Maldives Aims for $440M Tourism Revenue with Green Focus

Published on August 7, 2024

The Maldives tourism industry is set to generate MVR 7 billion in revenue per annum by 2027, according to Minister of Tourism Ibrahim Faisal. Speaking at the inaugural ceremony of the Asia Pacific Hotel Industry Conference & Exhibition (AHICE) 2024, Minister Faisal emphasized the Maldives government’s commitment to creating an investor-friendly environment.

Minister Faisal highlighted the resilience of the tourism sector and noted that recent amendments to the Tourism Act are paving the way for new development opportunities. These changes aim to provide investors with greater flexibility and confidence to pursue shared visions for growth.

The minister praised the Maldives’ hospitality sector for its strong performance, stating that the country consistently ranks as the top market in the Indian Ocean. The Maldives has shown significant growth in both Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR).

Sustainability remains central to the Maldives’ future vision. Minister Faisal emphasized the government’s active support for sustainable development practices and encouraged all stakeholders to adopt these practices. Besides sustainability, the tourism sector also values investment stability, with the government offering a 99-year lease period for tourist resort development projects.

The minister projected that tourism sector revenue would reach MVR 7 billion per annum by 2027, supported by the opening of the newly expanded Velana International Airport (VIA) in July 2025. The phased openings of VIA will enhance connectivity, further strengthened by Maldivian’s plan to introduce a new wide-body aircraft in 2024. This addition aims to target major tourist markets and expand the network to boost global connectivity.

Minister Faisal concluded his speech by emphasizing the potential to transform challenges into opportunities and forge lasting partnerships to elevate the Maldives on the global tourism stage. He welcomed attending stakeholders to this year’s Asia Pacific Hotel Industry Conference & Exhibition .