Over USD 680 million in investment commitments have been secured for the Maldives’ Special Economic Zone (SEZ) portfolio, marking a major development in the government’s long-term strategy to attract USD 1 billion in foreign capital within the next five years. Minister of Economic Development and Trade Mohamed Saeed announced the figure during the Maldives–Singapore Business Forum, held in conjunction with the official state visit of President Dr Mohamed Muizzu to Singapore.
The forum, attended by over 200 investors, government officials, and business leaders from both nations, served as a key platform for showcasing the Maldives’ investment potential across a range of sectors. Now in its seventh edition, the forum reflects the government’s strategic efforts to position the country as an attractive and secure destination for high-value investments, anchored in its broader Vision 2040 agenda to attain developed nation status.
In his address, Minister Saeed reaffirmed the government’s commitment to diversifying the economy beyond its traditional reliance on tourism. “The SEZ portfolio currently presents investment opportunities exceeding USD 680 million across several strategic sectors. These comprise concrete, development-ready projects,” he noted. The portfolio includes ventures in clean energy, logistics, tourism infrastructure, and the digital economy.
One of the headline outcomes of the forum was the signing of three major investment agreements. Topping the list was a 100-megawatt floating solar photovoltaic (PV) project, the first initiative approved under the SEZ framework since its establishment in February. Known as Project Solar City, the initiative will be led by APM SPV Pvt. Ltd., and represents a key component of the Maldives’ renewable energy strategy. The agreement was signed by Minister of Tourism and Environment Thoriq Ibrahim and James Colter E.D., Managing Director of APM SPV Pvt. Ltd.
The solar project supports the government’s target of meeting 33% of national electricity demand from renewable sources by 2028, aligning with its environmental goals and efforts to increase energy resilience across the archipelago.
Also signed was a Services Agreement with Henley & Partners, the global leader in residence and citizenship planning. The agreement introduces a Residence-by-Investment Programme, opening new channels for real estate investment and positioning the Maldives as a premium island destination not only for travel but also for residency and long-term living. The agreement was signed by Minister Mohamed Saeed on behalf of the Maldivian government and Philippe Amarante, Director for the Middle East, representing Henley & Partners.
A third agreement was formalised between the Ministry of Finance and Planning and the Singapore Cooperation Enterprise (SCE), aimed at strengthening the capacities of Maldivian State-Owned Enterprises (SOEs). The cooperation will include study visits, consultancy support, and technical training. Minister Moosa Zameer signed on behalf of the Maldives, while SCE’s Deputy CEO Tay Lian Chew signed on behalf of Singapore.
During a panel discussion titled “From Foundation to Future: Exploring Investment Partnerships,” Minister Saeed highlighted how the Maldives–Singapore partnership serves as a model of sustained cooperation between small island states. He acknowledged Singapore’s enduring role in the development of Maldivian tourism and credited companies like Singapore Airlines for facilitating the country’s global connectivity.
In a post-forum interview with PSM News, Minister Saeed described the event as a resounding success. “There has been a very good dialogue, many opportunities have opened up. This is a great forum especially for those who have invested in tourism,” he said.
The Minister also underscored the importance of the revised Foreign Investment Act, which he described as a key part of the administration’s investor-focused reforms. The new legislation modernises legal protections and regulatory clarity, enabling foreign investors to engage with confidence in sectors including renewable energy, infrastructure, and digital services.
Minister Saeed concluded by stating that the Maldives–Singapore Business Forum not only reaffirms bilateral economic ties but also acts as a catalyst for global investor confidence. As the Maldives accelerates its transition into a resilient, innovation-driven economy, platforms like these continue to play a central role in connecting Maldivian entrepreneurs with global capital and expertise.
advertisment
advertisment
