Minister fails to explain why bunkering industry failed to generate $400 million in annual revenue he had previously projected

Minister of Economic Development, Transport and Trade Mohamed Saeed was unable to explain why the offshore bunkering services launched by the current administration in the north failed to generate the projected $400 million in annual revenue, despite previous assurances that such figures would be achieved within that timeframe.

Speaking at a rally held by the ruling PNC on the night of July 7, 2024, Minister Saeed stated that with the launch of bunkering services in July of that year, the Maldives' GDP is projected to receive a brand-new infusion of $400 million by July 2025.

However, the government officially launched bunkering services on September 19, 2024. Consequently, as the service marked its one-year anniversary on September 19, 2025, the revenue generated fell short of the figures previously projected by Minister Saeed.

Minister Saeed declined to comment when questioned by Raajje TV during a press conference held on Thursday.

Minister Saeed stated that he still expects to generate an annual revenue of $400 million. However, when it was pointed out that he had previously estimated this $400 million revenue would be achieved within the first year of launching bunkering services, the Minister responded by saying that if the question was sent to Raajje TV by the opposition MDP, he would like to pose some questions back to them.

Minister Saeed further stated that since the launch of bunkering services on that day, the Maldives has generated approximately one billion rufiyaa in revenue to date. He added that the government’s objective remains to achieve a target of $400 million or to maximize profits from the venture as much as possible. However, the Minister did not clarify why the previously projected annual revenue of $400 million has not yet been realized.

Yes, I did state that we would generate $400 million in revenue. In fact, I still aspire to bring in even more than $400 million annually. Shaihan, if that question was sent to you by the MDP, you should ask them about their own plans. They had hoped to install buoys outside the Maldives—buoys equipped with spas, ATMs, and rooms where fishermen could stay and rest. That may have been their intention.

Minister of Economic Development and Trade Mohamed Saeed

Furthermore, Minister Saeed stated that, in his capacity as Economic Minister, he must not restrict the broad vision set forth by President Dr. Mohamed Muizzu. He emphasized the necessity of maintaining a forward-thinking approach in all matters.