President Dr. Mohamed Muizzu has ratified significant amendments to the Maldives Fisheries Act, establishing a dedicated legal framework to build integrated sports fishing marinas and commercial fishing harbours.
Passed by Parliament in a 59–3 vote, the updated legislation amends Article 30 of the Fisheries Act to authorize harbor developments at marinas, wharf piers, and landing stations. The reform removes long-standing legal barriers and paves the way for foreign investors to hold 100% management and operational control over these coastal developments.
President Muizzu noted that several international parties have already expressed interest in developing sports fishing infrastructure across the archipelago.
Key Investment Concessions and Target Sites
The Ministry of Economic Development, Transport, and Trade has identified initial development sites across five regions, starting with three primary lagoons:
- K. Bochu Falhu
- V. Maadhiggaru Falhu
- GDh. Balomathidhoo Falhu
To attract international capital, the government is offering major financial incentives:
- Long-term access to designated land and sea areas without initial acquisition fees.
- A three-year import duty exemption on construction equipment.
- Full 100% foreign ownership rights for site management and operations.
Required Infrastructure and Facilities
Under ministry guidelines, approved sports fishing hubs must operate as full-service maritime complexes featuring integrated offshore and onshore resources:
- At Sea: Dedicated mooring zones for safari and fishing vessels, 24/7 fuel and water replenishment stations, and standardized cold-storage units for processing fresh catch.
- On Land: Vessel repair yards, marine equipment outlets, tour operator offices, dining establishments, and lodge-style accommodations for visiting anglers.
Efforts to attract investors are expected to begin soon.
