Economic Ministry Discloses Names of Eight Foreign Companies Unreachable via Official Channels
23 ސެޕްޓެމްބަރު 2026 | ބުދަ 14:26The Ministry of Economic Development and Trade has released details of eight foreign companies that officials have been unable to contact ahead of next month's deadline to exit sectors now restricted under the new Foreign Investment Act. The Ministry urged the shareholders or authorized representatives of these companies to contact Invest Maldives immediately to ensure compliance before the transition period expires.
Minister of Economic Development and Trade Mohamed Saeed speaking to press. | Presidents office
The Ministry of Economic Development, Transport and Commerce has released information regarding eight foreign companies that officials have been unable to contact to complete mandatory procedures required under the newly enacted Foreign Investment Act.
Under the new Foreign Investment Act, ratified by President Dr. Mohamed Muizzu on September 3 last year, foreign companies operating in sectors now restricted to locals are required to divest from those activities. The Ministry of Economic Development and Trade has clarified that these prohibited sectors include wholesale and retail trade, as well as services provided by cargo sales agents, general sales agents, and passenger sales agents.
In a statement released Wednesday, the Ministry of Economic Development and Trade announced that foreign companies operating in these sectors must cease their business activities by the end of next month. However, the Ministry noted that based on its records, eight companies have been identified as unreachable despite multiple attempts to contact them via email and telephone.
The companies identified by the Ministry after failed attempts to establish contact include Mega Speedliners Maldives Private Limited, Ashley Maldives Private Limited, and Isola Creation Maldives Private Limited. The list also includes Dinum Maldives Private Limited, Lemingtons Jewels Maldives Private Limited, M.U.K. Apparels Maldives Private Limited, Lucgems Maldives Private Limited, and Ocean Well Garments Private Limited.
The Ministry of Economic Development and Trade has urged the directors, shareholders, or legally appointed representatives of these companies to contact the Foreign Investment Unit of Invest Maldives at the earliest opportunity. Furthermore, the Ministry reminded all foreign businesses operating in the Maldives to review the requirements of the transitional phase and ensure all necessary formalities are completed within the stipulated timeframe.
