Economy
Minister Dr. Abdulla Muththalib signed the commercial terms agreement for the approximately $20 billion "Maldives Waterfront and Marina" project being developed in Ras Male' with Abu Dhabi's Eagle Hills company on 21 September 2026. Russian tour operator Tez Tour has launched new tourism packages specially for the Maldives. Under the China-Maldives Free Trade Agreement, arrangements have been made to exempt duty and import 296 varieties of fish exported from the Maldives to China at zero percent tariff. Former President Mohamed Nasheed, on 21 September 2026, called on audit firms to publicly disclose the true financial figures of the Bank of Maldives, alleging that foreign exchange shortages have worsened and customer deposits are being used to service debt.
On September 21, 2026, the Maldivian Government and Abu Dhabi-based Eagle Hills company of the United Arab Emirates (UAE) officially signed a commercial agreement to develop the $20 billion "Maldives Waterfront and Marina" project in Ras Malé; on behalf of the Maldivian Government, the Minister of Construction and Infrastructure Dr. Abdulla Muththalib signed the agreement, while Eagle Hills was represented by its Chairman Mohamed Alabbar. Under this mega project to be carried out in various phases, world-class hotels and resorts, high-end branded residences, a modern marina, as well as various commercial and entertainment facilities are scheduled to be established. While this is the largest investment project decided to be executed in the history of the Maldives so far, it is estimated that the project will create more than 54,000 jobs, attract over one million tourists annually, and generate $2 billion in revenue for the state.
Prominent Russian tour operator TEZ Tour has begun selling new packages specifically catered to tourists wishing to travel to the Maldives. These packages were introduced by the company considering the immense popularity of the Maldives in the Russian market, with the aim of providing convenient and specialized services to holidaymakers. As a result, it is expected that the number of tourists visiting the Maldives from Russia will increase, bringing further advancement to the Maldivian tourism industry. Furthermore, these special packages have further facilitated opportunities for tourists from that country to travel to resorts and guesthouses in the Maldives.
Under the Free Trade Agreement (FTA) established between the Maldives and China, it was revealed on 21 September 2026 that duty has been eliminated on tuna and other fish products exported from the Maldives, opening the opportunity to enter the Chinese market at zero tariff. Speaking at a technical workshop on the Blue Economy, the Chinese Ambassador to the Maldives, Kong Xianhua, stated that this agreement provides Maldivian seafood exporters access to the large Chinese market, and that exports have increased significantly during the first six months of this year. Furthermore, he noted that technical cooperation between the two countries in the fields of aquaculture and economic diversification is increasing, highlighting that this opportunity will bring significant progress to the economic growth and fisheries industry of the Maldives.
On 21 September 2026, former President Mohamed Nasheed called for the clear disclosure of Bank of Maldives (BML)'s actual figures and financial situation. He made this call amid various discussions surrounding the bank's financial matters, emphasizing the importance of increasing transparency in the financial system and maintaining public trust. He noted that the public must know accurate information regarding BML's financial condition, and that it is crucial to disclose all relevant figures without concealment. Following this call, attention has been drawn among political and economic stakeholders regarding the affairs of the Maldives' financial sector and strengthening the governance of the national bank.