Yasir appointed Visit Maldives CEO and MD

Aug 27, 2026, 12:13 PM

Abdulla Yasir was appointed as the Chief Executive Officer and Managing Director of Visit Maldives Corporation Limited (VMC) yesterday.

Yasir’s appointment follows the resignation of Ibrahim Shiuree from the position last Monday. The reasons behind Shiuree's departure have not yet been disclosed.

Yasir brings extensive experience from the resort industry, having previously served as a Director at One&Only Kanuhura. He also held the position of Managing Director at SIMDI Group.

Educated in tourism in the United Kingdom, Yasir is also a prominent businessman. Through his companies—Super Supply, Crispy Farms, and Watermark—he is involved in importing and distributing various products across the Maldives.

Yasir is the third individual to lead VMC under the current administration. He follows Ibrahim Shiuree and the corporation's first appointee of this term, Fathimath Thaufeeq.

Visit Maldives Corporation Ibrahim Shiuree Abdulla Yasir One&Only Kanuhura

Comments

MMPRC Managing Director Shiuree resigns

Aug 24

Latest News

Government settles final $50 million debt to SBI

The government has fully repaid a $150 million debt to the State Bank of India, settling the final $50 million installment this month. The debt, originally incurred in 2019, was cleared in three stages under the current administration. This payment is part of a broader $2.3 billion effort to service foreign debt over the last two years.

Govt urged to suspend dollar mandate and tax changes

Tourism advocacy group Destination Future is urging the government to suspend a planned 40% foreign currency conversion mandate and new tax changes for tour operators. The group warns these measures could cause irreparable damage to the industry, which is already struggling with declining occupancy and rising supply costs.

Agents threaten Maldives boycott over proposed "double taxation"

Foreign tour operators are threatening to boycott the Maldives over a proposed 17% tax on their profit margins. Agents argue the "destination principle" policy leads to double taxation, as they already pay taxes in their home countries. Many warn they will shift focus to rival destinations if the government proceeds with the new regulations.

Insufficient funds for essentials after repaying $50 million loan

Former President Mohamed Nasheed warned that repaying a $50 million bond to India will deplete the Maldives' usable reserves. He cautioned that this financial strain will leave the government unable to afford essential imports like food, fuel, and medicine. The payment marks the final installment of a $150 million debt to the State Bank of India.

European tour operators are expressing concerns: Nasheed

Former President Mohamed Nasheed warned that a new mandate requiring resorts to convert 40% of foreign earnings into local currency could lead to bankruptcy. European investors and tour operators fear the policy leaves insufficient funds for dividends and debt. Nasheed urged the government to reconsider to avoid damaging investor confidence.

Expat wages must go through banks

The Maldives Home Ministry now requires all expatriate wages to be deposited into local bank accounts to be legally recognized. Cash payments are strictly prohibited, and employers failing to comply face fines or quota cancellations. This policy aims to address dollar shortages and ensure foreign workers receive their due compensation.

Usable reserves drop below levels after settling sukuk

The Maldives' usable reserves fell to $200.6 million last month following a $525 million sukuk settlement. Despite a slight rise in gross reserves to $643.8 million, increased short-term liabilities led to a 10% drop in available funds. Officials expect a recovery by year-end due to a surge in foreign currency exchange.

Get the latest news delivered straight to your inbox