MALDIVES

Where business mixes with beauty

The Greater Malé Region, formed by the union of six neighboring islands, will decongest the capital

and enable unprecedented tourism growth.

SEPTEMBER 6, 2018

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ERSARY OF UA

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MALDIVES MALDIVES

MALDIVESinside data

EQUATOR

L 6O N

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INDIA

MALDIVES

INDIANOCEAN

LOCATION

Stretching 820km across the equator, the Maldives’ vast system of remote islets today beckons a growing number of luxury hoteliers, who have established the nation’s profile as a lusted-after tourism paradise.

THE REPUBLIC OF THE MALDIVES

THE GREATER MALÉ REGION

Maldives

Seychelles

Mauritius

Average Daily Rate

Revenue Per Available Room

$843

$573

$334

$200

$231

$139

total islands

atolls

inhabited islands

1,192

26

186

THE MALDIVES: LEADING INDIAN OCEAN TOURISM BY REVENUE

Source: Colliers (2015; published 2017)

Source: Maldives Meteorological Service

444,259 POPULATION IN 2018

AVERAGE DAILY RATE IN THE MALDIVES $843

average year-round

temperature

230C-310C

MALDIVES4 | ECONOMY

C hances are, when you close your eyes and dream of “island paradise,” the

image that appears is the Mal-dives. Such has been the triumph of the tourism industry here that even our romanticized ideas of what paradise isles should look like have been influenced by the Maldives, a feat the nation has ac-complished while raising its per capita GDP to the highest in Sou-th Asia.

To ensure that this young republic continues to grow, the govern-ment plans to link the congested capital of Malé, a six-square-ki-lometer island rarely visited by tourists, into a more efficient re-gion composed of six neighboring islands. The resulting union would provide never-before-seen economies of scale.

Though today enjoying economic high times, success was never guaranteed. The Maldives is one of the world’s most beautiful geo-graphies, but also one of its most challenging. Islands are vastly

dispersed. Land is scarce. People have been isolated. Yet, the na-tion’s rise to the top of the luxury tourism world has made it evident that geographic challen-ges can be overcome. The Mal-dives is due to register economic growth of over 6% for its third straight year, and tourism reve-nues are the highest in the Indian Ocean. Accounts are in top shape, with a fiscal deficit of 2%, the lowest in 10 years. Systemic air-port upgrades worth an unprece-dented $1 billion and at least 23 new luxury resorts will make hi-gher visitor numbers possible. There is even a nascent mid-mar-

By Justin Calderónjustin@the-businessreport.com

ket segment, which will make the Maldives regularly accessible to not only the rich.

Through the new urban plan, the nation’s economic backbone will be able to decongest. “We’ll join Malé, Hulhumalé, Vilingili, Hul-hulé [the airport island], and the industrial islands of Gulhifalhu and Thilafushi to form the Greater Malé Region,” says Minister of Fi-nance and Treasury Ahmed Mu-nawar. The country’s main port at Malé will move to Thilafushi, people will uproot to live in Hul-humalé, and new warehouses will open in Gulhifalhu. All of

The union of six neighbouring islands around the capital will form the Greater Malé Region, allowing

for decongestion in the capital city of Malé and improved economies of scale.

A new metropolis links up

CONTENTS

06 | INDUSTRY

Greater Malé Industrial Zone

spawns new backbone

08 | TOURISM

Luxury resorts turn fantasy into

reality

12 | ENERGY

“The first country in South Asia

to achieve 100% electricity

access”

10 | FISHERIES

Fisheries reel in millions from Gulf

funds

11 | FISHERIES

Making a splash for sustainability

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14 | TELECOM

Dhiraagu connects every school with

Wi-Fi

ECONOMY | 5MALDIVES

A new bridge connecting Malé with the airport island will reshape the nation’s capital.

these islands are being built upon reclaimed land, part of a $110 million government campaign to support growing logistics and in-dustry demand. “The port in Malé is very congested and we can’t expand it further,” observes Mu-nawar. “The Maldives is an ideal location for sea traffic, so the Greater Malé Region concept will make Thilafushi a very viable lo-gistics hub.”

The region will truly begin its transformation this year fol-lowing the opening of the na-tion’s first bridge, which now connects Malé with Hulhumalé through the airport island of Hul-hulé. “The 2.1-kilometer Sinama-lé Bridge is not just a physical connection; it is a bridge of hope,” Mohamed Muizzu, Minis-ter of Housing and Infrastructure, observes. “With Malé and Hulhu-malé now physically connected, the dynamics of our capital re-gion will totally change. People will get the nudge they have been waiting for to move their lives to Hulhumalé, a planned city with better roads and park.” The Sina-malé Bridge was officially inau-grated on August 30, with travel starting on September 7.

If all goes as planned, Malé, today home to 40% of the population, will rapidly deconcentrate. “We’re expecting Hulhumalé to become bigger than Malé by 2020 when the population is predicted to reach 160,000,” he adds. “By 2019, we’ll be able to move about 10,000 families out of Malé to Hulhumalé, plus invite some of people living on small islands across the country to abandon these underdevloped islands and come as well. It’s a very exciting time.”

As President Abdulla Yameen’s first term co-mes to a close, his administration has begun taking inventory of major goals it has achieved over this tenure, including a strong increase in per capita GDP and the securing of large Gulf funds to expand the international airport, what Vice President Abdulla Jihad calls the Maldives “most critical project.”

How is economic expansion impacting the ave-rage Maldivian?We are proud of what we have achieved in the last few years. You can see tangible results on the ground, including the delivery of 24-hour elec-tricity and nationwide 3G & 4G services. In 2013, our per capita GDP was $7,660; now we’re over $10,000.

What is the adminstration’s vision for the Grea-ter Malé Region?President Yameen envisions around 70% of the population living near the Greater Malé Region, and around 30% in the remaining islands. We want to attract more people to the capital region, but also deliver water services and paved roads to all inhabited islands.

What is the most important project in the Mal-dives today and why?The most critical project in the Maldives is the air-port expansion. Relieving airport congestion is really critical because there are about 23 new re-sorts coming up, adding around 4,000 beds in to-tal. We cannot cater to those resorts with the kind of congestion we have now.

“There are about 23 new resorts coming

up, adding 4,000 beds in total”

By Justin Calderónjustin@the-businessreport.com

ABDULLA JIHADVice President of the

Republic of the Maldives

FAST FACTSECONOMY

2.8 %Inflation

$ 9,671Per capita GPD

4 %Unemploymentrate

2 %Fiscal deficit

Sources: Maldives Monetary Authority (2017); Ministry of Finance and Treasury (2017)

Projected

2.2

2015

6.2

2016

6.0

20182017

6.9Real GDP growth

We’ll join Malé, Hulhumalé, Vilingili, the airport island and two industrial islands to form the Greater Malé Region.

AHMED MUNAWARMinister of Finance and Treasury

MALDIVES6 | INDUSTRY

Consisting of the two islands of Gulhifalhu and Thilafushi, the Greater Malé Industrial Zone will be the site of the country’s largest industrial projects.

Greater Malé Industrial Zone spawns new construction and logistics backbone

Construction at the new port on Thilafushi will most probably kick off this year. L ike a hermit crab forced to

change shells, Maldivian construction and logistics

companies have outgrown them-selves. An economy that ap-proached 7% growth in 2017 has spurred firms to expand, with the industrial islands of Gulhifalhu and Thilafushi, both of which continue to add more land as re-clamation is completed, now offe-ring companies new homes to maintain growth. Located a mere six kilometers from Malé, the two industrial islands formerly ma-naged separately as Gulhifalu In-vestment and Thilafushi Corpora-tion merged into one company, the Greater Malé Industrial Zone Ltd. (GMIZL), on March 28, 2018, which is now aiming to develop a new port to further support eco-nomic growth.

Ahmed Nasif, the new Managing Director of GMIZL, isn’t wasting any time. “Construction at the new port on Thilafushi will most probably kick off this year,” Nasif tells us. The Maldives, which is projected to expand 6% in 2018 by the Maldives Monetary Authority, “is achieving rapid development and we need this new port if we want to continue at this pace,” he adds. The shortlist for GMIZL’s new assets has steadily grown since its inception, and today in-cludes a 50,000-person labor park, special economic zone, a 50-ton incinerator and, though only in its feasibility stage, an LNG terminal. “Either Gulhifalhu or Thilafushi will be home to a labor park for between 40,000 to 50,000 workers, further easing population pressures on Malé,” says Nasif, adding that “there has been a collaborative effort inclu-ding the President’s Office to de-velop a special economic zone,”

which he says will most likely be developed across both islands.

Clean start Once scorned as the Maldives’s “garbage island,” Thilafushi has today cleaned up its act, having mostly replaced landfilling me-thods with land dredging and by installing incinerators to more ef-ficiently serve the capital region’s waste management. “We recently oversaw the installation of five new incinerators, focusing on a

By Justin Calderónjustin@the-businessreport.com

Management Cooperation in 2016 to service Malé’s garbage. This new image for Thilafushi’s has helped to lure in a number of construction materials bu-sinesses, as well as speedboat producers, such as Gulf Craft, a UAE-based luxury yacht maker that producers boats up to 47 me-ters in length.

When current sand-dredging work is completed, Thilafushi will add another 100 hectares, and Gulhifalhu another 30. “We are also looking at another segment of the Greater Male Region with other lagoons,” Nasif says. “In the coming years, GMIZL will be charged with generating synergy between the central Male region and populous zones where there will be a definite need for indus-trial development. For example, Gan Atoll has an international air-port at Addu City and more re-sorts are being built there, so more industrial capacity building will be required,” Nasif says. “I see GMIZL being used as a brand towards these populous areas and providing them with infrastruc-ture, industrial and reinforced services,” he declares.

more modern means of waste management,” announces Nasif. “The environment ministry is on the verge of putting up a 50-ton incineration facility, which will be established over the next two years,” he continues.

Nasif declares that the reduction of landfilling at Thilafushi was preceded by a more instilled “un-derstanding for environmental care,” which started in earnest with the re-launch of the Waste

AHMED NASIFFormer Managing Director of

Greater Malé Industrial Zone Limited

more hectares to be reclaimed

more hectares to be reclaimed100 30

THILAFUSHINew port location

GULHIFALHUWarehousing hub

Gulhifalhu will be the capital’s warehouse hub.

THE GREATER MALÉ INDUSTRIAL ZONE IS MADE OF TWO RECLAIMED ISLANDS

LOGISTICS | 7MALDIVES

Warehousing solutions are in high demand due to an intrinsically challenging geography, says top

logistics firm Centurion Group, the first Maldivian company to go public.

“Immense potential” in warehouse

solutions, says top logistics firm

Most investors expect logistics support to have warehousing solutions, but unfortunately it’s not developed yet, so there's immense potential here.

Today, of all the imports into the Maldives, 20% of them come through us on the freight side.

AHMED MAUMOONChairman of Centurion Group

AIMON JAMEELManaging Director of Centurion Group

By Justin Calderónjustin@the-businessreport.com

T he Maldives' vast system of 26 atolls presents one of the planets most

challenging logistics landscapes. Servicing dispersed islands makes shipping expensive. Luxury resorts expect five-star punctuality. Weather can make sea lanes capricious.

“Being a country where we have to bridge the gap between the sea and the land quite often, we need a lot of assets in terms of logis-tics,” says Ahmed Maumoon, chairman of Centurion Group, a leading logistics company that manages the nation’s largest fleet of perishable supply ships for re-

stock exchange, an event Mau-moon accredits to a new drive for capital and awareness. Since going public, Centurion has been approached by Maersk Line through their Gulf division, and, according to Maumoon, is expec-ting to issue Centurion's first di-vidends to shareholders in the near future.

Having clearly benefited from the listing, Centurion is looking to fortify an already strong industry lead. “Today, of all the imports into the Maldives, 20% of them come through us on the freight side,” says Aimon Jameel, Centu-rion’s managing director.

“On the logistics side, we would have a much bigger contribution, totaling about 35% of the mar-ket. Name any major project in the Maldives, and we will have had some contribution in it, ran-ging from the construction for the new bridge and the airport expansion to resort construction and ongoing solar panel work,” Jameel observes.

Having closely worked with Du-bai’s Sharaf Shipping, Jameel spots synergy. “We see the Gulf as a place where there's huge knowledge in warehousing solu-tions. They're a distribution cen-ter for the entire region," Jameel observes.

“That's something that we would definitely like to have in the for-mula,” he concludes.

sorts. “The logistics costs of the Maldives are between 18% and 23% of GDP, a very high percen-tage from any standpoint,” he says, adding that up to 99% of all goods are imported.

“Thus, our main goal is now fo-cused on establishing warehouse solutions. Most investors in the Maldives expect logistics support to have warehousing solutions, but unfortunately it’s not deve-loped yet, so there's immense potential here,” he observes, no-ting that the Gulf could play an important role.

Centurion had a banner year in 2016, when the company became the first Maldivian private com-pany to be listed on the local

8 | TOURISM MALDIVES MALDIVES TOURISM | 9

F lip through the portfolio of any given luxury hote-lier, and their Maldives

property will most always stick out. That’s because it has to. Over the past few years, top names in global luxury have descended upon the world’s lowest country, creating red-hot competition that shows no sign of cooling off.

There are currently at least 23 new resort-islands under construc-tion in the Maldives, including the Waldorf Astoria, Movenpick, Pullman and the Hard Rock Café Hotel, each of which are entering a market that has 130 island-re-sorts already in operation. This range of high-caliber competi-tion forces brands to constantly try to outdo each other, engende-ring a tourism industry that is getting wild with innovation.

This November, the Conrad Mal-dives Rangali Island will open up a new category never before seen in the country, becoming “the first resort in the Maldives to have an undersea villa,” says Ge-neral Manager Stefano Ruzza. Just last March, Jumeirah Vitta-veli, a Dubai-based luxury brand, inaugurated the Mal-dives’s first ice-skating rink. Carpe Diem, a new resort, is going a step further, with plans to construct an overwater salsa dance floor. Just a stone’s throw south of Malé, Thailand’s Singha Estate is developing Crossroads,

the country’s largest-ever tou-rism project, valued at $311.5 million, which will include the Hard Rock Café. All of these high-budget plays in luxury tou-rism will be made financially viable through a $1 billion upgrade at the main airport, which will quintuple arrival ca-pacity, improve VIP lounges and deliver a seaplane operation the envy of the world.

“Tropical winter wonderland”For Amit Majumder, Jumeirah Vittaveli’s General Manager, the moment of inspiration that would lead to creating the Maldives’ first ice-skating rink came from a litt-le girl. The idea “came about, fol-lowing a conversation with a fa-mily that had visited Jumeirah Vittaveli four times,” Majumder remembers. “One of the older daughters said she wanted to go on a ski holiday the following year, while the parents and the rest of the family wanted to come back to the Maldives. The whole family was a bit split. Incidental-ly, another guest of ours was in-volved in making ice rinks and we started talking and that made us think of creating a bit of a tro-pical winter wonderland here in Maldives,” he explains.

It wasn’t long before Jumeirah Vittaveli was opening the histo-ric ice rink, even inviting an Olympian gold medalist figure skater to inaugurate it. “There is no where else in the world where you can come out of the sea and start ice skating, or vice versa,”

Majumder said of the ice rink, which was made with imported synthetic ice by Swiss manufac-turer Glice®. “We took some de-sign cues from Glice®, but we also wanted to keep the rink very Maldivian. That’s why we used a lot of wood and a thatched roof. We also wanted to give it an open-air feeling, so we installed skylights in the roof to let in the natural sunlight.” Jumeirah Vit-taveli not only features the wor-ld’s first beachside ice rink, but also boasts a 3,500 square meter Royal Residence. “Apart from five bedrooms, there’s a wine cellar, two swimming pools, and a Jacuzzi with a retractable TV. It’s truly fit for a king,” says Ma-jumder.

$1b of airport upgradesNone of the Maldives’ newest en-tries would be considered a sound investment without the extensive upgrades being completed at the

Jumeirah Vittaveli opened the Maldives’

first ice rink in March.

An engineering triumph, The Muraka undersea

residence debuts at Conrad Maldives Rangali

Island November, 2018

There is nowhere else in the world where you can come out of the sea and start ice-skating.

The $1b [investment] is comprised of a lot of projects, including a new Code F runway.

The first resort in the Maldives to have an undersea villa.

AMIT MAJUMDERGeneral Manager of Jumeirah Vittaveli

ADIL MOOSAManaging Director of Maldives Airports Company Limited (MACL)

STEFANO RUZZAGeneral Manager of Conrad Maldives Rangali Island

FAST FACTSTOURISM

130island-resorts

7.5m*capacity upgrade at airport

1.39mtourist arrivals (2017)

23**new island-resorts being constructed

*By 2019 or early 2020**Estimated

Sources: Ministry of Tourism; MACL

country’s main gateway, the Ve-lana International Airport, wi-dely considered the most critical project in history.

“The airport upgrade is the lar-gest investment project that has ever been undertaken in the Mal-dives,” says Adil Moosa, Mana-ging Director of the Maldives Air-ports Company Limited (MACL).

“The $1 billion is comprised of a lot of different projects, including a new Code F runway that can ca-ter to A380 aircraft, a new passenger terminal that will boost capacity to 7.5 million passengers, a new fuel farm and a new cargo terminal complex, which is three times the size of the existing facilities,” says Moo-sa. “Apart from that, we are deve-loping other facilities, such as a new power complex that is three times bigger than what we cur-rently have; and a new seaplane terminal, which is two times lar-ger than what we currently have. In addition to that, we are also constructing a new VIP complex that will be six to seven times lar-ger,” he adds.

Already home to the world’s lar-gest seaplane fleet, upgrades at the seaplane terminal would greatly improve traveling expe-riences for luxury tourists, who are more likely to travel by seaplane to reach the country’s isolated islands. “The new seaplane terminal is in progress, and we’ve recently started doing work for the VIP complex. We are hoping part of the project will be completed during this year,” Moosa announces. “The rest of the projects will be completed in 2019 or early 2020, including the passenger terminal, which will greatly expand the Maldives’ ca-pacity to cater to a growing tou-rism industry.”

8 | TOURISM

By Justin Calderónjustin@the-businessreport.com

An underwater villa, sea-side ice rink and overwater salsa floor: Island-resorts are delivering

on the wildest of dreams as tourist and resort numbers spike.

Luxury resorts turn fantasy into reality amid sector swell

A total of $1 billion in upgrades at the international airport will allow for 7.5 million annual visitors by 2019 or 2020.

10 | FISHERIES MALDIVES

We plan to provide ice machines for fishing vessels and construct two new fish processing factories.

MOHAMED SHAINEEMinister of Fisheries and Agriculture

FAST FACTS FISHERIES

2 tuna species represent

95%of total catch

Fish purchases skyrocketed

42% in 2017

(Total: 76,600MT)

Fish exports support

20% of the Maldives’ workforce

#1 non-European supplier of fresh tuna to the EU.

The EU is the top export market:

• FRANCE (9%)

• GERMANY (9%)

• IRELAND (5%)

• ITALY (5%)

SOURCES: Ministry of Fisheries and Agriculture; Maldives Customs Service; Observatory of Economic Complexity

#1: Skipjack tuna• Most pronounced taste of tropical tuna• Deep red meat color• Most commonly used in canned tuna

#2: Yellowfin tuna• Light in cholesterol • Favored export to the US• Popular as loins or steaks

A portion of a $160m loan from the UAE and Saudi Arabia will fund two new processing factories, as

well as ice machines for fishing vessels.

Fisheries reel in millions from

Gulf fundsBy Justin Calderónjustin@the-businessreport.com

F ishing beneath a tropical sun can test the wits and ingenuity of the finest fi-

shermen, who must balance time spent on active grounds with time needed to keep catches fresh. As an exclusively pole-and-line fishing nation, the Mal-dives plays a similar balancing act in governing these fisheries: how to modernize vessels and processing while maintaining fi-shermen’s long-held traditions.

Utilizing part of a recent $160 million loan from the Abu Dhabi Fund for Development and the Saudi Fund for Development, the Maldives will be able to continue safeguarding their age-old, pole-and-line practices. “We plan to [use funds to] provide ice ma-chines for fishing vessels and construct two new fish proces-sing factories in the south where there are good fishing grounds,” says Mohamed Shainee, Minister of Fisheries and Agriculture.

The installation of ice-making machines, in particular, would bestow “control to the fishermen rather to a land facility,” says Shainee, as fishermen would be able to stay longer on fishing grounds and not return frequent-ly to fetch ice.

Ensuring ice availability in a tro-pical fishing nation is vital; wit-hout adequate ice, fish freshness

suffers, and so do prices. This is why the Maldivian government began a campaign to construct ice-making factories in each of the 26 atolls, a campaign that will conclude later this year. In bigger fishing atolls like Gaafu Alif Atoll, there are already about seven or nine ice plants,” says Shainee. Of the 1,500 registered vessels in the Maldives, he adds, pole-and-line still represent 65% of skipjack tuna fishing, and 55% of yellowfin tuna.

Tuna quotas As eco-minded as Maldivian fi-shermen may be, they can hardly ebb overfishing without broader help. Tuna is a migratory species,

for skipjack tuna, as well,” he continues, adding that the Mal-d ive s h a s a l s o f o r m e d a contingency plan for tuna stock depletion, what he calls a “world first.”

In the Maldives, a country that is 99% water, prosperity is predi-cated upon its people's ability to live in harmony with the ocean. “About 20% of the workforce in the Maldives is created by the fi-shing industry,” says Shainee.

“For us, fisheries are not merely a business; they are a way of life. That's why we must craft a sus-tainable fishing industry,” he as-serts.

* % OF TOTAL EXPORTS

and thus fishing norms have to be applied regionally if stocks are to be maintained. “We cannot make tuna fisheries sustainable by only attending to our waters, because tuna travels,” says Shainee. “We must employ an ecosystem-based approach for conservation.” This approach is meted out at the Indian Ocean Tuna Commission (IOTC), where the Maldives has championed se-veral policies to conserve tuna.

“Yellowfin tuna stock has gone down and therefore a quota has been imposed, a resolution that the Maldives was part of in the IOTC,” beams Shainee. “Now, this quota is being implemented

FISHERIES | 11MALDIVES

The Maldives is the only Marine Stewardship Council-certified country that is exclusively pole and line.

ADLEY ISMAILCEO of Maldives Industrial Fisheries Co Ltd (MIFCO)

Making a splash for sustainability

T he Malé Fish Market, upon a cursory glance, seems unremarkable.

Yet, it is anything but. This is one of the last markets in the world where each fish on display – up to the 35-kilogram catch of the day – has been painstakingly caught by pole and line, one by one. These toils add up to more than just the fruits of a fisher-man’s daily labor, but rather the unhampered heritage of one of the world’s most eco-conscious fisheries, which today flourishes across the Maldives.

While the rest of the Indian Ocean has succumbed to less sustainable fishing practices, the Maldives has proudly stood its ground. “Our fishermen are like hunters, catching fish one by one, while seine fishermen just drag a net through the sea, scooping up all marine life indiscriminately,” says Adley Ismail, CEO of the Maldives Industrial Fisheries Co Ltd (MIFCO). As a result, the Mal-dives has emerged as a coun-terweight to an unsustainable shift, a role that, unfortunately for the ocean, few can compete with. “Today, the Maldives is the only Marine Stewardship Council-cer-tified country that's exclusively pole and line,” says Ismail, refer-ring to the London-based seafood eco-label. “This has been instinc-tual for us because our lives are so attached to the sea.”

By Justin Calderónjustin@the-businessreport.com

The world's last true pole-and-line fishing nation, the Maldives' brand of "naturally sustainable"

fish is coming to the Middle East.

“Naturally sustainable” fish While pole-and-line fishing creates no bycatch and doesn't harm marine life, the method is more costly than less sustainable net fishing. Buyers, therefore, va-

Pole-and-line fishermen reel

in tuna catches.

“Hotels often mention on their menus how their steaks are sourced from a sustainable farm; this could be done with our tuna, as well,” he muses. “This concept has already been implemented in Europe,” continues Ismail.

“Today, we are planning to invest in two more processing plants,” he says, adding that chilled yel-low fin tuna can be processed within 48 hours of catch, and that MIFCO is planning a new store in the Middle East. “Above all, our customers can proudly enjoy fish while knowing that they have contributed to the continuity of a responsible supply chain,” Ismail assures.

lue the story behind the can, rather than just the fish. “MIFCO offers ‘naturally sustainable’ fish products because our fishermen catch them in the most naturally sustainable manner,” says Ismail.

MALDIVES MALDIVES12 | ENERGY

what will you be focusing on?When I was the deputy managing director from 2013 to 2015, I ini-tiated the company’s integrated billing software. This proprietary software is based on cloud-based technology and is very important because it further ensures trans-parency for all customers and stakeholders. I will also ensure that new technology imple-

mented by FENAKA continues to allow for easier management of information coming from all of our 148 powerhouses, including all billing and operations data. Through this platform, FENAKA can get real-time information of our powerhouse operations and grids, increasing efficiency and reducing costs. It will also enable customers to pay online, a very customer-friendly option that wasn’t available before. I would also like to ensure all islands have uninterrupted power facilities with efficient network distribu-tions. Furthermore, importance will be given to develop sectorial business activities to improve profitability.

How is Fenaka planning to as-sist the nation generate 30% of the nation’s electricity from re-newable by 2020?FENAKA is one of the key players focused on the national re- newable energy mission. In this vein, we began a project in 2015 with the Asian Development Bank, called the Preparing Outer Islands for Sustainable Energy Development Project (POISED). Under the POISED project, so-lar-diesel hybrid systems will be installed accross the country, al-lowing at least 30% of peak time load to be generated by renewable energy.

How would you describe the nature of UAE-Maldivian relations this year of the 40th anniversary of diplomatic relations? The Maldives and the UAE have been friendly for many years, and I think the UAE can be of much help with our work. We have a lot more that we can learn from the UAE's breakthrough to becoming a top global economy and cultural hub. The Maldives is currently seeking to learn, adopt and implement the UAE's successful model. Thus, we believe that investors from the UAE will continue to find interest in our nation.

Inaugurated in 2012, FENAKA Corporation Limited is the main utility serving islands outside of the capital region, providing electricity that reaches 70% of the population, as well as water and sewerage to several islands. Mohamed Lamaan, Acting Managing Director of FENAKA, says that the utility is currently ahead of schedule in its mission to deploy hybrid solar systems to meet national renewables targets.

When did FENAKA accomplish its mandate to bring 24-hour electricity to the nation?FENAKA was given the mandate to bring 24-hour electricity to the nation in 2013 after President Yameen took office. The following year, the government invested over $9.8 million to supply 77 diesel generators. By 2017, the number of islands suffering from daily power outages came down from about 40 islands to about five islands per day. Earlier this year, we were able to complete our mission to ensure 24-hour electricity to all the 152 inhabited islands that we serve, making the Maldives the first country in Sou-th Asia to achieve 100% electri-city access.

How is FENAKA’s recently launched power infrastructure project going to revolutionize the energy sector?FENAKA has embarked on a me-gaproject to upgrade existing power provision facilities, cate-ring to a surge in demand resul-ting from massive economic de-velopment in the country. Under this project, upgrading will occur in existing power generation, dis-tribution and operations facilities in the 16 atolls the company serve. As of today, FENAKA has upgraded 148 powerhouses, with new upgrades allowing power grids to become stronger and more efficient.

As the newly appointed acting managing director at FENAKA,

MOHAMED LAMAANActing Managing Director of FENAKA Corporation

“The first country in South Asia

to achieve 100% electricity access”

Utility provider FENAKA achieved its mission earlier this year to provide 24-hour electricity,

ensuring power for all inhabited islands.

By Justin Calderónjustin@the-businessreport.com

FENAKA has embarked on a megaproject to upgrade existing power provision facilities, catering to a surge in demand resulting from massive economic development in the country.

Earlier this year, we were able to ensure 24-hour electricity.

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MALDIVES MALDIVES

The Maldives’ top telecom, Dhiraagu is focused on the nation’s large youth segment, which is now being

targeted with new services and a nationwide campaign to provide each school with Wi-Fi.

Dhiraagu connects every school with Wi-Fi

By Justin Calderónjustin@the-businessreport.com

D hiraagu, the Maldives’ leading listed company by market capitalization,

has connected every school in the country to Wi-Fi through a $8.9 million government program being led by the Ministry of Edu-cation. The government has pro-vided “tablets for every student and teacher,” Minister of Educa-tion Aishath Shiham tells The Bu-siness Report, while Dhiraagu will ensure each of the schools of the Maldives’ 186 inhabited islands receives high-quality Wi-Fi.

“ We a l re a dy p rov i d e o u r broadband service to all schools in the Maldives,” says Dhiraagu

phy. “Dhiraagu is a very good example of a long-term joint ven-ture formed with the govern-ment. The company has brought innumerable benefits to the people, shareholders and country alike and will continue to do so in the future,” says Rasheed.

CEO and Managing Director Is-mail Rasheed. “We are very proud to be a part of this project, which will bring a lot of benefits to stu-dents and their community,” he continues.

Wi-Fi connections began to be established across the Maldives’ school system in April, which was shortly followed by the dis-tribution of 71,000 tablets by the Ministry of Education in May. “If our students are going to interact with the new world that they’re going out into as 21st century in-dividuals, they have to have the technological skills,” says Minis-ter Shiham.

“Youth empowerment”The Maldives’ young population,

where 41.6% are below 24 years old, is a major part of Dhiraagu’s business, as well as a part of their service back to the nation. “Our corporate social responsibility program has a significant focus on youth empowerment and de-velopment,” says Rasheed. “We have also recently launched a nu-mber of services for the youth segment, including Mamen, our next generation of prepaid mo-bile, which allows users to design their own mobile plan. We also have introduced music streaming and augmented reality gaming platforms targeted at youth,” Ra-sheed announces.

Dhiraagu, a public limited com-pany with majority shares (52%) owned by Batelco Group of Bahrain, has long been seen as the most successful joint venture in the Maldives. Today, Dhiraagu employs nine regional service centers, having overcome challenges presented by geogra-

We recently launched a number of services for the youth segment, including Mamen, our next generation of prepaid mobile.

ISMAIL RASHEEDManaging Director of Dhiraagu

14 | TELECOM

Dhiraagu’s 100% national mobile broadband coverage has enabled the school Wi-Fi campaign.

MALDIVES