Tourism
The tourism sector is the most significant contributor to the Maldivian economy, with a proportion greater than 1 / 4 of the countrywide income.
Since its inauguration in 1972, the tourism business has grown at a rapid rate. Tourist arrivals had reached 1.7 million by the end of 2019. Despite a drop in visitors in 2020 due to the Covid-19 pandemic, tourist numbers exceeded predictions after the gates reopened in July 2020. Since international borders opened for travel in 2020, the Maldives has been one of the world’s best-performing tourism destinations.
Post-pandemic’s disastrous aftermath, tourist arrivals have seen tremendous magnification. The Velana International Airport expansion project, scheduled for completion in 2023, will further boost tourism & culminate in making the sector even more lucrative.
Opportunities for investment
As part of this expansion, the government intends to add 35,000 new beds by 2023, focusing on localization and diversification.
There is great potential for tourism investment in the Maldives’ biosphere reserves and protected areas, which are home to a conglomeration of marine and terrestrial fauna and flora.
An array of investment opportunities are now available to foreign investors, including high-value developments based on the one-island-one-resort concept, yacht marinas, luxury hotels, and guesthouses.
Investments that would expand culture and wellness tourism, ecotourism, MICE, and adventure tourism are welcome. There are also options for foreign investors looking for opportunities to invest in the Maldives who seek to invest in tourism real estates, such as holiday homes and private islands.
