Projects handed to private sector to boost local businesses, Zameer says

The government has awarded 206 infrastructure development projects across nine sectors to private companies as part of efforts to strengthen small and medium enterprises (SMEs), Finance Minister Moosa Zameer said on Thursday.

The handover ceremony for the projects was held at Barcelo Nasandhura Malé Hotel. Speaking at the event, Minister Zameer said the initiative aims to support Maldivian businesses and develop a technically skilled local workforce.

“This will provide financial opportunities to many Maldivian businesses and lay a foundation for building a young and experienced technical workforce,” Zameer said.

He noted that the Maldivian economy currently depends heavily on foreign companies implementing major projects through the Maldivian financial and banking system.

“A large share of the real estate market in the Maldives has been taken over by foreign companies. They are rapidly transferring proceeds from the sale of real estate assets through the local banking system,” the Minister said.

The Ministry of Finance, he added, has begun taking measures to change this trend.

“We have asked state-owned enterprises to prioritise Maldivian contractors, suppliers, and businesses in real estate-related projects,” Zameer said.

He also said that the government’s tender board and procurement committees have signed several new contracts with local businesses.

According to the Minister, the 206 agreements signed Thursday aim to empower Maldivian companies and revitalise domestic SMEs, which contribute significantly to state revenue through taxes.

Zameer added that promoting projects through local financing would help make the Maldivian banking system more inclusive and environmentally responsible.

He said relevant ministries will oversee the completion of the projects and assured that Maldivian companies involved will receive timely payments.