Economy
Following the signing of the agreement to implement the 20 billion dollar 'Maldives Waterfront and Marina' project in Rasmale, Chairman of Eagle Hills Mohamed Alabbar noted that the Maldives is a dream destination on Earth, stating that the work will be carried out adhering to the highest environmental standards and in a manner most beneficial to the people. Speaking at the government's 'Ahaa' forum, Minister of Fisheries Ahmed Shiyam said that by implementing robust quality control measures when unloading fish at Maldivian ports, the issue of fish exported by MIFCO being rejected has now been resolved. The National Bureau of Statistics has revealed that due to lower prices for electricity, international flights, and tobacco, the Consumer Price Index (CPI) for August dropped to 1.15%. At the World Travel Awards held on September 27 at CROSSROADS Maldives, the Maldives won a total of four awards, including the title of the Indian Ocean's Leading Destination. Additionally, STO's stall participated in the Hotel Asia Exhibition.
On Monday, 28 September 2026, Mohamed Alabbar, Chairman of the renowned UAE company Eagle Hills, made important remarks regarding the Ras Malé project. In his speech, he highlighted the vision and investment details of the massive development project planned by the company in Ras Malé. Noting that this project is an international-standard undertaking that will bring significant progress to the Maldivian economy and tourism sector, he assured that the works will proceed in accordance with the agreement between both parties.
Minister of Fisheries and Ocean Resources Ahmed Shiyam has initiated special efforts to resolve the issue of fish exported by the Maldives Industrial Fisheries Company (MIFCO) to foreign markets being rejected. In this regard, the minister has held discussions with relevant parties to identify and resolve the challenges in maintaining the quality of exported fish and meeting international standards. The primary objective of these measures is to improve the quality of fish exported from the Maldives and minimize the losses incurred by the company and the fishing industry due to fish rejections. Through these efforts, the minister prioritizes further strengthening MIFCO's operations and reinforcing confidence in Maldivian fish in the global market.
On 28 September 2026, the Maldives was chosen as the most popular tourist destination in the Indian Ocean region. The Maldives achieved this honour due to its natural beauty and the excellent services provided by the tourism sector compared to other countries competing at the regional level. This achievement further demonstrates the trust and popularity the Maldives enjoys among tourists visiting from all corners of the world. Additionally, it serves as an important impetus to further strengthen the Maldives' tourism brand internationally and ensure that the Maldives remains a premier destination for tourists in the future as well.
It was announced on 28 September 2026 that the Maldives' Consumer Price Index (CPI) has decreased following favourable changes in the prices of electricity services and air transport. The reduction in electricity prices, which is an essential service in daily life, and lower ticket fares for air travel are the primary reasons for this positive impact on the overall inflation rate. As a result of these changes, the out-of-pocket expenses that citizens have to bear for these sectors will decrease, which is expected to bring substantial economic relief to the general public. Statistics show that the decline in prices in these sectors has been an important factor in maintaining overall prices of goods and services at a steady level.
State Trading Organization (STO) participated in the "Hotel Asia Exhibition 2026", which commenced at the Hulhumale' Synthetic Track on 28 September 2026, and showcased a dedicated stall of the company. In this year's exhibition, STO's stall is mainly dedicated to the businesses and services of STO General Trading (People's Choice) and STO Energy. Accordingly, arrangements were made at this stall to prepare snacks on the spot using products from the STO People's Choice supermarket, as well as complimentary tastings of special beverages from Coffeestate. Furthermore, while the Energy Division is providing information regarding the supply of fuel to resorts, STO has also decided to introduce a new brand to the market during this exhibition.