President: Maldives is open to responsible investments, and committed to making it succeed

The Maldives is open to responsible foreign investments and committed to making such investments succeed, says President Dr. Mohamed Muizzu.

Addressing the opening of the China-Maldives Investment Cooperation Forum in Male' on Wednesday morning, President Muizzu said that the Maldives is entering a defining period of national development, as it focuses on achieving the ambitious goal of transforming into a fully developed nation by 2040.

He stressed that the Maldives must diversify its economy, accelerate innovation, and build partnerships with investors who share the country’s confidence in the future in order to achieve this goal.

“Our message is clear, the Maldives is open to responsible investments, and are committed to making that investment succeed,” he said.

President Muizzu noted that his administration introduced a new Foreign Investment Act in 2024, replacing legislation that had governed foreign investment in the Maldives for more than four decades.

He said that this reform is intended to improve transparency, policy certainty and investor confidence.

“We understand that investment decisions depend on trust, predictability and a stable policy environment. We are determined to strengthen all three,” he said.

President Muizzu said that the Maldives’ development priorities offer opportunities in renewable energy, food security, logistics, advanced fisheries processing, digital technology, artificial intelligence, healthcare, financial services, smart infrastructure and sustainable urban development.

He said that the Maldives does not seek investments merely for the capital it brings.

“We do not seek investments merely for the capital it brings. We seek the industries it creates. The skills it develops. The jobs it generates. And, the opportunities it opens to our people,” he said.

President Muizzu noted that Chinese-supported development projects have already helped in improving infrastructure, connectivity, and essential services across the Maldives.

“Their value is measured not only in what has been built, but the everyday benefits delivered to families and businesses,” he said.

“This is a standard by which we will judge our future partnerships; lasting economic value and real improvements in people’s lives.”

President Muizzu’s message to potential foreign investors comes as his administration faces pushback on a planned project by Abu Dhabi-based real estate developer Eagle Hills to develop a USD 20 billion waterfront and marina project planned at Rasmale’.

On September 21, Eagle Hills signed a commercial terms agreement or letter of intent for a mega project to develop a new integrated island destination in Rasmale’, including international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

The project is described by the Maldives government as one of the most ambitious development initiatives in the country’s history.

According to the Maldives government, preliminary economic impact estimates indicate the project could attract more than USD 30 billion in gross foreign investment over its lifetime, including about USD 18 billion in net foreign investment in the Maldives.

It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination is expected to attract more than one million visitors annually and generate more than USD 2 billion in annual tourism revenue.

However, the project has sparked fears that Rasmale’ could become a foothold for Zionist settlement – fears that the government says are unfounded.

Housing Minister Dr. Abdulla Muthalib has said that Israeli nationals or Israeli-controlled entities would not be allowed as buyers, beneficial owners, shareholders, financiers or sales agents in Rasmale’.