Muizzu Declares DBM as Key Investment Hub for Maldives

President Dr. Mohamed Muizzu has announced that the Development Bank of Maldives (DBM) will serve as a central hub for investment in developing tourist resorts, real estate, the housing market, and other economic sectors.

In a statement this morning before meeting with the newly appointed chairperson and chief executive officer of the DBM, President Muizzu highlighted the bank’s importance. He noted that the DBM will be the Maldives’ first development bank and aims to play a crucial role in diversifying and expanding the national economy.

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“The primary objective of the DBM is to broaden and enhance the Maldivian economy,” President Muizzu stated. He expressed confidence in the bank’s future operations, citing the extensive international experience of the selected CEO and chairperson.

The DBM is expected to serve as a central hub for investment in the tourism industry, renewable energy, and the real estate and housing sectors.

Development banks are designed to introduce and support new business ventures and industrial activities. They typically provide primary lending for setting up businesses and other economic initiatives.

Creating the DBM aligns with one of President Muizzu’s electoral promises. The bank was established under the Companies Act in May, and on July 28, the Ministry of Economic Development applied for a licence to operate from the Maldives Monetary Authority (MMA).

On August 21, three members were elected to the bank’s board: Ahmed Ali, a Maldivian; Saeed Abdul Nasir Bin Saeed Hassan Al-Junaid, a Singaporean; and Robert Daniel Kant, a Briton.

According to the President’s Office, the DBM’s formation aligns with government policies, including funding infrastructure projects, investing in sustainable development, addressing challenges related to financing PSIP projects through syndicated financing and encouraging foreign exchange retention within the nation’s banking system.