Header - Maldives.


The Maldives, an archipelago nation consisting of over one-thousand islands in the Indian Ocean, has experienced consistent economic growth throughout the latter part of the last decade with annual real GDP growth averaging 6%. The Maldives economy is primarily dependent on tourism -- more than 700,000 tourists visit annually -- and auxiliary industries such as transportation, communication, and construction. Fishing remains an important aspect of the economy as well, though catch has dropped substantially in recent years. The government has begun to privatize certain sectors, starting with the main airport, and is partially privatizing the energy sector. In addition, the government is aggressively promoting the construction of new island resorts throughout the islands.

Maldives GDP Growth Rate (%)
Maldives GDP Growth Rate
Source: IMF
Maldives - MASIX Index
Maldives - MASIX Index
Source: Bloomberg

Stock Market:

The Maldives Stock Exchange (MSE) is located in Male and was initially established in April 2001. A Securities Trading Floor (STF) was first established on 14th April 2002 and was operated by the Capital Market Development Authority (CMDA) which was the regulator. However, the Securities Act 2006 requires that CMDA invite offers from a private company to establish and operate a stock exchange. The Maldives Stock Exchange Pvt Ltd has been licensed to operate as a Stock Exchange since the 23rd January 2008. As such the MSE started its operations effective from 24th January 2008. At present the MSE has 42,880 active investors but foreigners are generally not allowed to purchase the local currency Rufiyaa (MVR) for financial investments and thus are not able to trade on the MSE.

Currently the MSE lists 9 companies:

Maldives Transport and Contracting Company Plc (MTCC)

Bank of Maldives (BML)

State Trading Organization (STO)

Maldives Tourism Development Corporation Plc (MTDC)

Amana Takaful Maldives (ATM)

Dhivehi Raajjeyge Gulhun Plc (DHR)

Centurion Plc (CPLC)

Ooredoo Maldives Plc (OMPL)

Maldives Islamic Bank (MIB). 

MSE has a total market capitalization of over USD 2.4 billion, as of April 2024, of which USD 983 million is Dhivehi Raajjeyge Gulhun (DHR) the leading mobile phone and internet provider in the country. Trading is from Sunday to Thursday.

Useful Links:

Maldives Stock Exchange website: www.stockexchange.mv


Population: 0.4m

5 Year average GDP Growth: 4%

Life expectancy: 77 years

  • 192 of 1,192 islands inhabited – spread over 90,000 square km
  • Smallest Asian country by population and land area
  • Pledge to be carbon neutral by 2019
  • Tourism accounts for 28% of GDP
  • Exports: fish & fish products, handicrafts