The president declared "Project Solar City" as the country's first special economic zone after an investment agreement was signed with Canada's Abraxas Power Corp at a Business Forum in Singapore. The US$ 100 million project aims to generate 100 megawatts from floating solar panels four kilometres offshore from Hulhumalé. Logistics, storage, real estate, MICE tourism facilities, and an industrial hub are also to be developed in the zone. The government has secured US$ 680 million worth of investment in SEZs with a target of US$ 1 billion, Economic Minister Saeed claimed at the forum.
British migration consultancy firm Henley & Partners was enlisted to develop a "residence by investment" scheme to offer "state-of-the-art properties with the utmost privacy and exclusivity."
The US dollar withdrawal limit for Maldivians residing overseas will remain unchanged at US$ 750 a month if they register online, the Bank of Maldives announced in response to concern from students and the wider diaspora after the ATM withdrawal limit was slashed to US$ 125.
The State Trading Organisation only imports 30 percent of medicines needed for the country, STO boss Shimad Ibrahim told parliament's social affairs committee, blaming exclusive supply contracts and regulatory constraints imposed by the Maldives Food and Drug Authority for the persisting medicine shortage.
The issuance of registries for land plots awarded from Gulhifalhu will begin next week, the housing ministry announced. Appointments could be made through an online portal.
The tourism goods and services tax rose to 17 percent as a one percent rise took effect.
Two men were injured after two retrofitted oil tank boats caught fire in the Thaa Vilufushi harbour.
Police towed 420 vehicles in two weeks from Malé's outer road and main thoroughfare.