AGP Executive Report

Energy & Finance: The ADB approved a USD 50 million emergency loan for Maldives energy security, aimed at easing fiscal pressure from higher global fuel prices by funding essential diesel for electricity and water, plus fuel for transport of food and medical supplies and inter-island and waste management needs. Tourism Policy: Parliament is set to debate GST amendments to apply the “destination principle” on goods and services supplied to Maldives by offshore booking platforms, foreign tour operators and overseas travel agents. Tourism Markets: Tourism Minister Mohamed Ameen leads a high-level mission to Russia to boost tourism cooperation and air connectivity, with meetings planned in Moscow and St. Petersburg with government, tour operators, trade partners and hospitality players. Digital Assets & Industry: Visit Maldives will host the inaugural Digital Ownership Summit 2026 in December, focused on tokenised real-world assets and how they could support tourism, infrastructure and investment under Maldives 2.0. Business & Tech: Synetecs says its Thaana AI upgrade cuts costs while expanding Dhivehi and English support, adding far higher usage limits for the same spend. Ports & Trade Ops: Maldives Ports Limited will auction unclaimed goods at Malé Commercial Harbour online later this month, with inspection and bidding rules set through its portal. Safety & Response: MNDF reported 13 emergency incidents last week, while search efforts continue for three missing people after a supply boat sank in the Huvadhoo Sea.

Maritime Safety: MNDF reported 13 emergency incidents last week, with 10 in Malé, as the search continues for three men missing after a supply boat carrying construction materials sank in the Huvadhoo Sea; a US Navy P-8A Poseidon was spotted flying low over the search zone. Tourism Policy & Tax: A GST bill would apply the “destination principle” to goods and services supplied to Maldives by offshore booking platforms, foreign tour operators and overseas travel agents, while MP Mohamed Abbas warned tourism shouldn’t be “milked dry” as occupancy pressures mount. Energy & Infrastructure Finance: ADB approved a $50m emergency loan to bolster Maldives energy security amid fuel shortages linked to West Asia conflicts. Digital Assets & Ownership: Visit Maldives will host the inaugural Digital Ownership Summit 2026 on tokenised real-world assets, tied to Maldives 2.0. Cargo & Logistics: Raya Airways began scheduled cargo flights to Velana International Airport, linking Penang–Malé twice weekly. Tech for Locals: Synetecs upgraded Thaana AI, claiming up to 35x more core usage for the same cost with full Dhivehi and English support. Tourism Markets: A high-level Maldives tourism mission heads to Russia to deepen cooperation on air connectivity and travel trade.

Tourism Tax Reform: Maldives MPs have submitted a bill to amend the GST Act, aiming to apply the “destination principle” by taxing goods and services supplied to the Maldives by foreign booking platforms, overseas tour operators and travel agents, with collection to start once compliance arrangements with MIRA are set. Energy Security Boost: The ADB approved a $50m emergency loan to help the Maldives manage fuel shortages and protect electricity and water supply, citing the country’s heavy reliance on imported fuel amid West Asia conflict shocks. Port & Logistics Moves: Maldives Ports Limited is consulting lorry drivers and clearing agents ahead of relocating Malé Commercial Harbour to Thilafushi, targeting faster cargo clearance at the new multi-purpose port. Cargo Connectivity: Raya Airways has started scheduled cargo flights to Velana International Airport, linking Penang to Malé twice weekly with Boeing 767 freighters, expected to support VIA’s role as a regional transshipment hub. World Travel Awards Partnerships: Visit Maldives has named STO Energy as energy partner and Jalboot as transportation partner for WTA Asia, Oceania & Indian Ocean 2026. National Day Heritage: President Muizzu inaugurated “Vaahaka Vau,” a heritage park in Utheemu that walks visitors through key moments of Sultan Mohamed Thakurufaanu’s independence struggle. STEM Spotlight: A Maldivian girl, Aminath Noya Sameeh, was selected for Mission ShakthiSAT’s satellite programme phase in Delhi.

ADB Support for Energy Security: The Asian Development Bank approved a $50 million emergency loan to help the Maldives manage fuel shortages and keep electricity and desalination running amid West Asia conflict-driven price shocks. Port Operations Upgrade: Maldives Ports Limited met clearing agents and lorry drivers ahead of the Malé Commercial Harbour’s planned move to Thilafushi, aiming for faster cargo clearance and smoother day-to-day operations at the new multi-purpose port. Cargo Connectivity Boost: Raya Airways has started scheduled cargo flights to Velana International Airport, linking Penang and Malé twice weekly with Boeing 767 freighters, with most shipments expected to be transshipment cargo. Tourism Resilience Push: Tourism and Civil Aviation Minister Mohamed Ameen said Visit Maldives Year planning will focus on new markets and community opportunities, citing strong 2025 visitor intent to return and recommend. National Recognition in Sports & Culture: President Muizzu awarded National honours including posthumous recognition for football coach “Saanthi” and the Order of Dhiyamigili Dynasty to litterateur Ahmed Shakir (“Kashima Shakir”). MPL Auction Notice: MPL will auction long-unclaimed goods at Malé Commercial Harbour via an online portal, with inspections and bidding dates set for late August.

Air Cargo Connectivity: Raya Airways has started scheduled cargo flights to Velana International Airport (VIA), running twice weekly between Penang and Malé with Boeing 767-200 freighters (about 46 tonnes per flight). Port Operations Planning: Maldives Ports Limited (MPL) met clearing agents and lorry drivers to shape smoother cargo clearance ahead of the Malé Commercial Harbour relocation to Thilafushi, including plans for container terminals, cold storage and bonded warehouses. Tourism Strategy: The Tourism and Civil Aviation Minister says Maldives tourism rebounded in July after Middle East aviation disruptions, and Visit Maldives Year 2027 will roll out with a new national theme. Visit Maldives Year 2027 Theme: “Islands Are Us” was unveiled as the official campaign platform, linking island identity with culture, nature and experiences. Waste Management Upgrade: The Environment Ministry handed 22 pickups and trucks to WAMCO to expand door-to-door waste collection and improve disposal across atoll capitals and urban centres. Community Development Funding: Bank of Maldives’ Bank Fund 2026 selected five NGO projects, including a digital resilience hub in Dhidhdhoo, an eco-park and pond restoration in Funadhoo, and an agro-processing hub in Laamu.

Tourism Strategy: Visit Maldives Corporation’s Q3 briefing says July arrivals rebounded after four months of Middle East aviation disruptions, with Minister Mohamed Ameen pointing to new market pushes and stronger air connectivity. Brand & Campaign Build: VMC also unveiled “Islands Are Us” as the official theme for Visit Maldives Year 2027, backed by major tourism associations. Resort Commercial Moves: Hilton Maldives Amingiri Resort & Spa appointed Afrah Abdulla as Commercial Director to drive revenue, sales and marketing. Luxury Experience Push: Anantara marks its 25th anniversary with “Celestial Maldives” stargazing at Anantara Kihavah’s SKY observatory. Community Development Finance: Bank of Maldives named five Bank Fund 2026 recipients, including a digital resilience hub in Dhidhdhoo, an eco-park and pond restoration in Funadhoo, and value-added agro-processing in Laamu. Hospitality Talent & Partnerships: Ventive Hospitality highlights its Maldives resort portfolio as a strategic investment market, while Centara links with the SAILS project to develop Maldivian hospitality talent. Aviation & Connectivity: beOnd opened Winter 2026/27 bookings with unlimited complimentary date changes and a single-aircraft Europe–Maldives service.

Tourism Strategy: Visit Maldives Corporation’s Q3 briefing says July arrivals rebounded after four months of Middle East aviation disruptions, with plans to push new markets and improve connectivity. Branding Push: “Islands Are Us” was unveiled as the official theme for Visit Maldives Year 2027, with major tourism associations backing a wider island-life identity beyond sun, sand and sea. Policy & Economy: MDA President Ahmed Siyam urged citizens to diversify income beyond tourism, warning the economy remains exposed to external shocks. FX Pressure: Mohamed Nasheed demanded the black-market USD rate fall to MVR 19 in 10 days (then MVR 17), warning of hyperinflation risks and warning the 20% resort revenue conversion could hurt tourism. Community Funding: Bank of Maldives named five Bank Fund 2026 recipients, including a digital resilience hub in Dhidhdhoo and an agro-processing hub for Laamu farmers. Healthcare Safety: MFDA warned of a counterfeit Opdivo cancer injection batch (8081399) and told pharmacies and suppliers to stop sales and use. Infrastructure Accountability: A lawmaker questioned who is responsible for Hulhumalé’s unused mechanical parking systems, citing potential lost revenue of over MVR 83 million since 2019. Aviation/Connectivity Tech: NOEMI Aerospace signed MoUs to explore electric amphibious seaplane operations in India (with Pawan Hans) and the Philippines.

Tourism Recovery: Maldives tourism “bounced back” in July after a four-month slump caused by Middle East airport disruptions and airspace closures, with new market push and direct Australia flights cited. Banking & FX Access: Bank of Maldives increased dollar allocations for Telegraphic Transfers for three weeks after MMA’s 51% weekly USD boost to banks, while former President Nasheed demanded the black-market USD rate fall to MVR 19 in 10 days (MVR 17 in a month). Community Development Funding: BML named five Bank Fund 2026 recipients, including a digital innovation hub in Dhidhdhoo, an eco park and pond restoration in Funadhoo, and value-added agro-processing support in Laamu. Healthcare Supply Chain: MFDA warned of a counterfeit Opdivo cancer injection batch circulating in the market, urging pharmacies and suppliers to check batch numbers. Aviation Skills: MACL inaugurated the Aviation Institute of Maldives and certified 29 graduates from an airport security course. Food Processing in Cities: Male’ City Council began research on creating a safe commercial zone for fish processing activities like rihaakuru preparation in residential areas. Tourism Industry Support: MATI Insight 2026 brought creative and AI marketing workshops to 75 attendees, while Visit Maldives signed Ooredoo as digital partner for World Travel Awards 2026. Energy Security: ADB approved a USD 50m emergency loan to fund fuel imports to protect electricity, water, and logistics amid rising global prices.

Tourism & Hospitality Strategy: MATI Insight 2026 brought creative and AI-powered marketing workshops to Malé, with Visit Maldives leadership in attendance. Aviation & Skills: MACL inaugurated the Aviation Institute of Maldives and certified 29 graduates from its Airport Security Management course. Tourism Tech Partnerships: Visit Maldives signed Ooredoo Maldives as Digital Partner for World Travel Awards 2026, aiming for a seamless international event experience. Foreign Exchange & Business Liquidity: MMA increased weekly USD allocations to banks by 51% for three weeks; BML followed by raising dollar TT allocations for three weeks after the central bank move. Resort FX Rules: MMA plans to amend the Foreign Exchange Act, requiring resorts to convert 20% of total foreign currency revenue into MVR (removing the USD 500 per tourist option). Healthcare Supply Chain: MFDA warned of a counterfeit Opdivo cancer injection batch in the Maldives market and urged pharmacies and patients to check batch numbers. Pharma Distribution: StatePharma signed a distribution agreement with HPL to strengthen access to essential medicines. Public Health Funding: ADB increased financing for universal healthcare in the Philippines by $250m to $750m, with $50m support for Maldives energy security. Fuel Security for Islands: ADB approved a $50m emergency loan to help finance critical fuel imports for electricity, water, and logistics. Fisheries & Credit: MIFCO introduced fuel-on-credit for fishing vessels, with bills deducted from fish purchases. Urban Food Processing: Male’ City Council began research on safe zones for commercial fish processing in residential areas, including rihaakuru preparation. Maritime & Training: MMA and airport/aviation capacity moves continue alongside industry hiring and training signals.

Energy Security & Imports: ADB approved a USD 50M emergency loan to Maldives to keep fuel imports flowing and protect electricity, desalination, food/health logistics, inter-island transport and waste management as Middle East conflict keeps prices high. FX Liquidity: Maldives Monetary Authority raised weekly USD allocations to commercial banks by 51% for three weeks to ease foreign-currency access for importers amid weaker USD inflows. Tourism Finance Rules: MMA proposed changes to require resorts to convert 20% of total foreign-currency revenue into rufiyaa, removing the USD 500-per-tourist option. Fisheries Support: MIFCO introduced a fuel-on-credit system for fishing vessels, with bills deducted from fish purchases and payments to fishermen within 48 hours. Hospitality Talent & Skills: Centara Maldives partnered with the World Bank’s SAILS Project to build apprenticeship and internship pathways for Maldivian hospitality workers. Resort & Community Updates: BML completed seven staff-led community impact projects under its Community Impact Grant, while Dhiraagu urged shareholders to update tax residency status to ensure correct dividend withholding. Weather Disruption: Maldives Meteorological Service warned stormy conditions with heavy rain, thunderstorms and rough seas continuing through Friday.

FX Liquidity Boost: Maldives Monetary Authority (MMA) raised weekly US dollar allocations to commercial banks by 51% for three weeks to ease foreign-currency access for importers and reduce pressure on the FX market. Tourism Currency Rules: MMA also proposed removing the USD 500-per-tourist exchange option for resorts, requiring instead that 20% of total dollar revenue be converted to rufiyaa. Fishing Industry Credit: MIFCO will let fishing vessels take fuel on credit, with the bill deducted from fish value and payments to fishermen within 48 hours. Hospitality Jobs Pipeline: Centara Maldives partnered with the World Bank-funded SAILS project to expand apprenticeships, internships and placements for Maldivian hospitality talent. Resort Appointments & Experiences: Hilton Maldives Amingiri named Mark Eletr as GM; Joy Island launched Joy Arcade; Westin Maldives Miriandhoo appointed a new spa manager; One&Only Reethi Rah booked Jessie J for New Year’s Eve. Weather & Safety: Stormy conditions are expected to persist through Friday, while MNDF reported 13 fire and rescue emergencies in Greater Malé last week and searches continue for missing crew after a supply boat sinking. Conservation Milestone: Soneva Jani became the first Maldives resort to receive OECM recognition for biodiversity protection.

Hospitality Leadership: Hilton Maldives Amingiri Resort & Spa appoints Mark Eletr as General Manager, bringing 30+ years of resort leadership and a sustainability focus. Conservation & Biodiversity: Soneva Jani becomes the first Maldives resort to be formally recognised as an OECM, covering 0.41 sq km of reef, beach and mangrove habitat tied to threatened turtle nesting. Resort Experience & Lifestyle: Joy Island Maldives launches Joy Arcade, its first dedicated gaming room with VR and simulator stations for guests from age 6+. Wellness & Spa Staffing: The Westin Maldives Miriandhoo Resort appoints Sinta Herna Septiana as Spa Manager at Heavenly Spa by Westin. Marine Safety & Emergency Response: Fire and Rescue Service handled 13 emergencies in Greater Malé (Aug 2–8), as the Coast Guard continues searching for missing people after capsizes amid monsoon-driven rough seas. Tourism Operations & Food: Milaidhoo Maldives announces four-Michelin-star Chef Daniel Galmiche for a guest residency on 5–6 September. Local Governance & Infrastructure: Male’ City Council agrees to hand over the fish market land to the Fisheries Ministry for redevelopment, with return conditions after works. Aviation & Market Access: Maldivian expands AVIAREPS India mandate to pan-India GSA from 10 August to boost sales and visibility. Agriculture Support: Second round of agribusiness matching grants and loans launches under MAP/IFAD to back youth participation and modern farming in northern atolls.

Aviation & Trade: Maldivian expanded AVIAREPS India’s mandate to a pan-India GSA role from 10 August 2026, aiming to boost sales and market visibility across key Indian cities after India delivered nearly 190,000 visitor arrivals in 2025. Fisheries & Urban Infrastructure: Male’ City Council agreed to hand over the land of the fish market to the Fisheries Ministry for redevelopment, with conditions to return the property after works and to avoid leasing parts of the site. Maritime Safety: Search efforts continue for three missing men after the Friend 4 supply boat sank in the Huvadhoo Sea; MNDF says over 7,400 sq nm has been searched, but no trace has been found. Agriculture & Food Security: Maldives launched the Dhanduveri Manfaa agribusiness matching grant (machinery and climate-smart farming support) and the Dhanduveri Nafaa Islamic financing loan scheme for farmers. Tourism & Marine Conservation: InterContinental Maldives Maamunagau Resort recorded its first green sea turtle hatchlings of the season, with nests monitored under conservation protocols. Smart Industry & Local Business: Habeys Boduberu Group reopened the Maldives’ first smart studio, automating lighting, cooling, security and energy management. Aviation Regulation Debate: An Indian pilots’ body renewed calls for an autonomous civil aviation authority, while an aviation expert argued for making the existing DGCA fully independent instead.

Sand Mining Crackdown: Faresmaathoda’s local council warns illegal sand and gravel extraction is causing “irrevocable damage,” increasing coastal erosion and tidal flooding risks. Maritime Safety: After the Friend 4 supply boat sank in the Huvadhoo Sea, three men remain missing; MNDF says searches have covered 7,400+ sq nm by air and sea. Agriculture Modernisation: Maldives launches the Dhanduveri Manfaa machinery grant and Dhanduveri Nafaa Islamic-financing loan scheme to boost farm output in northern atolls. Coconut Pest Control: A new parasitoid-rearing center at Hanimaadhoo will produce 100,000+ beneficial insects daily to tackle coconut pests using biological control. Tourism & Hospitality Updates: Oaga Art Resort Maldives reopens with an island-wide refresh; InterContinental Maldives Maamunagau reports first green turtle hatchlings; Six Senses Kanuhura’s engineering team wins Engineering Team of the Year. Business & Industry Links: Sri Lanka-Maldives Business Council holds its 18th AGM and signs an MoU with the Maldives Business Chamber to expand trade and investment. Aviation Fleet Watch: Maldivian says getting a second widebody aircraft is delayed due to Middle East conflict and broader aviation constraints. Sports & Connectivity: Dhiraagu opens registrations for DMGC 2026 esports qualifiers, with a MVR 150,000 prize pool.

Agriculture & Finance: Maldives launched the second round of the “Dhanduveri Manfaa” agribusiness matching grant and the restructured “Dhanduveri Nafaa” Islamic financing loan scheme, targeting farmers and youth in northern atolls with support for modern farming, greenhouse and hydroponics, plus veterinary-related financing. Aviation & Connectivity: Maldivian says it’s facing setbacks in procuring a second widebody aircraft due to Middle East conflict and broader industry constraints, while Indian pilots’ groups are again pushing for an independent civil aviation regulator model. Tourism Development: The Maldives opened bids for resort projects across 15 islands and lagoons, including three halal-designated sites with specific bed and facility requirements. Marine & Hospitality Operations: InterContinental Maldives Maamunagau recorded its first green sea turtle hatchlings of the season, and Six Senses Kanuhura’s engineering team won Engineering Team of the Year at the Hotelier Maldives Awards 2026. Safety & Search: After the “Friend 4” supply vessel capsized in the Huvadhoo Sea, authorities have searched over 7,400 sq nm but still have three missing men, including a police officer and MNDF staff sergeant. Cruise Growth: Cruise passenger arrivals nearly doubled year-on-year, reaching 15,577 so far this year.

Agribusiness Finance Boost: Maldives launched the second round of the “Dhanduveri Manfaa” matching grant and the “Dhanduveri Nafaa” Islamic loan scheme via SME Digital, targeting farmers and youth in Thiladhummathi and Shaviyani with support for greenhouse and hydroponics, plus veterinary and pet supply financing. Coconut Pest Control: A new parasitoid rearing center at Hanimaadhoo will produce over 100,000 beneficial insects daily to tackle coconut pests under a Maldives-China biological control project. Tourism Development Pipeline: The Ministry opened bids for resort projects across 15 islands and lagoons, including three halal-designated sites with 50-year leases and requirements like halal-certified services and separate wellness facilities. Cruise Momentum: Cruise passenger arrivals nearly doubled to 15,577 so far this year, up 87% versus the same period in 2025, even as overall arrivals dipped slightly. Aviation Fleet Headline: Maldivian says it’s still struggling to secure a second widebody aircraft due to Middle East conflict and broader industry constraints. Marine Search Update: Search efforts for three missing men after the “Friend 4” supply vessel incident have covered 7,400 sq nm, with no trace found yet. Tax Recognition: Ahmed Siyam Mohamed received the RanLaari Award for the highest individual income tax contribution, as MIRA shifts the award focus to income tax.