SKYLOUNGE - Ramadan Edition 2022

Wellness & Lifestyle At Vie Aesthetics , your physical and mental wellbeing is important to us. From potent doses of health-boosting antioxidants and vitamins, to life-coaching sessions with our expert psychologists, discover how we can get you feeling your absolute best and ready to face anything that life has to throw at you.

Body Products Maintaining a home skincare regimen is essential for looking and feeling your best. We offer you only the very best creams, serums, cleansers, exfoliators and nutrient drinks from the very best brands, catering for all your face, skin, body, hair, hand, eye and neck needs. Our products are FAR superior than anything you will find on the high-street and PROVEN to work. Many of them are only available in specialist clinics and some are medical-grade, meaning they need to be prescribed under the supervision of a doctor. Please browse our range and remember that we are always happy to provide advice.

Luxury Concierge Services ‫خدمات كونسيرج فاخرة‬ We offer luxury concierge service dedicated to providing confidential professional service to our Middle Eastern Clients. From HNW families and business persons to Royal families as they travel. Upon arrival, morning-till-night concierge service is the norm, with assistance from a Vie Aesthetics professional. You’ll be picked up at the airport, if necessary, and transported to private, comfortable accommodations. Special amenities and needs are provided for. No matter where your treatment will be, whether our Clinic in the beautiful countryside of Rayleigh or in our London clinic at Harley Street, our dedicated concierge team is at your full disposal.



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Fact Sheet

The Republic of Maldives has approximately 1,192 inhabited and uninhabited islands, an area of 90,000 square kilometers in the Indian Ocean. Famous for its natural beauty with white sand beaches and crystal-clear waters, the Maldives is ranked as one of the best diving destinations in the world. High-end tourism has propelled the economy's substantial expansion over recent decades and enabled the Maldives to gain middle-income status. According to World Travel & Tourism Council, the direct and total contribution of Travel and Tourism to the Maldives Gross Domestic Product (GDP) was 52.4% and 96.5% of the total GDP in last five years, respectively; thus, making tourism the critical industry for the economy. The Ministry of Tourism plays a vital role in shaping the tourism landscape in the Maldives. Boosting tourism arrival, the government has planned to expand the country's main gateway airport in Malé and to build new airport around the islands.

His Excellency Ibrahim Mohamed Solih is the 7th President of the Republic of Maldives

The Republic of the Maldives is a sovereign archipelagic nation positioned in the Indian Ocean. Notably, the South Asian Island nation has no counterpart in the entire world in terms of its unique geography and topography. Maldives, the sunny side of life is blessed with magical and breathtaking displays of sunshine for the better part of a year. Similar to tropical countries, the Maldives enjoys a dry and wet season. Conveniently, the hot and humid weather is complemented with cooling sea breezes and periodic rain. Facts & Figures Capital Malé Official languages English · Dhivehi Ethnic groups (2019) ≈100% Maldiviansa Religion Islam (mandated by law) Demonym(s) Maldivian Government Unitary presidential republic • President Ibrahim Mohamed Solih • Vice President Faisal Naseem • Speaker of the Majlis Mohamed Nasheed • Chief Justice Ahmed Abdulla Didi • Legislature People's Majlis • Independence from UK 26 July 1965 • Current constitution 7 August 2008 Area • Total 298 km2 (115 sqm) (187th) Population • 2016 estimate 427,756 (175th) • Density 1,102.5/km2 GDP (PPP) 2018 estimate • Total $7.396 billion (162nd) • Per capita $20,228 (69th) GDP (nominal) 2018 estimate • Total $4.825 billion • Per capita $13,196 Currency Maldivian rufiyaa (MVR) Time zone UTC+5 (Maldives Time) Date format dd/mm/yy Driving side left Calling code +960 ISO 3166 code MV Internet TLD .mv

ECONOMIC OUTLOOK In 2015, growth in Maldives' GDP came mainly from substantial public and private foreign investment, which doubled growth in the construction sector to 40%. According to the Asian Development Bank, the Maldivian government planned for a growth of 140% to 9.1 billion rufiyaa's (almost 60 million USD) in its public sector investment program (fueling construction and real estate development). The government also plans to scale up investment in public infrastructure particularly related to trading and industrial ports and the country's international airport; This would have transformational implications for the Maldives with the ability to change it from a niche luxury market to a broader, more diverse market. ACCESSIBILITY International Visitor Arrivals The Maldives benefits from steady Leisure demand for hotel and resort accommodation throughout the year. Total international passengers arriving in Ibrahim Nassir International Airport has steadily grown from 2010 to 2015 with a CAGR of 9.3%. According to statistics by the Ministry of Tourism, the total international arrivals to the Maldives were approximately 1.3 million in 2018. However, the rate of growth in 2019 was increased by 7% only. Despite the slower growth, given the government's efforts to maintain the Island’s attractiveness as a destination, it is expected that the performance will potentially recover in the mid to long term. Tourism Target: Visit the Maldives campaign is expected to achieve 1.6 million tourist arrivals. As of 2020, Maldives managed to attain approximately 30% of the target. TOURISM INDUSTRY Ibrahim Nassir International Airport, the international airport of Maldives in Malé, is well connected to key global markets in the world. British Airways, China Eastern Airlines, Emirates and Korean Air amongst others fly daily to and from this airport. Recently, Maldives has been directly connected with Sri Lanka by SriLankan Airlines. At its current capacity, the airport can handle approximately 2.3 million passengers annually. Chinese state-owned enterprises have seen higher contribution to investments across the country. In December 2015, Maldives and China signed an agreement for a US$373 million loan for the development of the new runway at Ibrahim Nasir International Airport. Connectivity to resort destinations is generally by chartered seaplanes, speed boats or airport ferries. Hotel operators are also investing in their airplanes to fly their guests around the Maldives. Tourist arrivals to the Maldives recorded monthly averages of a little over 103,000 from 2012 until 2018, reaching an all-time high of 144,000 in February of 2018. At the end of September 2018, the Maldives has seen an 8.3 percent increase in tourist arrivals, comparative to the same period in 2017 and every year.

SOURCE MARKETS Huge demand for tourism in the Maldives is mainly dependent on international travels. The Chinese are an essential demand segment, which made up 29% of all international arrivals in 2018 and have maintained their top position as a source market over the last five years. However, despite being the high source market for the Maldives, there has been a decline in numbers from approximately 364,000 Chinese travelers in 2017 to 360,000 in 2018 with an increase in the European source markets to balance. The top three international source markets in 2018 remained consistent with 2017 rankings; China, Germany and United Kingdom contributed 29%, 9%, and 8%, respectively to the total international arrivals to the Maldives. RESORT MARKET & PERFORMANCE Resort Market & Performance According to the Ministry of Tourism (MOT), the number of luxury and upscale resorts in the Maldives has remained relatively stable over the past few years. A total of 11 upscale and luxury resorts, comprising 3,330 rooms are planned for construction. This new pipeline will increase places supply to 21,668. Therefore 28 new resorts have been constructed over the years of 2016-2019. The International Leisure segment has predominantly driven tourism in the Maldives. However, many resorts suffered from the weakening of the global economy, especially in 2015 as the island nation had previously relied heavily on feeder markets from Russia and China. Due to the weakening of the Russian Rouble and the Chinese Yuan, the market-wide average daily rate (ADR) and occupancy (OCC) were lower as compared to other regional cities. With both essential markets facing an uncertain economic situation, resorts have yet to see an improvement in performance this next two years. HOSPITALITY TRANSACTIONS Since 2013, funds from Singapore have accounted for 73% of all transaction volume in this market. The next most significant sources of funds are from Thailand and the United States. One of the largest transaction in the past years was the sale of Angsana Velavaru in 2013 for approximately US$71 million. Other notable investment transactions include the Jumeirah Dhevanafushi and Six Senses Laamu, investments coming mainly from Arab Emirates. Sale of the Cheval Blanc to Royal Abu Dhabi family next to Coral Island. Primary Category New investors: Middle East/Africa Investors Secondary Categories: Financing, News, Ownership ABU DHABI, United Arab Emirates - The Middle East and Indian Ocean are seeing healthy investment numbers overall, but a closer look at investment in the region reveals most of the money is finding its way to one or two large deals, according to speakers at the recent Gulf & Indian Ocean Hotel Investors’ Summit. “In the Indian Ocean, we’ve seen $300 million worth of transactions, an increase of 65% over the previous year, but that is mostly down to the purchase of one resort in The Maldives,” said Nihat Ercan, managing director of investment sales, Asia, at JLL Hotels & Hospitality Group. That impressive deal was the $200 million sale, to an undisclosed owner, of the Cheval Blanc Randheli next to CORAL ISLAND FOR SALE Ercan said. The price per key was approximately $5 million for that property, which has an average daily rate of approximately $1,700. “Over the last six years, 34% of transactions (across the Indian Ocean) have been institutional in nature. This bodes well for liquidity,” Ercan said. Ercan added The Maldives has become especially investor- friendly, but that is not necessarily the situation across the region. The growing interest in hospitality assets in the Maldives from global institutional investors has been able to keep the investment market in the nation very healthy in the next decade.

TOURISM SUSTAINABILITY The Maldives tourism industry flourishes in a delicate environmental balance, and its further evolution is vulnerable to external challenges. Efforts and policies have been made and need to be augmented to ensure long-term tourism sustainability in economic, environmental, legislative, and social aspects. The government is also scaling up infrastructure investment such as the expansion of the country's international airport and other smaller domestic airports located in the southern region of Maldives, new airport has been built Maafaru Airport next to Coral Island. This is expected to boost tourism capacity in the Maldives and allow opportunities for the emergence of different tourism products such as new types of attractions, resorts, trading and agriculture etc. As a result, tourism growth is expected to be sustained as the Maldives diversifies its tourism offerings and attracts new markets into the country. SUSTAINING INVESTMENT INTEREST IN THE MALDIVES Investment interest is expected to grow as the Maldives becomes a more sustainable destination. Since 2014, Maldives has seen a handful of foreign direct investments in the tourism sector. In July 2014, the Maldivian government and Dutch Docklands Maldives undertook the Five Lagoons Development together. The project involves the construction of five humanmade floating lagoons on 8 million square meters of water with US$10 million worth of villas, a free 18-hole golf course, a conference complex and four individual ring-shaped floating islands that will each house water villas, a marina, restaurants, bars and retail shops. In June 2015, China-based Guangdong Beta Ocean Limited was the first to develop a five-star resort with 71 rooms on V. Kunaavashi Island in a joint venture with a Maldivian Company. The Maldives is also much sought after by many hotel companies for establishing international brand presence; additionally, it offers attractive returns on investment. To sustain the interest of foreign investors, government policies have been improved to guarantee the security of these investments by ensuring the following (according to the Ministry of Economic Development and Tourism): • No foreign exchange restriction • No restrictions on the repatriation of earnings and or profits • No ownership restrictions and freedom to operate as wholly-owned foreign investment if desired • 100% duty free for the construction imports • Extension of long-term land leases (up to an additional 21 or 50 years) depending on the scale of the investment • Provision for overseas such as British Law arbitration of disputes • Legally backed investment guarantee

PROCEDURE FOR FOREIGN INVESTMENTS The Land Act allows foreigners to lease land on Foreign investments in the Maldives have primarily involved resort management, but also include telecommunications, inhabited islands for up to a maximum of 50 years, but accounting, banking, insurance, air transport, real estate, courier there is no formal process for registration of leasehold services, and some manufacturing. titles. The Uninhabited Land Act allows foreigners to lease land on uninhabited islands for purposes other than The government encourages investment projects that: tourism for a maximum of 21 years for investments amounting to less than USD1 million and up to a maximum • Establish and enhance the delivery of essential services required of 50 years for investments over USD10 million. to be provided by the state The Ministry of Tourism develops regulations relevant to the tourism sector. Specific business sectors require sector- • Promote economic diversification and demonstrate potential to level operating licenses from other ministries/agencies structurally reduce the country’s current dependence on the including fisheries and agriculture, banking and finance, tourism sector health, tourism, transport, construction, and education. A subsequent 2014 amendment allows the extension of • Expand the export base of the economy and support import resort leases up to 99 years for a payment of USD 5 million. substitution; The changes aim to incentivize investors, make it easier to obtain financing from international institutions and • Enhance human capital development and employment increase revenue for the government. Leases can be opportunities for Maldivian's renewed at the end of their terms, but the formula for assessing compensation value of a resort at the end of a • Promote innovative product development and new markets for contract has not been developed. For now, its renewed the tourism sector automatically same terms. The approval procedure for foreign investments is as • Bring enhanced improvements to the health and education follows: sectors in terms of service delivery, quality, and accessibility • Submit a completed Foreign Investment Application form • Expand and develop sports infrastructure and services in the to the Ministry of Economic Development Maldives - The Foreign Investment Application Form is available from the Ministry’s website; www.trade.gov.mv.Walk-in • Promote the use of renewable energy in the Maldives consultations are available for foreign investors who may • Promote incremental social and economic benefits from the wish to discuss their proposals before applying. • Receive approval available natural resources. - The standard processing time is three working days, and however, if relevant ministries must be consulted, the approval may take 10-14 days. • Register a business vehicle - Once approval is received, an investor must register as a company, partnership, or a company which has been incorporated in another jurisdiction. Application forms for registering as a legal vehicle are available from the ministry’s website. • Sign the Foreign Investment Agreement with the Ministry of Economic Development - This Agreement outlines the terms and conditions related to carrying out the specific business in the Maldives. For tourism sector investments, a Foreign Investment Agreement is not required as the land lease signed with the Ministry of Tourism governs all matters relating to tourism businesses in the Maldives. • Obtain licenses and permits - Sectors which require operating licenses include fisheries and agriculture, banking and finance, health, tourism, transport, construction, and education.

TAX AVOIDANCE TREATY LEGAL SYSTEM & JUDICIAL INDEPENDENCE The Maldives signed a Double Tax Avoidance Treaty The sources of Law in the Maldives are its with the United Arab Emirates in October 2017. In April constitution, Islamic Sharia law, regulations, 2016, Maldives and India signed an agreement to avoid presidential decrees, International Law, and English double taxation of income derived from air transport Common Law, with the latter being most influential and an agreement to share information on taxes, both in commercial matters. The Maldives has a of which are currently in force. In 2005 Maldives signed Contract Law (Law No. 4/91) that codifies English a double taxation avoidance treaty which is a limited standard law practices on contracts. multilateral agreement between members of the South Foreign parties can invest in the Maldives through Asian Association for Regional Cooperation (SAARC) for the Foreign Investment Law or the Special the avoidance of double taxation and mutual assistance Economic Zones (SEZ) Act. in tax matters. The Maldives currently does not have Foreign investment in the Maldives is governed by personal income taxes, although bank profits and Law, covering agreements between the business profits are taxed and there is a goods and government and investors. services tax on the tourism sector and a general goods The Business Registration Act (18/2014) requires and services tax. Under the Business Profit Tax Act, a foreign businesses to register as a company or non-resident owner or charterer of a ship or aircraft partnership. The Companies Act governs the may be exempt from the fee if the commissioner registration as well as the regulatory and general of taxation of Maldives is satisfied that the operational requirements for public and private taxpayer’s country of residence grants a reciprocal companies. The Partnership Act of 2011 regulates treatment for business profit tax or any other similar the formation and regulation of partnerships. charge to a Maldivian-resident taxpayer. The Maldives Foreign investments are currently approved for an signed its first bilateral free trade agreement with China initial period of five years, with the option to in December 2017. The Maldives and the United Arab renew. Emirates signed an Agreement on the Promotion and Reciprocal Protection of Investments in October 2017.