with fruits/vegetables and tuna among the biggest movers. Trade & Finance: Finance Minister Hassan Zareer discussed with the OPEC Fund an emergency line of credit for the Maldives, alongside future water, sanitation and port projects. Property Governance Debate: Attorney General Ahmed Usham says the proposed $20b Ras Malé waterfront and marina by Eagle Hills will be governed under new real estate legislation being drafted, not existing tourism laws. Drug Risks: A UNODC report flags distinct synthetic-drug patterns across South Asia, noting rising Maldives seizures and exposure via maritime, aviation, postal and courier routes. Atoll Business & Community: Crab farming gets a first “mud crab fattening” permit for Fiyoaree, while Kulhudhuffushi’s Island Carnival aims to boost local trade and entrepreneurship. Tourism Safety Focus: The Maldives Safety and Security Conference 2026 begins, bringing together government and industry to tackle tourism risks. Tech for Dhivehi/English: Thaana AI launches voice cloning and new text-to-speech models for natural Dhivehi and English audio.

Food & Transport Inflation: Maldives Bureau of Statistics reports August prices rose 0.76% year-on-year, driven by an 8.06% jump in transport (notably international airfare) and a 5.69% rise in food & beverage, with vegetables and tuna among the biggest movers. Emergency Financing Talks: Finance Minister Hassan Zareer met OPEC Fund president Dr. Abdulhamid Alkhalifa in Doha to discuss an emergency line of credit, alongside future water, sanitation, and port development. Rasmale’ Waterfront Legal Position: Attorney General Ahmed Usham says the proposed USD 20b Ras Malé waterfront and marina will be governed under new real estate legislation being drafted, not existing tourism laws, responding to opposition concerns over lease terms. Tourism Safety Conference: The Maldives Safety and Security Conference 2026 opened in Malé with 150–200 participants, focusing on risk management for tourism, emergency preparedness, and cybersecurity, with Gage named main partner. AI for Dhivehi Voices: Thaana AI launched voice cloning and new text-to-speech models for natural Dhivehi and English audio, including Dhinglish support and adjustable delivery. AI in Justice, Shared Globally: Maldives will offer its AI governance framework for criminal prosecution to other jurisdictions free of charge, keeping prosecution decisions under human control. Hospitality & Investment Moves: Atmosphere Core appointed Neeraj Seth as Assistant VP–Communication; Cora Cora Maldives reopened after island rehabilitation. Politics & Compliance: Parliament published annual gift disclosures for three MPs totaling nearly MVR 1m, while former President Yameen’s Aarah retrial resumed.

UNODC & Regional Security: A new UNODC report says synthetic-drug markets across South Asia are evolving differently, but share common hurdles for Maldives—detection, linking cases, tracing illicit proceeds and boosting cooperation—highlighting exposure via maritime, aviation, postal and courier routes. Tourism Awards: Maldives swept World Travel Awards Asia, Oceania & Indian Ocean honours, taking Indian Ocean’s Leading Destination plus Leading Dive, Green and Honeymoon destination titles, while Visit Maldives was named Leading Tourist Board. AI & Justice: Maldives will share its AI governance framework for criminal prosecution worldwide free, with safeguards that keep human prosecutors in charge and require transparency when AI supports case preparation. Transport & Roads: MTCC has asphalted the second segment of Ameenee Magu in Malé, aiming to ease daily commuter disruption as the Greater Male’ Transport office ramps up congestion plans from next month. Real Estate & Legal Risk: A constitutional case has been filed at the Supreme Court challenging the Eagle Hills “Rasmale’” Commercial Terms Agreement, arguing the 99-year foreign land lease violates constitutional requirements. Banking & Payments: CBM launched the MYCBM app plus Visa business debit and corporate credit cards to expand digital retail and corporate payment options. Tourism Tax Pushback: India’s outbound tour operators urged Maldives to reconsider a new 17% Tourism GST on overseas travel trade from Oct 1, warning it could raise holiday costs and disrupt bookings. Agribusiness Trade: GI-tagged Kalaburagi tur dal has been exported to the Maldives, expected to lift farmer returns by over 30%.

Tourism & Finance: The Maldives won five World Travel Awards at CROSSROADS Maldives on 27 September, including Indian Ocean’s Leading Destination, Dive, Green and Honeymoon, with Visit Maldives Corporation named Leading Tourist Board—another boost for the sector’s brand and business pull. Banking & Payments: Commercial Bank of Maldives (CBM) launched the MYCBM app for retail customers and introduced Visa Business Debit Cards plus Visa Corporate Credit Cards, expanding digital and corporate payment options as it marks its 10-year anniversary. Energy & Cost Control: Maldives more than doubled renewable capacity from 53MW to 126MW after solar expansion, cutting diesel use by an estimated 3.1 million litres annually and reducing CO2 by about 8,400 tonnes. Hospitality Trade: Hotel Asia Maldives 2026 kicked off with the International Culinary Challenge and a growing expo that has helped reduce reliance on overseas sourcing from about 80% to around 20%. Labour & Currency: Parliament was urged to amend the Employment Act so tourism service charges can’t be converted into MVR, pushing for payment in the foreign currency collected from tourists. Policy & Resilience: MOCCAE held a UNGA81 Majlis on moving from shock response to proactive resilience for food security and critical supply chains amid regional disruptions.

Energy & Climate: Maldives more than doubled renewable energy capacity from 53MW to 126MW as solar projects expand, cutting diesel use by about 3.1 million litres annually and preventing roughly 8,400 tonnes of CO2 each year. Tourism Policy: President Muizzu urged a resilient, sustainable tourism model built on digital innovation and skills, aligning with World Tourism Day’s “Digital Agenda and AI” theme. Workers’ Pay: Majlis was asked to speed up an amendment to the Employment Act so service charges can’t be converted into MVR, and tourism staff are paid in dollars or the exact foreign currency collected. Hospitality Industry: Hotel Asia Maldives marks its 20th edition, with the exhibition (Sept 28-30) and the International Culinary Challenge (Sept 27-30) set to bring hundreds of entries and major industry partners together. Real Estate Controversy: Housing Minister Abdulla Muthalib defended the planned Rasmale’ waterfront deal, saying buyers own the property but not the underlying state land and that inheritance claims are “false.” Trade & Food Exports: GI-tagged Kalaburagi tur dal reached the Maldives via APEDA, with farmers reportedly receiving about 30% higher prices through the export channel. Diplomacy & Finance: Finance Minister Ali bin Ahmed Al Kuwari met Maldives’ Hassan Zareer in Doha and also discussed cooperation with Italy’s CDP on investment and finance.

Tourism & AI Push: Maldives Tourism Minister Mohamed Ameen urged the industry to embrace digital innovation and artificial intelligence to boost resilience and visitor experiences as World Tourism Day 2026 spotlights a “Digital Agenda and AI” theme. Hospitality Values: Sun Siyam Group chairman Ahmed Siyam Mohamed said human connection must stay at the heart of Maldivian hospitality, with tech used to complement—not replace—what makes the destination unique. Halal Growth Outlook: Visit Maldives CEO Abdulla Yasir flagged halal tourism as a major growth opportunity, citing how digital transformation and targeted campaigns helped the Maldives stay visible despite Middle East air-corridor disruptions. World Travel Awards in Malé: World Travel Awards Asia, Oceania & Indian Ocean Gala 2026 is set for 27 September at CROSSROADS Maldives, powered by Bank of Maldives, bringing regional travel and hospitality leaders together on World Tourism Day. Hotel Asia 20th Edition: Hotel Asia Maldives 2026 (28-30 Sept) and the International Culinary Challenge (27-30 Sept) will run at Hulhumalé and MNU, with Dhiraagu and MAWC backing the GM Forum and multiple sponsor announcements underlining the sector’s trade momentum. Eagle Hills Waterfront Debate: Housing Minister Dr Abdulla Muthalib responded to controversy around Eagle Hills’ planned USD 20bn Rasmale’ waterfront and marina, stressing land remains state-owned and inheritance claims are false. Resort Expansion: Atmosphere Core signed its 10th Maldives resort, ONE BANYAN Amaraa Faru An, due to open March 2027, adding 118 villas and private pools. Infrastructure & Dredging: President Muizzu said MTCC is securing a new dredger “three times” the Mahaa Jarraafu to accelerate reclamation and coastal works. Education Pathway: New rules allow 15-year operating colleges to convert into universities, with strict enrollment, research, and staffing requirements. Industry Safety: Drowning prevention day was marked at Hulhumalé Phase One with drills and first-aid training led by the Health Protection Agency and partners.

AIIB & diplomacy: Finance Minister Swarnim Wagle has left for Doha to attend the Asian Infrastructure Investment Bank’s annual meeting, with bilateral talks planned including with the Maldives, as Nepal looks to mobilise investment for infrastructure, climate adaptation and renewable energy. Tourism trade momentum: NHGAM, Visit Maldives and MATATO wrapped up a three-city I AM Maldives CIS roadshow in Moscow, St Petersburg and Almaty, bringing 26 Maldivian companies to meet over 250 travel trade professionals. Aviation disruption: Low-cost carrier Paranair has paused all flights for two weeks for repairs, while Maldives-based BeOnd has also been grounded since spring, citing fuel costs and security risks. Hospitality industry links: SS Media signed on as a media partner for Hotel Asia 2026, and Villa Hakatha renewed its Silver Sponsor role for the Hotelier Maldives GM Forum 2026. Infrastructure & ports: President Muizzu said MTCC is securing a dredger “three times bigger than Mahaa Jarraafu” to boost reclamation and coastal works, and Kulhudhuffushi Port reported losses alongside high salary costs. UN policy push: Maldives Vice President Latheef urged an end to Israel’s genocide and called for UN Security Council reform, including abolishing veto power and appointing a woman as UN Secretary-General.