Economy

In order to convert the Male' Water and Sewerage Company (MWSC) into a 100 percent state-owned company, the government has decided and begun efforts to buy back the 20 percent stake in the company held by Japan's Hitachi. Regarding this change, MWSC Managing Director Hussain Fahumy stated that this decision would resolve the financial hurdles faced in securing large loans and executing development projects due to having a foreign shareholder in the company. In addition, he noted that converting the company into 100 percent Maldivian state ownership is a significant step forward that will strengthen corporate governance and further expand and accelerate the water and sewerage services provided to the public.

Club WAMCO secured the VAM Cup Volleyball Tournament trophy for the sixth consecutive time due to the entire team coming together as one unit and the players' mutual trust in each other, stated the team's talented setter, Juzaan Zareer. Juzaan, who won the tournament's most valuable player award, said this while speaking after winning the championship by defeating Club MTCC 3-1 sets in the final match. She noted that winning a trophy six consecutive times is no easy feat, and that this success is the result of the hard work put in as a team over the past six years, aiming for the trophy from the very first day of practices. Juzaan, who played a leading role in WAMCO's success, greatly praised the close bond and unity of the entire team.

On September 8, 2026, the government decided to take special measures to reduce the expenses of state-owned enterprises in order to strengthen their governance and minimize waste. Under this decision, significant reformatory changes have been planned to further strengthen the management structures of the companies and reduce their reliance on the state budget. Furthermore, priority will be given through these measures to shaping the operations of the companies to be commercially viable, and conducting their financial management in an accountable and transparent manner.

Sun Online opened a special poll on September 8, 2026, to seek public opinion on finding a permanent solution to the dollar shortage facing the Maldivian economy. This poll aims to identify the public's views regarding the challenges in obtaining dollars in the country and the significant measures that can be taken to resolve the foreign currency crunch. In this manner, Sun's poll provides the opportunity to express public votes and opinions on the most appropriate policies that should be adopted to resolve this issue.

On September 8, 2026, information regarding a report compiled on corporate fraud surfaced. The report highlights significant issues concerning financial misconduct within corporate management and various transactions conducted in a manner that facilitates corruption. Furthermore, it has been revealed that the report emphasizes the measures that must be taken to prevent such embezzlement and enhance transparency within companies.

On September 8, 2026, Allied Insurance's Islamic window, Allied Takaful, officially introduced the "Debt Protection Takaful" plan. This is a special plan designed to protect the families of individuals who have taken loans or incurred debt for various purposes from financial distress in paying off that debt in the event of death due to an unforeseen incident. Under this plan, if a participant passes away, it provides the opportunity to settle that debt with financial institutions using the compensation funds received from the certificate. As a result of this service, families will receive immense relief and financial security from the fear of potentially losing mortgaged assets due to a sudden death.

Under the policy announced by the government to make every Maldivian citizen a shareholder in resorts, the government has now designated the locations where the 10 resorts developed specifically for this project will be built. Carried out with the aim of directly delivering the high profits generated from the tourism industry to Maldivian citizens, practical work on these resorts is prepared to commence in the coming month of November. The government states that once the development of these resorts is complete, every citizen will receive benefits directly in foreign currency as dividend shares. This is an important step taken to distribute revenue generated from the Maldives' natural resources equitably among all Maldivians.

The Maldives government has decided to buy back the majority stake in the Maldivian telecommunications company Dhiraagu, and important steps have been taken in relation to this. This decision is an important economic step taken by the government with the aim of expanding the state's role in the Maldives' telecommunications sector and further strengthening and empowering the national digital infrastructure. Bringing the majority stake under government control will provide significant opportunities for the government in determining the company's core policies and improving the prices and quality of digital services provided to the public. Relevant government agencies are currently working on making the administrative and financial arrangements related to this transaction and completing the relevant procedures.

On September 8, 2026, Hussain Amr expressed concern speaking against placing the problems and burdens of Fenaka Corporation onto the State Electric Company (STELCO). He noted that shifting the burden of Fenaka's financial and administrative problems onto a well-managed company like STELCO would adversely affect STELCO's management and the sustainability of its services. Furthermore, calling for each company's issues to be resolved separately, he warned that such a decision could worsen the company's financial situation and potentially bring services to a halt.