Finance Minister Urges Greater Opportunities for Maldivian Businesses in Real Estate

Finance Minister Moosa Zameer has urged authorities to prioritise giving opportunities to Maldivian businesses in the real estate sector, stressing that greater local participation is essential for boosting the domestic economy.

Speaking at the ceremony held to sign the contracts, minister Zameer highlighted that most real estate companies operating in the Maldives are foreign-owned and often lead major projects without providing significant direct benefits to the local economy. He stated, “These companies sell real estate assets to Maldivians using financing from the Maldivian banking system, convert the proceeds from MVR to USD, and increasingly remit the funds abroad through local intermediaries.”

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He added that shifting focus toward local contractors, suppliers, and businesses would help retain economic value within the country, create jobs, and strengthen domestic capacity. Furthermore, he said the Finance Ministry has advised government-related agencies and the Tender Board that this approach should be applied across sectors—particularly in real estate, where foreign participation currently dominates.

Minister Zameer stressed that promoting Maldivian businesses is part of a broader strategy to foster sustainable development, enhance economic resilience, and ensure that national development projects deliver tangible benefits for the local population.