Singapore’s Crescendas Group claim Maldives is still secure for foreign investment

Maldives is still a safe and secure environment for foreign investors, Singapore’s Crescendas Group has claimed today.

The comments were made in local media days after the Maldives government annulled a contract with Indian infrastructure giant GMR to redevelop Ibrahim Nasir International Airport (INIA) near to Male’. GMR was just two years into a 25-year contract to develop and manage the country’s main airport.

Prior to the annulment, an anti-GMR campaign organised by coalition-aligned parties was formed to increase public support to “reclaim” the airport.

Despite this week’s developments, Crescendas Group Chief Executive Officer Lawrence Leo today claimed to have “strong confidence” in the Maldives, expressing the company’s interest in looking to invest in country for “the long term”.

“There is huge investment potential here. We have met many from both the private sector and government; we have received great support from everyone. Most important thing to be noted is everyone we met gave very positive responses. This shows that Maldives is one of the best places to invest,” he told Haveeru.

“We are also thinking to invest here for the long term because we have strong confidence, otherwise we wouldn’t have brought our funds to invest it here,” Leo added.

Crescendas group is currently developing a resort in Addu Atoll Hankede.

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