AGP Executive Report

Hospitality Trade & Culinary Push: Maldives will host Food & Hospitality Asia Maldives (FHAM) 2026 on Sept 7–9, aiming to draw 100+ exhibitors and buyers from 120+ resorts, with a Global Culinary Challenge endorsed by Worldchefs. Tourism Partnerships: Visit Maldives Corporation signed with Maldivian as official local airline partner and with Ana Salon as official beauty partner for the World Travel Awards Asia, Oceania & Indian Ocean 2026. Resort & F&B Talent: Taj Coral Reef promoted Ahmed Shujau to Director of Food & Beverage, while Sun Siyam Vilu Reef unveiled 50 new Ocean Signature Villas with pool and slide. Marine & Community Conservation: Dhigurah entered the world’s top 10 most valuable holiday beaches (estimated €162.7m), and a Maldives parrotfish campaign helped drive a 2020 ban on parrotfish catch. Industry & Retail: Signature opened its 11th showroom in Gampaha, expanding men’s fashion plus leather, footwear and accessories. Events & Lifestyle: Dhiraagu Malé Open invites the public to Clean-Up & Social Swim events ahead of the Aug 21–22 races.

Real Estate & Housing: The 14th Maldives Living Expo opened in Hulhumalé, spotlighting real estate, construction, interiors, smart-home tech and sustainable living, with Maldives Islamic Bank as main sponsor and Bank of Maldives as banking partner. Tourism & Events: Visit Maldives Corporation (VMC) signed Maldivian as official local airline partner and Ana Salon as official make-up/beauty partner for the World Travel Awards Asia, Oceania & Indian Ocean 2026—aimed at boosting Maldives visibility ahead of the ceremony. Agri & Environment: A Palm Pest Biological Control Parasitoid Rearing Center was inaugurated in Hanimaadhoo to breed beneficial insects for coconut pest control, with capacity to produce 100,000 parasitoids daily. Sports & Community: Dhiraagu Malé Open 2026 invites residents to Clean-Up & Social Swim events at Rasfannu on 8 and 15 August, with registrations extended to 9 August. Construction & Infrastructure: Work began on 50 housing units in Ukulhas, with completion targeted within 600 days. Hospitality Industry: Sun Siyam Vilu Reef unveiled 50 new Ocean Signature Villas with Pool and Slide, adding a major overwater villa transformation.

Aviation & Training: SriLankan Aviation College has been named an IATA Authorised Training Centre (ATC) Preferred Partner for 2026, a second consecutive recognition that underlines the region’s push to upgrade aviation skills. Tourism & Community: Dhiraagu Malé Open is getting bigger with Clean-Up & Social Swim events at Rasfannu on 8 and 15 August, and registration extended to 9 August for the 1km, 500m, 250m races plus a new 500m Team Relay. Hospitality Growth: Spring Hotels says its first year after acquiring Mare Nostrum Resort delivered a 19% revenue jump, driven by its operating and revenue management model. Resort Expansion: Diamonds Thudufushi Resort Maldives joined Preferred Hotels & Resorts’ Lifestyle Collection, boosting global visibility for South Ari Atoll stays. Regulation & Consumer Safety: The Maldives Food and Drug Authority warns unauthorized supplements are still sold in stores and online, stressing MFDA registration and clearer labeling. Banking Product Update: Bank of Maldives revised its Forex Investment scheme so both principal and returns are credited in USD, with conversion to MVR at maturity. Industry Awards: Nominations are open for the Engineers Award (10 categories), with applications due by 20 August. Infrastructure & Housing: Work has started on 50 housing units in Ukulhas, scheduled for completion in about 600 days. Water & Engineering Services: Chemlab opened a new Hulhumalé showroom on 10 August, expanding its one-stop water treatment and lab solutions for Maldives businesses and resorts.

Housing & Infrastructure: Work has started on 50 three-bedroom housing units in Ukulhas, with completion targeted in about 600 days (Altech Maldives contracted; cost not disclosed). Engineering & Construction Sector: Nominations are open for the Engineers Award (10 categories) until 20 August, with online forms and eligibility rules for Maldivians. Banking & Finance: Bank of Maldives has revised its Forex Investment scheme so both principal and returns in its US Dollar pools are credited in USD, with conversion to MVR at maturity. Food & Drug Regulation: MFDA says unauthorized supplements are still sold in some stores and on social media without required registration, warning consumers to check labels and approvals. Tourism & Hospitality: Spring Hotels reports a 19% revenue rise at Mare Nostrum Resort in its first year after acquisition; Diamonds Thudufushi joins Preferred Hotels & Resorts’ Lifestyle Collection. Aviation & Connectivity: Maldives is negotiating two additional air service agreements to expand routes and tourist markets. Marine & Environment: Fisheries Minister highlights the Maldives’ rich marine biodiversity at the 6th Marine Science Symposium. Sports & Community: Dhiraagu Malé Open Swimming Competition registrations extended to 9 August; Dhiraagu Gaming Conquest 2026 returns with a free qualifier and MVR 150,000 prize pool.

Banking & Forex: Bank of Maldives revised its Forex Investment scheme so both principal and returns in its US dollar pools are now credited in USD, with conversion to MVR at maturity. Food & Consumer Safety: Maldives Food and Drug Authority says unauthorized supplements still sell in some stores and on social media, stressing MFDA registration/approval is required before import and advertising. Tourism Infrastructure: Parliament approved former Environment Minister Thoriq Ibrahim for appointment as Maldives’ permanent representative to IRENA. Hospitality Trade: Food & Hospitality Asia Maldives (FHAM) 2026 will run Sept 7–9 at the Manhattan Grand Hotel in Hulhumalé, with 100+ exhibitors and buyers from 120+ resorts/hotels expected. Aviation & Connectivity: Velana International Airport and the Maamahi Executive Lounge are both shortlisted for World Travel Awards’ Indian Ocean categories. Shipping Operations: Maldives State Shipping is working with Colombo authorities to recover 17 empty containers lost overboard from the MSS Graphene. Tourism & Resorts: Vakkaru Maldives added Overwater Villa with Pool (from Oct 22, 2026), while dusitD2 Feydhoo Maldives marked its first anniversary with “WE ARE 1.” Agri-Food Security: Maldives launched an agroforestry initiative across 10 islands, distributing 400,000 saplings to boost food security and climate resilience.

Tourism Outlook: PATA’s mid-year update says Asia Pacific international arrivals should hit 714.9m in 2026, rising to 789.2m by 2028—“change is the new constant,” with destinations needing faster adaptation. Aviation & Awards: Velana International Airport and the Maamahi Executive Lounge are both shortlisted for World Travel Awards’ Indian Ocean categories, keeping Maldives’ aviation spotlight on service upgrades. Water & Industry: Chemlab marks five years in the Maldives with a new Hulhumalé showroom opening 10 August, expanding one-stop water treatment and lab support. Legal & Sports Facilities: Oppo’s company withdraws its lawsuit against the Football Association of Maldives over a warehouse at Maafannu Stadium after a court settlement window. Policy & Governance: Parliament moves to halt the “Maldives Pearl Residence” programme via a resolution, while also ordering ACC and Police to investigate Fenaka promotions from 2022–23. Connectivity & Trade: Maldives is negotiating two more air service agreements; India-Maldives bilateral trade reached USD 771.76m in 2025–26. Food Security: Maldives launches an agroforestry project on 10 islands with 400,000 saplings to cut import dependence and boost climate resilience. Shipping Operations: Maldives State Shipping says it’s working with Colombo authorities to recover 17 empty containers lost overboard. Tourism Recovery: Maldives arrivals are recovering post-Middle East disruptions, with 1.2m visitors so far this year and resorts hosting about 73% of guests.

Maldives–India trade deepens: Bilateral trade rose 13.54% to USD 771.76m in India’s 2025–26 fiscal year, with cooperation expanding across investment, tourism, tech, healthcare, digital payments and security. Marine science push: Fisheries Minister Ahmed Shiyam said the Maldives’ coral reefs and marine megafauna underpin the economy, urging stronger research and sustainable management at the 6th Marine Science Symposium. Food security drive: The Maldives launched an agroforestry project on 10 islands, distributing 400,000 saplings and setting up community nurseries to cut import dependence and boost climate resilience. Tourism connectivity: The government is negotiating two more air service agreements to unlock new tourist markets and better use existing traffic rights. Tourism recovery watch: Arrivals are improving after Middle East disruptions, with 1.2m visitors so far this year and resorts hosting about 73% of guests. Port operations: Maldives State Shipping is working with Colombo authorities to recover 17 empty containers lost overboard from MSS Graphene. Local economy pressure: MDP plans a Malé protest on Aug 12 over rising prices of essentials like milk, rice, cooking oil and baby formula. Hospitality industry calendar: TechEng (hospitality engineering/tech) is rescheduled to Feb 1–3, 2027 in Hulhumalé.

Agro & Food Security: Maldives launched an agroforestry project across 10 islands, set to distribute 400,000 saplings and create community nurseries to cut import dependence and boost climate-resilient farming. Tourism Recovery: Maldives tourism is bouncing back after Middle East disruptions, with 1.2m arrivals so far this year and resorts hosting about 73% of visitors; early August arrivals rose 2.1% year-on-year. Shipping & Logistics: Maldives State Shipping (MSS) is working with Colombo authorities to recover 17 empty containers lost overboard from the MV MSS Graphene, while VIA hit a record month for sea-to-air transshipment cargo. Hospitality Industry Moves: Hilton signed new lifestyle properties including a Tapestry Collection by Hilton in the Maldives; Sheraton Full Moon announced a resort-wide refurbishment. Local Governance & Accountability: Parliament ordered ACC and Police to investigate illegal promotions at Fenaka Corporation in 2022–2023. Industry Events: TechEng, the hospitality engineering and technology exhibition, is rescheduled to Feb 1–3, 2027. Fisheries: MIFCO reported a fourfold jump in July fish purchases to 2,474.8 tons.

Cost of Living & Politics: The MDP says it will protest in Malé on Aug 12 over rising prices of basics like baby formula, basmati rice, coffee powder, cooking oil and milk, blaming dollar shortages, inflation and port congestion that can raise freight and demurrage costs. Tourism Demand: New Ministry data shows resorts host about 73% of arrivals so far this year (902,228 of 1.2m), with July up 46% month-on-month to 184,735 visitors. Public Accountability: Parliament has ordered the ACC and Police to investigate illegal promotions at Fenaka Corporation in 2022–2023, with monthly progress updates required. Logistics & Trade: VIA hit a record for sea-to-air transshipment cargo (621 tonnes in a month). Meanwhile, 17 empty containers fell overboard from an MSS vessel near Colombo, prompting maritime warnings. Fisheries & Agriculture: MIFCO reports a fourfold jump in July fish purchases to 2,474.8 tons. Monsoon rains also damaged Kandoodhoo fields, with farmers seeking assistance. Digital Payments: Favara is now integrated with India’s UPI, enabling real-time person-to-person transfers from Malé to UPI-enabled Indian accounts via Bank of Maldives and Maldives Islamic Bank. Bilateral Commerce: The Maldives–Türkiye Preferential Trade Agreement has entered into force, cutting tariffs across 75 lines to boost Maldivian fisheries exports. Hospitality Jobs & Upgrades: Meyyafushi Maldives made senior HR and front-office appointments, while Sheraton Maldives Full Moon Resort & Spa announced a resort-wide refurbishment.

Logistics Milestone: Velana International Airport (VIA) hit a new high for sea-to-air transshipment, moving 621 tonnes in a month and topping 2,000 tonnes total transshipment cargo—cementing the Maldives’ role as an Indian Ocean logistics hub. Maritime Safety: Seventeen empty containers fell overboard from the MSS Graphene near Colombo after rough seas, prompting Sri Lanka fisheries and navy monitoring and a navigational warning to vessels. Fisheries Pulse: Maldives Industrial Fisheries Company (MIFCO) reported a fourfold jump in July purchases to 2,474.8 tonnes, paying MVR 49.76m to 822 vessels—up sharply from June. Cross-Border Payments: Favara-UPI real-time transfers are now live, letting people in the Maldives send instant money to UPI-enabled accounts in India via Bank of Maldives and Maldives Islamic Bank. Trade & Agriculture Link: APEDA facilitated the first air shipment of Karnataka Neelam and Totapuri mangoes to the Maldives, a 1-tonne milestone aimed at opening new export opportunities for farmers. Tourism & Hospitality: Sheraton Maldives Full Moon Resort & Spa announced a resort-wide refurbishment, while Meyyafushi Maldives added senior sales and front office leadership ahead of its push into international markets. Infrastructure & Roads: Police announced temporary traffic diversions on Ameenee Magu for asphalt repair works.

Fisheries Upswing: Maldives Industrial Fisheries Company (MIFCO) says July purchases jumped fourfold to 2,474.8 tons from 822 vessels, with skipjack tuna driving most of the volume and payments rising to MVR 49.76 million. Monsoon Hit Agriculture: Kandoodhoo farmers report “irreparable” monsoon damage, with one-third of a major field destroyed and councils seeking detailed assessments for assistance. Trade Boost with Türkiye: The Maldives–Türkiye Preferential Trade Agreement has entered into force, cutting tariffs across 75 lines and improving market access for Maldivian fisheries exports. Cross-Border Payments: Favara-UPI real-time transfers are now live between Maldives and India via Bank of Maldives and Maldives Islamic Bank, aiming to grow remittances ahead of the October peak. Agri-Exports to Maldives: APEDA facilitated the first air shipment of Karnataka Neelam and Totapuri mangoes (1 metric tonne) to the Maldives, with farmers reportedly earning over 50% higher returns. Banking Leadership: Bank of Maldives CEO Mohamed Shareef becomes the first Maldivian chairman of the Asian Bankers Association. Airport Infrastructure Call: A veteran aviation expert urges weather-proofing VIA’s terminal drop-off area after heavy rain delays and passenger frustration. Hospitality Appointments & Upgrades: Meyyafushi Maldives names Asel Sartbaeva as Assistant Director of Sales and Hassan Afeef Ahmed as Front Office Manager, while Sheraton Maldives Full Moon Resort & Spa announces a resort-wide refurbishment. Shipping Safety Alert: 17 empty containers reportedly fell overboard from a Maldives-flagged vessel off Colombo, prompting navigational warnings and monitoring for possible drift toward the coast.

Maldives–Türkiye Trade: The Maldives–Türkiye Preferential Trade Agreement has entered into force, with tariff concessions across 75 tariff lines to boost Maldivian fisheries exports and expand access to Turkish goods. Cross-border Payments: Favara has been integrated with India’s UPI, enabling real-time person-to-person transfers from Malé via Bank of Maldives and Maldives Islamic Bank to UPI-enabled accounts in India. Agriculture & Climate Impact: Monsoon rains have caused major, “irreparable” crop damage in Kandoodhoo, with local officials calling for detailed assessments and support for affected farmers. Banking Leadership: Bank of Maldives CEO Mohamed Shareef has been appointed Chairman of the Asian Bankers Association, the first Maldivian to lead the regional body. Tourism & Hospitality: Sheraton Maldives Full Moon Resort & Spa announced a resort-wide refurbishment and a long-stay offer, while Sun Siyam Vilu Reef launched its ‘Adopt-a-Coral’ conservation initiative. Maritime Safety: Seventeen empty shipping containers fell overboard from a Maldives-flagged vessel off Colombo, prompting emergency alerts and monitoring for potential coastal drift. Agri-exports: APEDA facilitated the first air shipment of Karnataka’s Neelam and Totapuri mangoes to the Maldives, opening new late-season export opportunities. Digital Infrastructure Concern: An aviation expert urged authorities to weather-proof VIA’s terminal drop-off area after heavy rains caused delays and rain-exposed passenger queues.

Cross-border Payments: Maldives launches Favara-UPI real-time payment corridor with India, letting Bank of Maldives and Maldives Islamic Bank customers send P2P transfers in minutes to UPI-enabled Indian accounts. Trade & Exports: Maldives–Türkiye preferential trade agreement takes effect with tariff concessions across 75 lines, boosting market access for Maldivian fisheries. Agri-Trade: APEDA facilitates the first air shipment of Karnataka’s Neelam and Totapuri mangoes to the Maldives (1 metric tonne), opening new late-season export opportunities and higher returns for farmers. Banking Leadership: Bank of Maldives CEO Mohamed Shareef becomes the first Maldivian chairman of the Asian Bankers Association; Maldives will also host the ABA General Meeting in September. Shipping Safety: Seventeen empty containers fall overboard from a Maldives-flagged vessel off Colombo, prompting navigational warnings and monitoring for drifting hazards. Hospitality & Marine Conservation: Sun Siyam Vilu Reef rolls out ‘Adopt-a-Coral’ for guest-led reef restoration, while new resort openings and luxury hospitality updates keep the industry buzzing.

Cross-border payments: Favara-UPI real-time transfers went live between Maldives and India, with Bank of Maldives and Maldives Islamic Bank starting P2P remittances in MVR to INR via UPI. Banking leadership: Bank of Maldives CEO Mohamed Shareef was appointed Chairman of the Asian Bankers Association, and Maldives will host the ABA General Meeting and Conference on Sept 1–3. Telecom transition: Dhiraagu CEO Ismail Rasheed retired after nearly four decades, with Valdemar Ferradaz taking over as CEO. Agri-exports: APEDA facilitated the first-ever air shipment of Karnataka’s Neelam and Totapuri mangoes to the Maldives (1 metric tonne), boosting late-season export opportunities and farmer returns. Tourism & hospitality: New island stays and experiences keep rolling out, from Niva Hotels & Resorts’ Maldives expansion to SIX & SIX Private Islands’ RAH GILI MALDIVES, plus fresh wellness programming like Baros Pause at Baros Maldives. Marine & environment: A study warns drifting tuna fishing gear (dFADs) affects more than half of the world’s protected marine areas, raising calls for tighter limits and better retrieval. Infrastructure pressure: Aviation expert Mohamed Firaq urged authorities to rainproof VIA’s terminal drop-off area as heavy weather disrupts flights and leaves passengers exposed.

Cross-border Payments: Maldives and India went live on the Favara-UPI real-time payment corridor, letting customers transfer in MVR and credit recipients in INR via UPI, starting with Bank of Maldives and Maldives Islamic Bank. Agri-Exports: APEDA facilitated the first-ever air shipment of Karnataka’s Neelam and Totapuri mangoes to the Maldives—1 metric tonne—opening fresh late-season export opportunities for growers and women-led exporters. Hospitality & Dining: Heritance Aarah’s Overwater Restaurants (Ralu Overwater Restaurant and Baani) won Wine Spectator’s 2026 Award of Excellence, while Kuda Villingili’s Mar-Umi also earned the same recognition for a third consecutive year. Tourism Marketing: Visit Maldives’ month-long digital push across YouTube, Instagram, Google and Yandex generated 160M+ impressions, 22M+ video views and 600,000+ website sessions. Finance for Liveaboards: Bank of Maldives launched Liveaboard Finance with vessel-backed funding at 9.5% per annum, up to seven-year tenors and USD repayments. Policy & Infrastructure: Parliament received a bill to replace the Uninhabited Islands Act, updating leasing rules for lagoons and islands for tourism, fisheries, industry and more. Industry Leadership: Mariyam Nazleena was appointed to IDS’s accounting and finance board, as the state-owned firm scales infrastructure delivery.

Banking & Finance: Bank of Maldives (BML) says it sold over US$478m in foreign currency in the first half of 2026 and posted MVR 1.3bn net profit, up 21%, as it expanded lending and remittance services. Tourism Marketing: Visit Maldives’ month-long push across YouTube, Instagram, Google and Yandex generated 160m impressions, 22m video views and 600,000+ website sessions, with targeted-market traffic up to 54%. Liveaboard Investment: BML launched Liveaboard Finance with vessel-backed loans at 9.5% per annum, up to seven-year tenors, and USD repayments—aimed at fleet expansion and renovation. Policy & Land Use: Maldives proposes a new Lagoons and Uninhabited Islands Lease Bill to modernise designation and leasing, allowing tourism, fisheries, agriculture, industry and other development uses. Regional Shipping Security: Maldives joined Saudi-led talks launching a Maritime Defense Alliance to protect Red Sea and Bab al-Mandeb shipping routes. Hospitality & Sustainability: Cora Cora Maldives earned Green Globe Gold (93%) for its Freedom Footprints programme, while .Here Baa Atoll received Forbes Travel Guide VERIFIED Responsible Hospitality. Industry Appointments: Mariyam Nazleena was appointed to IDS’ accounting and finance board role to support the state’s infrastructure push. Tourism Demand: Visit Maldives’ Australian roadshow highlights rising arrivals and a push to move beyond honeymoon-only positioning.