THE Republic of Maldives is inviting Malaysian businesses to participate in the proposed development of another 40 island resorts to cater to the country’s expanding tourism sector.

Targeted sectors for investment include the hospitality industry, fishery, construction and infrastructure.
“The current development in our tourism industry offers numerous opportunities for Malaysian businesses in investing in resorts and hotels, trading and construction,” Maldives Minister of Tourism and Civil Aviation Dr Mahmood Shougy said in a statement.
He was in Kuala Lumpur recently to meet with outbound Malaysian tour operators and representatives of chambers of commerce on the opportunities available in Maldives’ tourism industry.

“Malaysia is a key target for inbound investments and trade because of its excellent record as a regional player. Malaysian entrepreneurs are well known for their creative energies and willingness to take risk,” Maldives High Commissioner to Malaysia Midhath Hilmy added.

The Maldives has been enjoying impressive economic development over the past two decades. With annual GDP growth averaging 7.4 per cent over the last 10 years and inflation maintained at low levels, it is keen to open its doors for Malaysian businesses to participate in its exotic island tourism product.

To create more awareness of the opportunities available, an investment trade show titled “Maldives Open for Business” will be held in July this year.

The trade show will provide a platform for Malaysian business representatives to meet with their Maldivian counterparts and explore the possibilities for future collaboration.

The High Commission has also established a Business Service Centre or helpdesk, to provide information and facilitate business-to-business contact.

“The number of foreign companies investing in the Maldives, particularly in the tourism sector, has been increasing steadily.
“With the ongoing expansion plans, more big name international hoteliers are expected to come in,” Mahmood added.
The Maldives comprises 1,190 islands known for their white beaches and enchanting scenery. Its economy is largely based on tourism and fishing.

Floating Maldives, the first and exclusive liveaboard magazine of Maldives, has been appointed as the Official Media Representative in Maldives for the Asian Diver magazine by Media Corp Publishing Singapore.

The first issue of Floating Maldives was officially launched by the Minister of Tourism & Civil Aviation of Maldives Dr. Mahmoodh Shougee at the Maldivian Night during ITB 2006 in Berlin. With this appointment, it is expected that local travel agents , tour operators, resorts and liveaboards will have more direct and easier access to feature their advertisements and offers in the Asian Diver magazine.

Floating Maldives also supports the members through the website www.floatingmaldives.com which provides information about Maldives, including scuba diving , surfing , cruising , and game fishing. Also, the site provides information of liveaboards from budget to luxury class and offers a 7 nights Free Holiday Lucky Draw each year for users accessing the website.

Maldives Tourism Development Corporation, MTDC, has raised Rufiyaa 35m (US$2.7m) in equity sales within the past two weeks.

The company within the period sold a total of 353,658 shares in the securities trading floor.

Until Tuesday MTDC sold a total of 302,365 shares of the company in the securities trading floor.

MTDC earlier said that people were keen to buy shares of the company. Last week MTDC received thousands of applications from potential buyers.

On Tuesday alone MTDC sold 35,399 shares of the company and received 753 applications on the same day. MTDC raised a total of Rufiyaa 3.54m from its equity sales on Tuesday.

Within a week since it started selling equities MTDC sold 40,297 shares raising a capital of Rufiyaa 4.03m.

MTDC was floated in the securities trading floor on July 2. The company will raise capital from equity sales until July 31.

MTDC was established by the governement of Maldives to develop several islands as tourist resorts in Maldives.

Mujey

Haama News

A new corporate identity named “ADAARAN” Resorts has been launched in the Maldives. It was launched on 1st July, 2006 at a ceremony coinciding with the official opening of the luxury resort “The Water Villas” located on Meedhupparu Island.

Among the attendees to this prestigious event was:

• Minister Tourism & Civil Aviation, Hon. Dr. Mahamood Shougee (chief guest of the event)
• Hon. Deputy Minister Mr. Abdul Hameed Zakariyya
• Tourism Minister of Sri Lanka
• Distinguished invitees from the Ministry of Tourism in the Maldives
• Important personalities from the tourism industry of Maldives
• Representatives of leading tour operators
• Important dignitaries
• Members of the Maldivian media

The new identity brings Club Rannalhi, Bathala, Meedhupparu, Ayurveda Village, The Water Villas & Hudhuran Fushi (formerly Lohifushi) under a single brand identity. According to the corporate office, the new brand identity “ADAARAN” presents the promise of high standards of service that is part of the rich tradition of the Maldivian culture, and the aspirations of the Group to reach new heights in the products and services offered to discerning customers. The brand also categorizes their resorts into different independent identities while retaining the original name of the resort.

Tourism is the largest industry in the Maldives. 20% of the GDP and 60% of the foreign exchange that flows into the country is through the tourism sector. Also, over 90% of the government tax revenue comes from tourism related taxes and import duties.

Fishing is the second leading economic sector of the Maldives. A significant amount of country’s income is generated through export of live fish and other fish/marine products.

Largely constrained by the limitedness of cultivable land and domestic labour, agriculture and manufacturing play only a minor role in the economy of the Maldives.

Other economic activities in the Maldives include garment production, boat building and handicraft production. However, these are not major income generating activities and accounts only for about 16% of the GDP.

The GDP of Maldives totalled US$435 million in 2000 – about US$1,400 per capita. The Maldives has experienced relatively low inflation in recent years. Real GDP growth averaged about 10% in the 1980s. It expanded by an exceptional 16.2% in 1990, declined to 4% in 1993, and has since bounced back to the 7% to 9% range.