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Situation Maldives: Strengthening the Fight Against COVID-19

Situation Maldives looks into the COVID status in Maldives
Within the past week, Maldives has seen an alarming rise in the number individuals tested positive for COVID-19.

Within the past week, Maldives has seen an alarming rise in the number individuals tested positive for COVID-19. Seeing 527 positive cases and 01 death due to the virus, further extension of the lockdown was much needed due to the situation in Maldives.

The rapid increase in the number of infected individuals and the first COVID-19 associated death has forced the government to extend the lockdown even further to contain the spread of the virus. The deceased individual was an 83 year old woman from the capital city of Male’. Whilst the country has recorded 18 recoveries till now.

The community spread affected a disproportionately greater number of migrant workers living in Male’ city. While they are at greater risk of contact tracing, the Director General of Public Health have imposed quarantining of vulnerable workers in greater Male’ area. They are currently quarantined outside Male’ and under the protection of the government of Maldives in regards to the situation in Maldives.

While the healthcare system lacks the capacity to treat a large number of patients at the same time, a number of countries have provided generous donations to help strengthen Maldives’ grasp on the situation. This includes the generous donations from China in the form of disposable protective masks, N95 and KN95 masks, infrared thermometers, goggles, medical protective suits, care beds, testing kits, ventilators, sampling sticks and detection reagent extractant. In addition to that, Singapore and Thailand donated additional medical equipment to the Maldives to help strengthen the healthcare system. Furthermore, Velaa Private Island donated 10,000 testing kits and face masks, ventilators, PPEs as well as 200 respirators.

The government of United States have provided economic support to the island nation by funding USD 02 million. The government of Japan extended an emergency grant of USD 356,400 for UNICEF and USD 185,000 for Maldives Red Crescent in order to combat the pandemic. Neighbouring India also provided aid of USD 150 million under the bilateral currency swap arrangement facilitated during 2018.

The government of Maldives launched a contract tracing app to further support their efforts of mitigating the community spread. To provide extra assistance to the people during the crisis, a Viber Bot as well.

While the borders still remain closed in Maldives, a special visa permit has been introduced for specific parties. This includes resort owners, investors, and officials from institutions such as the WHO or World Bank. Those arriving under this visa will undergo the mandatory 14-day quarantine and will not be permitted to travel between islands. COVID-19 tests will be taken for them within the 24 hours of arrival, as well as after the quarantine period. Government spokesperson, Mabrook Azeez stressed that the resort owners and investors to be staying at their resorts where possible.

As a tourist destination, having the country’s economy smashed to the ground makes one wonder if there is a chance of getting back to the same level in the near future.

Once the borders are open, we have the UNWTO guidelines in place to make sure the airport to the tourist resorts they travel to is where safety is ensured for their well-being. Naturally, I must say that we are blessed with scattered islands. Which is good for a country like us because you are isolated in these islands and not mixed with others. That’s the beauty and safety of this destinations. Hopefully we will kick-start and restart our industry in the third quarter depending on the stability that we bring in controlling the disease right now.”

Ali Waheed, Tourism Minister of Maldives said during an interview with CNN

According to the Tourism Minister Ali Waheed, there more than 500 tourists in Maldives unable to go back to their home countries. During his interview with CNN, Minister stated that they are kept in Dream Island and ensured that the government will continue helping them.

We believe they are like locals, they are the people who have brought this country to where it is now”

Ali Waheed, Tourism Minister of Maldives

With extra precautionary measures in place and the aid from well-wishers, Maldives continues its fight against COVID-19.

Feature image by Vaguthu

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Maldives Sets Its Sights on Becoming a Global Financial Hub with $8.8 Billion MIFC Project

MIFC Maldives Financial Hub: Boosting Economic Growth by 2030

The Maldives, long known for its breathtaking resorts and vibrant tourism industry, is now setting its sights on a new frontier: becoming a global financial hub. The Maldives International Financial Centre (MIFC) is a monumental $8.8 billion joint venture between the Maldivian government and MBS Global Investments, a Dubai-based entity backed by Qatari royal interests. This project, scheduled for completion by 2030, promises to reshape the country’s economic landscape. It aims to diversify its dependence on tourism and establish the Maldives as a major player in global finance and innovation.

A Vision for Transformation

MIFC centers on a vision to transform the Maldives into a leading financial and technology hub in the Indian Ocean. The financial free zone, spanning 780,000 square meters in Hulhumalé, will attract fintech firms, international financial institutions, and digital entrepreneurs. Its business-friendly environment offers incentives such as zero corporate tax, tax-free inheritance, no residency requirements, and guaranteed foreign ownership, positioning MIFC as a unique proposition for global investors.

This digital-first financial ecosystem will host a range of services, including offshore private banking, green finance, digital assets, and multi-currency banking. The district will also feature world-class infrastructure: high-rise towers, branded residences, luxury hotels, retail space, and a state-of-the-art convention center that will host 35,000 visitors daily. This comprehensive vision will create 16,000 new jobs and position the Maldives as a competitive player in global markets by 2040.

A Strategic Investment for Growth

MIFC is not just about infrastructure; it aims to position the Maldives as an emerging leader in the world of finance. The government has outlined ambitious economic goals, including generating over $1 billion in annual revenue within the first five years of operation. This effort seeks to reduce the country’s economic vulnerability, which currently relies heavily on tourism while facing mounting external debt.

For the Maldives, this project goes beyond business; it represents a statement of intent to diversify its economy and reduce the risks associated with its single-industry focus. By tapping into global financial networks and attracting investors from around the world, MIFC can pave the way for sustainable economic growth and long-term prosperity.

Geopolitical and Economic Implications

MBS Global Investments, backed by Qatari royalty, lends the project significant geopolitical weight. Positioned strategically between two regional giants, India and China, the Maldives aims to capitalize on its political neutrality and become a financial bridge between East and West. The proximity to major shipping lanes and key economic corridors enhances the region’s strategic importance, making MIFC not only an economic endeavor but a geopolitical one as well.

By diversifying and strengthening its economy, the Maldives hopes to attract global capital that might otherwise flow to competing projects in the region. With its focus on sustainability and cutting-edge financial technologies, MIFC positions itself as a forward-looking alternative, appealing to investors seeking stability and long-term growth.

Criticism and Controversy

However, the project has faced criticism. Opposition voices have raised concerns about the transparency of the partnership with MBS Global Investments, particularly regarding the company’s lack of verifiable financial records and audit transparency. They have also questioned the credibility of its leadership and the potential risks associated with such a large-scale venture backed by a single foreign investor.

While these concerns are valid, the scale and ambition of the MIFC project remain undeniable. The Maldives government has committed to ensuring the project adheres to global standards of governance, and its focus remains on delivering a financial center that supports innovation and economic growth.

Looking Forward

MIFC represents an exciting leap into the future of finance and innovation for the Maldives. It is a bold attempt to build a resilient, diversified economy that can thrive long after the tourism boom. As the project progresses toward its 2030 completion, it will be interesting to see how it shapes the region’s financial landscape and whether it can overcome the challenges posed by its critics. For now, the Maldives is positioning itself as a key player in the rapidly evolving global financial scene, and MIFC could become the catalyst for a new era of growth and prosperity.

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