Economy
To develop the "Maldives Waterfront and Marina" project in Rasmale, an agreement valued between 12 billion and 20 billion dollars has been signed by Minister Dr. Abdulla Muththalib and Mohamed Alabbar, Chairman of Abu Dhabi's Eagle Hills company. The Ministry of Fisheries officially contracted the establishment of a 200-metric-ton fish cold storage facility in Th. Hirilandhoo to SJ Construction on 22 September 2026. The government has stated that the tourism industry will undergo changes due to new tax and foreign exchange policies. A special survey has now commenced to assess the income and expenditure of households in the Greater Male' area.
A major debate arose in the political and public sphere on 22 September 2026 regarding the development of the "Maldives Waterfront and Marina" under the Ras Male project in partnership with the United Arab Emirates (UAE)'s Eagle Hills company. Opposition parties and various stakeholders have raised questions and expressed concern over the long-term lease of a large plot of land under this project and the degree of transparency surrounding the agreement. However, the government has stated that this project will yield significant financial benefits to the state and is a crucial step towards national development. Amidst this debate, many parties continue to call for the disclosure of details of the agreement and for the full protection of the public interest when leasing such extensive resources.
On 22 September 2026, it was decided to increase the price of a kilogram of fish caught by fishermen to 22 Rufiyaa. This decision is an important change introduced with the aim of increasing the income of those working in the fishing industry and securing a fair and deserved price for the fishermen's hard work. Following the increase in the purchase price of a kilogram of fish to 22 Rufiyaa, companies involved in the tuna trade and relevant authorities are currently making arrangements to purchase fish at that price. It was noted that this change will bring significant financial benefits to fishing families.
On 22 September 2026, important discussions were conducted regarding the changes that new tax and foreign exchange policies will bring to the Maldivian tourism industry. It was noted that due to these new policies, tax revenues received by the state from the tourism sector will increase, and major changes will take place to retain foreign currency entering the Maldives within the financial system. Concurrently, relevant authorities are working to assess the impacts these changes will have on the financial transactions and expenditures of businesses operating in the tourism industry.
On September 22, 2026, work commenced on a special survey to determine the income and expenditure patterns of households living in the Greater Malé area. The main objective of this survey is to understand the economic and financial situation of families in the area and to clarify the capacity of households to manage their income and living expenses. The data collected from this study will serve as vital findings necessary for improving citizens' standard of living and formulating relevant social and economic policies. As the survey progresses, the relevant authorities have requested households to provide accurate information and extend full cooperation to this effort.
On 22 September 2026, an official pledge was made to establish a fish freezing facility in Th. Hirilandhoo. This project was announced as an important pledge aimed at enabling fishermen from the island and nearby regions to store their catch fresh. Furthermore, it has been noted that once established, this facility will alleviate ice shortages faced by fishermen and pave the way for increasing income earned from the fisheries industry.