Dubai investor eager to invest in Maldives!

"We have made many proposals before. They have not paid attention before... but this government is different," the United Stars Group (USG) CEO, Nipuna Wahalathanthrige said at the Invest Maldives Forum held at the Al Arab Bridge in Dubai on Wednesday.

Founded in Abu Dhabi in 2019, USG is a business owned by the family of UAE's first Foreign Minister Ahmed bin Khalifa al-Suwaidi. Nipuna, who is currently the company's chief executive, is confident the government will honour investors.

He said one of the proposals put forth to former President Ibrahim Mohamed Solih's government was to introduce electric aircrafts to Maldives. However, he said regretfully that the government had not responded even at the end of its term. But this government is showing by action that this will not happen again, he said. He described it as further increasing the interest in investing in Maldives.

"We are ready to invest. And we know that investing in Maldives now is a win-win investment for [both parties]," Nipuna said.

He also praised the work of President Mohammed Muizzu and Tourism Minister Ibrahim Faisal.

"After this government came, many proposals have already been submitted. The newly appointed cabinet ministers are very initiative and very respectful of their work. Especially the tourism minister [Faisal]," he said, remarking that a drone festival is also being planned in Hulhumale Phase II in collaboration with the Tourism Ministry on September 26.

Nipuna also pointed out that in the coming days, technology-related activities are being planned in the country targeting the South Asian region.

USG has about eight subsidiaries. Some of these companies have already expressed interest in Maldives and are submitting proposals, Nipuna said.

"One of the subsidiaries has already started discussions with Maldives' Regional Airports. We are ready to build six airports in Maldives," he said.

Nipuna said discussions are also underway with the Regional Airports and Tourism Ministry to introduce drones to move medicine and monitor Maldivian waters.

"We are introducing the Drone Transportation System and Drone Operating Management System [or] UTM. It is a technology invented in Sweden. The Swedish company is also participating in this forum. They too have a great interest in investing in Maldives," he said.

In addition to the six airports, the next biggest project of USG companies is the USD 100 million smart housing project in Maldives' southernmost Atoll, Addu. He said the President's Office is in talks to provide funding through the Housing Development Financial Corporation (HDFC).

The funding is being obtained without any significant financial burden on the Maldivian government, he noted.

“We don’t need collateral to do it,” he said, addingthat he wants to do it under a long-term repayment model.

“Discussions have already begun to build USD 100 million worth of smart housing in Addu, namely, 504 housing units,” said Nipuna, who is optimistic that the project will become a reality within the next two years.