Prominent businessman and former member of the Special Majlis that drafted the Constitution, Abdulla Jabir, has praised President Dr Mohamed Muizzu for taking practical steps to diversify the Maldives' economy and reduce its heavy dependence on tourism.

Speaking on MMTV's Bodu Khabaru programme, Jabir said many governments had spoken about broadening the economic base, but President Dr Muizzu is the first leader to begin implementing concrete measures to achieve that goal.

He said the next phase is to strengthen and consolidate the initiatives already launched under the President's leadership.

Jabir noted that efforts to diversify the economy are already generating income, citing the establishment of banking and financial services as an example. He said that while every new initiative faces challenges in its early stages, the current reforms are moving in the right direction.

He highlighted the transformation of the tourism industry as an example of how sectors can evolve over time. Jabir said that in the early days of tourism, resort spas consisted of little more than massage oil and simple facilities. Today, however, resorts invest between hundreds of thousands and up to USD 10 million to develop world-class spa facilities equipped with the latest amenities.

Jabir said the Government's plans to establish a free zone in Addu City and promote new sectors such as real estate tourism and sustainable township developments are important steps towards broadening the country's economic base.

He also described the establishment of a development bank as a major breakthrough. Jabir said the bank would help businesses that struggle to secure financing, including investors seeking to develop resorts and other large-scale projects.

Additionally, Jabir emphasised that the institution could channel funds through the domestic financial system, backed by Government guarantees and partnerships with international banks.

He further praised Government efforts to modernise the fisheries sector and expand services to islands and atolls across the country.

Jabir said tourism itself is changing from a short-stay holiday model to one that includes long-term property ownership and investment opportunities. As a result, he said, major international companies are increasingly investing in the Maldives and developing new properties.