Mohamed Saeed
Total Page:16
File Type:pdf, Size:1020Kb
Mohamed Saeed: The Maldives Ushers in a New Era for Investors Hussain Afeef: A Pioneer’s Path Mohamed Ali Janah: On the Trail of a Trailblazer Developments in the Maldives: A Banker’s Perspective “The Maldives is on a course of economic transformation that will re- shape the business landscape in terms of physical infrastructure and the legal framework. Investor confidence in the Maldives has never been higher” HE. President Ibrahim Mohamed Solih 3 INVEST MALDIVES OFFICIAL MAGAZINE We are the lead government agency for promoting and facilitating inward investments into the Maldives to enhance the country’s economic landscape. © 2017 Invest Maldives, Ministry of Economic Development, Boduthakurufaanu Magu, Male’ 20-07, Republic of Maldives [email protected] Invest Maldives Volume 3 | 2017 MALDIVES IN BRIEF STATEMENT BY MINISTER OF ECONOMIC DEVELOPMENT Area Total Area 90,000 sqkm EEZ 895,000 sqkm Islands 1192 island nvest Maldives has secured its position in the market as a vital source of 198 inhabited islands Iinformation as well as a platform to showcase major investments into the country. 127 operational resorts The contents of this Issue stands testament to the strong performance of the 28,775 resort beds Maldivian economy which has benefited greatly from the pro-business policies, legislative initiatives and infrastructure development projects undertaken by the Government. The transformational economic vision of His Excellency President Abdulla Gross International Yameen has already begun to bear fruit as evidenced by the increased investor interest in the Maldives. It is not just the public treasury and the public at large that benefits from these positive developments, but also the private sector Reserves which enjoys greater potential to partner with foreign businesses in order to gain the necessary edge to succeed in the market. USD 467.1 Million as at end 2016 Invest Maldives will continue to record these developments on an annual basis and present them to our readers. Exhange Rate 1 USD = 12.85 MVR +/- 20% Hon. Fayyaz Ismail Growth GDP Growth: 3.9% (2016) Income per capita: USD 7,338 (2015) Total tourist arrival: 1.28 million Source: Maldives Monetary Authority Maldives Investment Forum | Dubai 7 Invest Maldives Volume 3 | 2017 CONTRIBUTORS INSIDE PUBLISHER Ministry of Economic Development Statement by Minister of Economic Development 7 CONTRIBUTORS PICTURES & ILLUSTRATIONS Invest Maldives: One-stop shop for investors in the Maldives 10 Mohamed Saeed President’s Office Fitch Ratings Inc. Yey Studio LLP The Maldives ushers in a new era for investors 12 Mohamed Ali Janah Hotels and Resort Construction Crossroads: Redefining the Maldives experience Hussain Afeef Bank of Maldives Plc beyond conventional tourism 14 Martin Vossen Housing Development Corporation Lars Petre Tree Top Investment Hussain Afeef: A Pioneer’s Path 18 Ibrahim Vishan Dhiraagu Ahmed Saleem Singha Estate Velana International Airport: Building the Gateway of the Future 24 Adam Saleem Maldives Airports Company Limited Andrew Healy OTO Pvt. Ltd. Mohamed Ali Janah: On the Trail of a Trailblazer 30 Thiti Thongbenjamas Mohamed Saiman Rating Paradise 36 Adil Moosa Developments in the Maldives: A Banker’s Perspective 40 Dream Rising 46 Investment Highlights 54 Maldives Investment Forum | Dubai 9 Invest Maldives Volume 3 | 2017 several information sessions in SEZ Law facilitates a flexible regulatory INVEST MALDIVES countries around the world to provide information to international environment for mega investments of One-stop shop for investors in the investors. strategic significance to the country. Maldives If investors are looking for partnerships with the local private projects of over US$ 1 billion • Exemption of Import duties sector or work with the government • Allows for the availability of for materials imported for in a pubic private partnership or international arbitration in development, management and in joint ventures, Invest Maldives dispute settlement operation of the zone offers assistance through its business • Exemption of Business Profit Tax matching services linking investors (BPT) with like-minded local businesses or • Exemption from Goods and Sales government agencies responsible for Special Economic Zones Tax (GST) PPP projects. • Additional tax relief and tax Special Economic Zones established credits under specific regulations Access to Invest Maldives is open to by law, offers a tremendous all potential investors. Investors may opportunity for investors looking at Additional incentives that can be walk-in for guidance and direction at investing in mega projects in the negotiated during the approval any stage of their investment process Maldives. The SEZ Law facilitates a process include; from conception to operations. flexible regulatory environment for • Exemption of BPT and GST Invest Maldives offers personalized mega investments of strategic beyond the first ten years service and takes investors through significance to the country, and • Exemption from taxes in the sale a bureaucracy-free process that is investors planning to invest a and purchase of land designed to offer convenience to minimum of US$ 150 million can reap investors. significant benefits from the special SEZ also offers provisions for economic incentives it offers. The SEZ residency arrangements and for aldives has continued to Well-defined procedures, designed to The business registration process framework also provides strong ownership of land for foreign Mdevelop at a steady pace with offer clarity, security, convenience and is refined and simplified to offer protection for developers as well as investors. an average growth rate of 7% during convenience and comfort to investors investors in special economic zones. the last twenty years. The economy speed for investors looking at investing to enable businesses to complete the has remained resilient amidst the in the Maldives. whole process in just a matter of five shocks the world has seen during the days. Strategic Priority Areas: period. Pro-market policies embedded within the government’s economic Invest Maldives offers a one-stop relationship with key government Incentives for Foreign • Infrastructure development; Invest Maldives th vision contribute to a strong, shop that takes investors through stakeholders, Invest Maldives is Investments airports, ports, ICT 4 Floor, Velaanage Building liberal and transparent trading and the A-Z of investing in the Maldives. equipped to set up meetings and infrastructure www.investmaldives.gov.mv commercial environment. In its drive It is a process that has been provide comprehensive information • The right to incorporate • Economic diversification; [email protected] to build a strong and stable economy streamlined through changes in laws on investment opportunities across businesses with 100% foreign manufacturing, logistics, research the Government has implemented and regulations, and well-defined various sectors of the economy and ownership and development, financial several policies that opens up procedures, designed to offer clarity, facilitate in depth discussions with • Long leases of land for up to 99 services attractive opportunities for foreign security, convenience and speed for stakeholders for detailed study of years • Social development; education, investors. investors looking at investing in the potential opportunities and projects. • Freedom to use foreign health, housing Maldives. The agency also facilitates site visits managerial, technical and Invest Maldives is geared to with stakeholders if and when such unskilled workers While there is a set of incentives achieve the Government’s vision Invest Maldives provides the visits may be required. • No foreign exchange restrictions and benefits that are guaranteed of broadening the economic base information investors need to explore • No restrictions on repatriation of to the SEZ investor by law, there through diversification of the and set up their investments. It has In addition to the personalized profits and capital proceeds are additional benefits that can be country’s economy and enhancing the resources to offer comprehensive services provided to potential • Long term contractual gained based on merits of the project its economic landscape. It is the lead information on the country’s investors who contact the agency, agreements and long term lease the investor is able to present for government agency for promoting economic climate, investment Invest Maldives also conducts for mega scale projects consideration, during the project and facilitating foreign investments opportunities in various economic • Provision of a legally backed negotiation process. into the Maldives and is responsible sectors and information on special a bureaucracy-free investment guarantees for investment promotion, facilitation projects open for investment. process that is designed • Availability of land reclamation For the first TEN years of operation and registration. to offer convenience to option for development, with a such investments are offered; Through its strong working investors. 70% land ownership offering for Maldives Investment Forum | Dubai 11 Invest Maldives Volume 3 | 2017 working with some of the best to investors of both countries and transhipment industry offers great international law firms to introduce enhances investor security through potential,” adds Mohamed Saeed. THE MALDIVES a mercantile court in the country. legally bound assurance. The Work is also underway to introduce government