A man who went missing after a boat capsized near the Taj Exotica resort has been found dead.

Police said he was a Maldivian national. Search efforts are underway for another missing foreign national.

The Maldives National Defence Force (MNDF) Male' Area Command Coastguard Second Squadron and a team of Coastguard divers are operating in the area.

There were four people on board at the time of the incident, two of whom were rescued by a boat in the area.

It is unclear why the Balma-6 boat capsized and what kind of cargo it was transporting.