Three key agreements were signed Tuesday at the Maldives-Singapore Business Forum in Singapore, part of President Dr Mohamed Muizzu’s ongoing state visit.

The deals cover renewable energy, investment migration, and technical cooperation, reflecting growing economic ties between the Maldives and Singapore.

One of the agreements was an Investment Agreement for Project Solar City, the first island project to be implemented under the Maldives’ Special Economic Zone (SEZ) law. Led by APM SPV Pvt. Ltd, the project involves the development of a floating solar installation and a solar city. Tourism and Environment Minister Thoriq Ibrahim signed the agreement on behalf of the Government, while Abraxis Managing Director James Colda Eddy signed for the company.

The initiative supports the Government’s target of generating 33 per cent of national energy from renewable sources by the end of 2028. If achieved, the shift is expected to save an estimated USD 42 million annually in oil costs. The renewable energy component alone will cost over USD 100 million, with the total project valued at USD 187 million.

A second agreement was signed between the Government and Henley & Partners to establish a Residence by Investment Programme. Minister of Economic Development and Trade Mohamed Saeed signed for the Maldives, while Philip Amarante signed for Henley & Partners.

The third agreement, a Memorandum of Understanding, was signed between the Ministry of Finance and Planning and Singapore Cooperation Enterprise. Finance Minister Moosa Zameer signed for the Maldives, while Deputy Executive Officer Telian Chu signed for the Singaporean entity.