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What do we understand from Maldives’ tourism investment surge?

Uninhabited island in the Maldives

The original Dhivehi article was published on Avas.mv website on 19th April 2017.
The following is a loose translation:

– huge increments in the first quarter
– big brands on resort management on the rise
– contrasts in what’s been said and the real story

Would tycoons leave their money where they have no confidence? Will they not research and analyse a market before they commit to investing? These are two important questions that need answers from any place where they would invest. These are two vital factors considered before the investors make their final decision to go and invest.

This is where the story of the Maldives comes.

Maldives’ tourism investments keep on increasing aggressively. Though we keep hearing from the other side that we are not receiving any investments. So what is the truth?

“Undoubtedly we know that tourism investments are growing. So you can interpret it whichever way you want.” said a senior businessman with a 20-year experience in the tourism sector, who preferred to remain anonymous.

The most recent statistics from the Ministry of Economic Development shows that to date, 200 million dollar investments has been registered, which will take 5 years to realise it. Looking at the resort development projects of the past few years, new projects are not found to be any less either.

Mariya Visam

Registrar of Companies Mariyam Visam said in the first quarter, while 10 foreign companies registered investments, most were in the tourism related investments.

The registered investments are in the tourism sector. Large investments are coming in for tourism sector. Other than these wholesale trading and construction area are included as well.” Visam said.

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The government estimates that 20 more resorts will be out in the market. And come the year 2018, to open 50 resorts is one of the main targets of the government.

Moosa Zameer

While speaking to the UK newspaper ‘Financial Times’ Minister of Tourism Moosa Zameer said yesterday, tourism sector investors are on the rise.

So question is, what is the reason behind this swell of investors to the Maldives?

Minister of Economic Development Mohamed Saeed has said that the fastest return on investment that one will get anywhere in the world is by investing in the Maldives’ tourism sector.

Mohamed Saeed

“Maldives is one of the safest markets to invest. Although, there will be challenges to every country. Still, when invested in the Maldives’ tourism and hospitality sector, it takes just a mere 7 years or to break even.” Saeed said.

Minister Saeed said there are now more than 100 international tourism brands, 3 international airports, 4 maritime ports and 3 commercial harbours, in total. There are also more than 27,000 tourist beds, and within this 5 years, 12,000 beds will be added.

“At first the international world (UN report compiled in the 1960’s upon request of President Ibrahim Nasir), said tourism is not a viable industry for the Maldives. Their reason was due to Maldives’ then financial and infrastructural situation, investments were not possible. However, due to the special contributors of the tourism sector’s hard work and sacrifice we have achieved it.” Saeed said.

No matter who says what, Maldives is one of the most ideal and lucrative places to invest. If not, big brands won’t have come and invested in the country. That said, in order to maintain this stature, to uphold Maldives harmony is imperative.

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Source URL: Avas.mv

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