Govt to open Addu for SME investment from 2027

President Mohamed Muizzu has announced plans to open investment opportunities for small and medium enterprises (SMEs) in Addu, with the aim of developing the city as a business hub.

The announcement was made during the President’s address at the opening sitting of People’s Majlis on Thursday.

President Muizzu said the government intends to support the growth and operation of SMEs by designating specific areas of the country where businesses will be offered concessions for fixed periods. These concessions will include exemptions from certain taxes, such as land rent and income tax, as well as other incentives.

He said the government will open Addu to SME investment for a period of three years, beginning next year.

“I announce that the first area to be opened will be Addu City, including Hulhudhoo and Meedhoo, for a three-year period starting from 1 January 2027,” the President said.

He added that the government will put in place the required legal, administrative and technical arrangements during the current year to facilitate implementation of the initiative.

According to the President, the measures are expected to support the expansion of small and medium enterprises, generate employment opportunities and contribute to economic activity in Addu and other parts of the country.

The President said the government is inviting interested parties to invest in Addu, including in the information technology sector.