The Ministry of Fisheries and Ocean Resources has launched a strategic initiative to lease uninhabited islands, lagoons, and reefs, signaling a significant step toward diversifying the country’s marine industries and enhancing national economic potential.
The comprehensive tender offers a 21-year lease period for selected sites, with potential extensions up to a maximum of 50 years under existing regulations. Interested parties must submit their proposals by 1 p.m. on 6 November, presenting a unique opportunity for investors and aquaculture developers.
Prospective bidders are strongly encouraged to conduct thorough site surveys, though the ministry has clarified that obtaining a formal permit for site inspections is mandatory. Importantly, proposals will remain valid even if a physical study is not completed, providing flexibility for potential applicants.
The tender represents a significant evolution in the country’s aquaculture regulatory framework, stemming from amendments to the Aquaculture Regulation introduced in 2020. These updates have substantially broadened the scope of eligible areas, now including lagoons and open ocean territories previously outside the jurisdiction of local island councils.
Notably, the leasing rights are open to a diverse range of entities, including:
• Maldivian individuals
• Sole proprietorships
• Registered foreign investment companies
• Corporate societies
This strategic move reflects the Maldives’ comprehensive national approach to marine resource development. The government aims to attract private investment in aquaculture, recognizing the sector’s critical importance in addressing multiple national priorities, including:
• Ensuring long-term food security
• Expanding export opportunities
• Reducing dependence on traditional capture fisheries
The initiative is further bolstered by recent international collaborations. Earlier this month, the Maldives signed a partnership agreement with India’s Department of Fisheries to promote sustainable tuna fisheries and improve marine resource governance across the region.
By opening these previously untapped marine territories for development, the Maldives is positioning itself as a forward-thinking leader in sustainable aquaculture and marine resource management. The tender represents a critical opportunity for investors and developers to contribute to the nation’s economic diversification and marine sector growth.
