Tourism Industry
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BusinessGovt to terminate lease agreements for stalled resort projects
The Tourism Ministry has issued a new regulation allowing the government to terminate lease agreements for stalled resort projects without further extensions. While some developers may receive a final grace period, properties failing to meet specific construction timelines will be repossessed, and developers remain liable for all unpaid fines.
BusinessForeign investors voice concerns over 40 percent dollar exchange
Foreign investors and local resort owners in the Maldives have voiced strong opposition to a new rule requiring them to exchange 40% of foreign currency revenue. Critics argue the mandate is unconstitutional and threatens business sustainability. MATI members are now urging the association to advocate against the government's policy.
