Press Release - 35th AGM of MATI ( 9 th Feb 2025) - MATI

The Maldives Association of Tourism Industry (MATI) holds its 35th Annual General Meeting

The Maldives Association of Tourism Industry (MATI) held its 35th Annual General Meeting (AGM) on the 9th of February 2025 at Kurumba Maldives, with 111 members in attendance.

The Annual General Meeting began with addresses from Chairman, Mr. Mohamed Umar Maniku and Secretary General, Mr. Ahmed Nazeer. The proceedings included a video showcasing the association’s 2024 advocacy initiatives. Members reviewed and approved several essential documents: the 34th AGM Minutes, 2024 Annual Report, and Financial Reports prepared by FCLLP (auditors of MATI). The assembly also endorsed and approved the 2025 budget, confirmed the auditing firm (FCLLP) for the upcoming year, and elected a new Executive Board Member to occupy the vacant position.

A presentation on the Industrial Relations Act was delivered by Salih Shihab & Co (SSCo LLP), followed by a welcome address to 20 new MATI members that joined the association since its last AGM. A second video presentation provided an overview of the tourism industry’s performance in 2024.

Following the official proceedings, the Governor of the Maldives Monetary Authority (MMA), Mr. Ahmed Munawar, the Commissioner General of Taxation, Mr. Hassan Zareer, from the Maldives Inland Revenue Authority (MIRA), and CEO & Managing Director of the Bank of Maldives (BML), Mr. Mohamed Shareef, CEO % Managing Director of the Maldives Marketing and Public Relations Corporation, Mr. Ibrahim Shiuree joined the event. Senior officials from the Ministry of Tourism and Environment as well as tourism-related associations, including the Maldives Association of Travel Agents and Tour Operators (MATATO), the National Hotels and Guesthouses Association of Maldives (NHGAM), the Maldives Association of Yacht Agents (MAYA), and the National Boating Association of Maldives (NBAM), were also in attendance.

The latter half included a Member Q&A session with the Governor of MMA, Mr. Ahmed Munawar, and the Commissioner General of Taxation, Mr. Hassan Zareer.  Discussions focused on the compulsory exchange controls, economic outlook, taxation policies, and their implications for the tourism sector.

The program also featured a presentation by Bank of Maldives CEO & Managing Director Mohamed Shareef, outlining the bank’s tourism products, followed by MACL’s update on the new Velana International Airport terminal’s development progress. Additionally, BML’s new Green Resort Financing initiative was launched jointly by Vice-Chairman Mr. Hussain Afeef and CEO & Managing Director of BML Mr. Mohamed Shareef.

Vice-Chairman, Mr. Salah Shihab delivered the closing address emphasising the crucial role of those working in the Maldivian tourism industry, recognizing their dedication and resilience as the driving force behind the sector’s success. He also highlighted the importance of stability and a supportive regulatory framework in fostering continued growth, urging stakeholders to work together to shape a strong and sustainable future for Maldivian tourism.

New elected Executive Board Member for the vacant seat (by-election)

• Mr. Amila Handunwala, General Manager of W Maldives, Chairman of the Marriott Maldives Business Council and representative of Marriott International.

End.