President Dr Mohamed Muizzu has pledged to strengthen the Maldives’ investment environment as his administration seeks greater participation from Saudi businesses in major sectors of the economy.
Speaking at a reception marking Saudi Arabia’s 96th National Day at Niva Kurumba Maldives on Wednesday night, Muizzu said the government intends to create conditions that allow Saudi investors to play a larger role in the country’s economic development.
The President identified tourism, infrastructure, housing, healthcare, fisheries, renewable energy and logistics among the sectors offering opportunities for expanded Saudi investment.
He said the Maldives wants its relationship with Saudi Arabia to increasingly encompass investment and enterprise alongside the development assistance the Kingdom has provided over several decades.
Muizzu said his administration would work to introduce appropriate policies and improve the investment environment as the Maldives pursues its goal of becoming a developed country by 2040.
The President described Saudi Arabia as a trusted development partner and expressed appreciation for its longstanding assistance to the Maldives.
Saudi support has reached several major areas of the economy through the Saudi Fund for Development, including transport, healthcare, fisheries, housing and urban development.
The fund has been involved in financing major infrastructure projects in the Maldives, including the expansion of Velana International Airport. Saudi financing has also supported housing and fisheries development projects.
Muizzu also recalled Saudi assistance following the 2004 Indian Ocean tsunami, describing the Kingdom’s support over the years as evidence of the close relationship between the two countries.
Relations between Malé and Riyadh have continued to expand under the current administration.
In July, Saudi Prince Dr Mansour bin Mutaib bin Abdulaziz Al Saud attended the Maldives’ 61st Independence Day celebrations as Guest of Honour on behalf of Crown Prince and Prime Minister Mohammed bin Salman.
The President also highlighted Saudi Arabia’s Makkah Route Initiative, which has been extended to Maldivian pilgrims travelling for Hajj, and the King Salman Mosque in Malé as examples of cooperation that directly connects the two countries.
Diplomatic relations between the Maldives and Saudi Arabia were formally established on March 17, 1981, although the government describes links between the two countries as having much deeper historical and religious roots.
Muizzu also pointed to maritime security as an emerging area of cooperation.
He described the signing of the Charter of the Multinational Maritime Defence as another milestone in bilateral relations, saying secure maritime routes are particularly important to an island nation whose economy and security are closely connected to the ocean.
The Maldives intends to work with Saudi Arabia through the initiative to support freedom of navigation, maritime security and regional stability, he said.
The President also confirmed the Maldives’ participation in Expo 2030 Riyadh, which he said would provide another platform to expand cooperation in tourism, investment and innovation.
Muizzu said the Maldives intends to use the international exhibition to showcase the country while building stronger connections between businesses and people from the two nations.
Beyond economic cooperation, the President reaffirmed the Maldives’ intention to work closely with Saudi Arabia in international forums on issues affecting the Muslim world and on efforts supporting regional peace and stability.
The Maldives has repeatedly expressed solidarity with Saudi Arabia on regional security matters. Most recently, the government condemned attacks targeting Saudi civilian and economic infrastructure and reiterated its support for the Kingdom’s sovereignty and territorial integrity.
Muizzu said there is growing interest in expanding economic ties between the two countries, with the next step being to translate that interest into investments capable of generating employment and contributing to economic growth.
He expressed confidence that the longstanding relationship between the Maldives and Saudi Arabia could now develop into a broader economic partnership built around investment, enterprise and shared development.
