Siyam: Maldivians need support to gain control of tourism industry, 90% is in hands of foreigners

Government support towards ensuring the country’s lucrative tourism industry is in the hands of the Maldivian people is the key to economic independence and resolving the US dollar crunch, says Ahmed Siyam Mohamed, the president of Maldives Development Alliance (MDA) and the parliamentary representative for Dh. Meedhoo constituency.

Joining the parliamentary debate on Tuesday on the 2026 state budget, Siyam, the head the resort chain Sun Siyam Resorts, pushed back at comments made by several fellow parliamentarians that the Maldivian tourism industry is controlled by a powerful few.

He said that 90 percent of the industry is controlled by foreign investors.

He said that the central bank is well aware that the US dollars injected to the Maldivian economy is because of the efforts of a handful of Maldivian business operators.

“The large foreign companies that have invested in the Maldives do not keep any US dollars here. They bring in just enough to pay salaries and keep the rest in their home countries,” said Siyam.

“But it is people like Champa Afeef, Koli Mohodhey, Universal, Qasim and other such individuals who are bringing in money to this country, who are keeping the money in this country,” he said.

Siyam said that Maldives needs to ensure that its tourism industry is in the hands of its people, by facilitating greater opportunities, including by issuing islands and aiding in resort development.

Siyam noted that he had received sovereign guarantee for the loan he took to develop Siyam World. He said that the decision had been mutually beneficial, with the government earning 10 times what it usually earns from a standard resort from taxes on Siyam World.

“It is paying 10 resorts’ worth of taxes. It employs 2,000 people. So why can’t this be done? The consequence of not doing this is that our islands are being given to foreigners for years. This is causing more loss than benefit to the economy,” he said.

Siyam said that the young Maldivian men and women joining the workforce are highly skilled and talented, and need to be provided with opportunities to excel.

He repeatedly stressed the need for the Maldivian people to maintain control of the country’s economy.

“But today, we have lost 90 percent of the industry. We have lost 90 percent to foreign investors,” he said.