Maldives Seeks Greater Saudi Investment in Economic Transformation

The Maldives is seeking a larger role for Saudi Arabia in its economic transformation, with President Dr Mohamed Muizzu calling for increased Saudi investment across key sectors as the country works towards its goal of becoming a developed nation by 2040.

Addressing a reception marking Saudi Arabia’s 96th National Day at Niva Kurumba Maldives, President Muizzu said the Maldives is ready to move its relationship with Saudi Arabia beyond traditional development assistance towards greater cooperation in investment, business and shared economic growth.

He identified tourism, infrastructure, housing, healthcare, fisheries, renewable energy and logistics as areas where Saudi businesses and investors could play a greater role.

“We are ready to work with Saudi Arabia not only as a recipient of development assistance, but as a partner in investment, enterprise and shared prosperity,” The President said.

The President said the Maldives is committed to strengthening its investment environment and creating conditions that would enable Saudi businesses to participate more meaningfully in the country’s economic transformation.

He said growing interest in economic cooperation between the two countries should now be translated into practical opportunities that can generate employment, strengthen both economies and improve the livelihoods of their people.

The call for greater investment comes against the backdrop of longstanding Saudi support for Maldivian development. The President highlighted the Saudi Fund for Development’s contributions to major sectors including transport, health, fisheries, housing and urban development.

He also acknowledged Saudi assistance following the 2004 tsunami, describing the Kingdom’s continued support as evidence of its longstanding commitment to the Maldives.

The President pointed to the Makkah Route Initiative and the King Salman Mosque as examples of cooperation that has had a direct impact on Maldivian people, while also highlighting Saudi Arabia’s role in supporting the Maldives’ broader development journey.

The President said the relationship is now entering a new phase, with both countries having opportunities to expand cooperation beyond existing areas.

He also highlighted the recent signing of the Charter of the Multinational Maritime Defence, saying maritime security is particularly significant for the Maldives as an island nation dependent on the sea for its prosperity and security.

The President said the Maldives looks forward to working with Saudi Arabia to strengthen maritime security, safeguard freedom of navigation and contribute to regional stability.

Meanwhile, Maldives’ participation in Expo 2030 Riyadh is expected to provide another platform for strengthening bilateral economic and people-to-people ties. The President said the Maldives intends to use the global event to showcase the country while promoting tourism, investment and innovation.

The President also highlighted the participation of Saudi Crown Prince and Prime Minister Mohammed bin Salman’s representative, Prince Dr Mansour bin Miteb bin Abdulaziz Al Saud, as Guest of Honour at the Maldives’ recent 61st Independence Day celebrations, describing his presence as a reflection of the special relationship between the two countries.

The President said the Maldives and Saudi Arabia share a relationship rooted in faith, mutual respect and longstanding friendship, and expressed confidence that the partnership can be further strengthened through expanded economic and development cooperation.

“Our friendship has deep roots. Our partnership has strong foundations. And I am confident that, together, we can build an even stronger future,” the President said.