DOING BUSINESS IN MALDIVES

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Tourism Sector

The Maldives has won the Condé Nast Traveller’s Readers Best Island Award for the year 2008. Maldives scored well in all 10 scoring criteria including the top mark for beaches.

The Maldives won this milestone award from the readers’ poll by successfully competing against Greek Islands, Mauritius, Barbados and Hawaii etc. This is the third consecutive year that Maldives won this award.

In addition, six Maldives resorts were among the best hotels in Overseas Leisure Hotels in the Middle East, Africa and the Indian Ocean category.

http://www.maldivestourism.net/blog/maldives-wins-best-island-award-2008/

With total employment of around 14,000 and contribution of 33% to the GDP, the tourism sector is the key engine of growth in the Maldivian economy.

Having adopted a strategy of tourism development centered on the high end of the market, according to statistics, there is an excess demand for beds and hence an immense scope in development of some 30 resort hotels scattered around the Maldives.

Occupancy rates have shown an increasing trend during the last decade and average 62% a year.

The Maldives has a unique marine environment created by the 20 coral atolls sitting on top of a submarine mountain ridge. The government devised policies to protect this important resource and has thereby created the foundation for a unique setting for tourism development. Resorts are leased to the operators and revenue contribution of the sector to the government is composed of the lease fees for a 25 to 35 year lease period. In addition the government collects a bed tax of USD 8 per night.


Catering to the upper end of the market, the cost of the development of the resort hotels, the One Island One Resort concept in the Maldives is high and so are the returns to developers and other partners, etc.


Investment Opportunities in Tourism sector include:

 

  • Resort Development
  • Private Villas
  • City Hotels
  • Newly opened up Guest Houses and Boutique Hotels in the outer atolls and islands