News & Insights
Dhivehi Investment Nafaa Fund (DHINAF) Launched to Target Short-Duration Investments
The Dhivehi Investment Nafaa Fund (DHINAF), an open-ended private fund, has been officially launched as the Maldives’ first investment vehicle dedicated to short-duration investments. The fund marks a significant step in expanding the local investment landscape by offering a structured platform for channelling private capital into short-term investment opportunities.
DHINAF is structured as a private Investment Fund regulated by the Capital Market Development Authority (CMDA). It serves as a Collective Investment Scheme which pools funds from multiple investors under professional management to invest in a diversified portfolio of assets, enabling broader participation in larger opportunities.
The fund will primarily focus on investments in tourism, real estate, infrastructure, and trade finance, offering institutional and qualified investors an opportunity to access high-return projects with maturities of less than five years.
The fund is set to issue debt instruments as ‘Dhinaf-36’, a limited tranche of MVR 20 million on a private placement basis for qualified investors. The return for debt instruments is as follows;
i. For 6 months maturity: 10.50% p.a.
ii. For 12 months maturity: 11.00% p.a.
iii. For 2 years maturity: 11.50% p.a.
iv. For 3 years maturity: 12.00% p.a.
During the ceremony, Dhivehi Investment Partners was formally appointed as the Fund Manager of DHINAF. The firm is overseen by a board and senior management team with extensive experience spanning finance, banking, insurance, and other key sectors of the Maldivian economy. This collective expertise provides a strong foundation for disciplined governance and positions the fund to pursue high-quality, high-return investment opportunities through well-established business networks.
The launch of DHINAF comes at a pivotal time when access to traditional financing remains limited for many projects in the Maldives. With a credit market long dominated by bank lending and stringent collateral requirements, Dhivehi Investment Partners seeks to bridge these financing gaps by mobilizing private capital toward viable and profitable ventures that support economic diversification, sustainable growth, and long-term value creation. Through this initiative, the firm also aims to broaden local investment opportunities and contribute to building a more structured and resilient private capital market in the Maldives.
DHINAF is structured as a private Investment Fund regulated by the Capital Market Development Authority (CMDA). It serves as a Collective Investment Scheme which pools funds from multiple investors under professional management to invest in a diversified portfolio of assets, enabling broader participation in larger opportunities.
The fund will primarily focus on investments in tourism, real estate, infrastructure, and trade finance, offering institutional and qualified investors an opportunity to access high-return projects with maturities of less than five years.
The fund is set to issue debt instruments as ‘Dhinaf-36’, a limited tranche of MVR 20 million on a private placement basis for qualified investors. The return for debt instruments is as follows;
i. For 6 months maturity: 10.50% p.a.
ii. For 12 months maturity: 11.00% p.a.
iii. For 2 years maturity: 11.50% p.a.
iv. For 3 years maturity: 12.00% p.a.
During the ceremony, Dhivehi Investment Partners was formally appointed as the Fund Manager of DHINAF. The firm is overseen by a board and senior management team with extensive experience spanning finance, banking, insurance, and other key sectors of the Maldivian economy. This collective expertise provides a strong foundation for disciplined governance and positions the fund to pursue high-quality, high-return investment opportunities through well-established business networks.
The launch of DHINAF comes at a pivotal time when access to traditional financing remains limited for many projects in the Maldives. With a credit market long dominated by bank lending and stringent collateral requirements, Dhivehi Investment Partners seeks to bridge these financing gaps by mobilizing private capital toward viable and profitable ventures that support economic diversification, sustainable growth, and long-term value creation. Through this initiative, the firm also aims to broaden local investment opportunities and contribute to building a more structured and resilient private capital market in the Maldives.
Maldives’ First Bond Issuance by a Construction Company Successfully Closed with Strong Investor Support
Fedo Private Limited (Fedo) has made history by successfully closing the Maldives’ first-ever bond issuance by a construction company, raising MVR 48.9 million through a private placement on the Viyana Platform. This landmark transaction marks a significant step forward for the Maldivian capital market, creating new pathways for businesses across diverse sectors to access long-term financing.
The 5-year bond, carrying a coupon rate of 8.5% per annum, received strong backing from institutional investors including Maldives Pension Administration Office, Insurance Industry Players and as well as retail investors. Fedo and Dhivehi Investment Partners Private Limited (DIP) extend their sincere appreciation to all participating investors for the trust and confidence placed in this pioneering issuance.
The offering was arranged and managed by DIP, a licensed investment management and advisory firm in the Maldives. Serving as Lead Arranger and Principal Advisor, DIP played a pivotal role in structuring and executing the transaction, further reinforcing its reputation as a trusted partner in enabling local enterprises to tap into capital markets and diversify their funding sources.
This debut bond issuance not only reflects Fedo’s strong corporate reputation but also sets a precedent for other companies to explore capital market financing. It underscores the emerging role of the Maldivian capital market in financing business ventures and highlights the opportunities it offers for private enterprises to broaden their funding base through Maldivian capital market.
Proceeds from the issuance will support Fedo’s planned diversification into the service and hospitality sector.
The 5-year bond, carrying a coupon rate of 8.5% per annum, received strong backing from institutional investors including Maldives Pension Administration Office, Insurance Industry Players and as well as retail investors. Fedo and Dhivehi Investment Partners Private Limited (DIP) extend their sincere appreciation to all participating investors for the trust and confidence placed in this pioneering issuance.
The offering was arranged and managed by DIP, a licensed investment management and advisory firm in the Maldives. Serving as Lead Arranger and Principal Advisor, DIP played a pivotal role in structuring and executing the transaction, further reinforcing its reputation as a trusted partner in enabling local enterprises to tap into capital markets and diversify their funding sources.
This debut bond issuance not only reflects Fedo’s strong corporate reputation but also sets a precedent for other companies to explore capital market financing. It underscores the emerging role of the Maldivian capital market in financing business ventures and highlights the opportunities it offers for private enterprises to broaden their funding base through Maldivian capital market.
Proceeds from the issuance will support Fedo’s planned diversification into the service and hospitality sector.
Dhivehi Investment Partners to Manage Newly Registered Dhivehi Investment Nafaa Fund (DHINAF)
Dhivehi Investment Nafaa Fund Private Limited (DHINAF), a privately owned Maldivian investment fund, has been granted Investment Fund Registration by CMDA.
As a CMDA licensed Investment Advisor, Dhivehi Investment Partners has been appointed as the Fund Manager to oversee DHINAF.
DHINAF will focus on structured investments across high-potential sectors and diverse asset classes, while Dhivehi Investment Partners provides professional investment management and execution capabilities on behalf of the fund’s owners.
As a CMDA licensed Investment Advisor, Dhivehi Investment Partners has been appointed as the Fund Manager to oversee DHINAF.
DHINAF will focus on structured investments across high-potential sectors and diverse asset classes, while Dhivehi Investment Partners provides professional investment management and execution capabilities on behalf of the fund’s owners.
Maldives Finance Forum 2025: Panel Discussion on Unlocking Business Growth and Accessing Finance
We participated as a panelist in the “Unlocking Business Growth and Accessing Finance” discussion at the 12th Maldives Finance Forum, held on 10 September 2025 at Kurumba Maldives. Organized by the Maldives Pension Administration Office (MPAO), this year’s forum took place under the theme “Building a Resilient and Inclusive Capital Market.”
Established in 2012, the Maldives Finance Forum is the country’s longest-running annual gathering for leaders of the finance sector. It serves as a national platform for debating key issues, exchanging views, and sharing expertise to advance the development of the financial, capital markets, and social security sectors in the Maldives.
In line with its objectives, the forum promotes sustainable capital market development through market standardisation, improved governance, and long-term growth; highlights the role of institutional investors and market participants in building resilience; facilitates multi-stakeholder dialogue to deepen the local capital market while upholding transparency, investor protection, and access; and showcases global best practices in regulation, innovation, and market development to strengthen the Maldives’ capital markets.
By participating in this panel, we contributed to the ongoing conversation on how businesses and capital market advisors can work together to expand access to finance and further strengthen the development of the Maldivian capital market.
Established in 2012, the Maldives Finance Forum is the country’s longest-running annual gathering for leaders of the finance sector. It serves as a national platform for debating key issues, exchanging views, and sharing expertise to advance the development of the financial, capital markets, and social security sectors in the Maldives.
In line with its objectives, the forum promotes sustainable capital market development through market standardisation, improved governance, and long-term growth; highlights the role of institutional investors and market participants in building resilience; facilitates multi-stakeholder dialogue to deepen the local capital market while upholding transparency, investor protection, and access; and showcases global best practices in regulation, innovation, and market development to strengthen the Maldives’ capital markets.
By participating in this panel, we contributed to the ongoing conversation on how businesses and capital market advisors can work together to expand access to finance and further strengthen the development of the Maldivian capital market.
Dhivehi Investment Partners Sponsors CFO Forum 2025 as Gold Sponsor
Dhivehi Investment Partners Pvt Ltd (DIP), is proud to have sponsored the CFO Forum 2025 as a Gold Sponsor.
Organized by the Institute of Chartered Accountants of the Maldives (CA Maldives), the forum was held on 30 August 2025 at CROSSROADS Maldives and brought together the nation’s most influential Chief Financial Officers, Finance Leaders, and Heads of Finance to discuss emerging trends and critical challenges shaping the future of the finance industry.
The CFO Forum has established itself as one of the Maldives’ most prestigious platforms for thought leadership, knowledge sharing, and strategic collaboration within the financial sector. This year’s agenda highlighted key topics driving change in the profession, including the evolving role of CFOs, AI and automation in finance, capital markets, ESG reporting, and sustainability.
By sponsoring the forum, Dhivehi Investment Partners reaffirms its commitment to developing the Maldivian financial ecosystem and supporting industry stakeholders in navigating opportunities within the capital markets. As a trusted partner in investment management and financial consultancy, DIP continues to play a vital role in enabling businesses and individuals to access structured, ethical, and sustainable investment opportunities.
As a Gold Sponsor, DIP actively engaged with finance leaders, industry professionals, and investors throughout the event, showcasing its expertise in raising finance through capital markets and structuring innovative investment solutions. This sponsorship reflects the company’s broader mission to strengthen investor confidence and contribute to the long-term sustainability of the Maldivian economy.
Adding to DIP’s strong presence at the event, DIP’s Chairman, Mr. Wahid, participated in a high-level panel discussion where he shared insights on emerging trends in the financial sector, the growth of the Maldivian capital market, and innovative approaches to expanding financing opportunities.
Organized by the Institute of Chartered Accountants of the Maldives (CA Maldives), the forum was held on 30 August 2025 at CROSSROADS Maldives and brought together the nation’s most influential Chief Financial Officers, Finance Leaders, and Heads of Finance to discuss emerging trends and critical challenges shaping the future of the finance industry.
The CFO Forum has established itself as one of the Maldives’ most prestigious platforms for thought leadership, knowledge sharing, and strategic collaboration within the financial sector. This year’s agenda highlighted key topics driving change in the profession, including the evolving role of CFOs, AI and automation in finance, capital markets, ESG reporting, and sustainability.
By sponsoring the forum, Dhivehi Investment Partners reaffirms its commitment to developing the Maldivian financial ecosystem and supporting industry stakeholders in navigating opportunities within the capital markets. As a trusted partner in investment management and financial consultancy, DIP continues to play a vital role in enabling businesses and individuals to access structured, ethical, and sustainable investment opportunities.
As a Gold Sponsor, DIP actively engaged with finance leaders, industry professionals, and investors throughout the event, showcasing its expertise in raising finance through capital markets and structuring innovative investment solutions. This sponsorship reflects the company’s broader mission to strengthen investor confidence and contribute to the long-term sustainability of the Maldivian economy.
Adding to DIP’s strong presence at the event, DIP’s Chairman, Mr. Wahid, participated in a high-level panel discussion where he shared insights on emerging trends in the financial sector, the growth of the Maldivian capital market, and innovative approaches to expanding financing opportunities.
CFO Forum 2025 panel on Capital Markets and Financing Strategy by Chairman, Abdul Wahid Thowfeeq
Our Chairman, Mr. Abdul Wahid Thowfeeq, shared perspectives on building a modern Maldivian capital market and expanding financing options at the CFO Forum 2025 panel on Capital Markets and Financing Strategy.
FEDO opens subscriptions through Viyana Portal for its MVR 55 million bond for the development of “Savor”
Dhivehi Investment Partners (DIP), a licensed investment management and advisory firm, serving as Principal Advisor to the Offer, is pleased to announce the opening of subscriptions for Fedo Private Limited’s MVR 55 million bond issuance through a private placement on the Viyana Platform of the Maldives Stock Exchange. Subscriptions will open on 21st August 2025 and close on 20th September 2025.
This marks Fedo Private Limited’s first bond issuance to be listed on the Maldives Stock Exchange — a major milestone in the company’s growth and its debut in the capital markets.
Structured as a conventional fixed-income investment, the bond offers a competitive annual return of 8.50%, payable twice a year, over a five-year term. Investors can participate with a minimum investment of 10 bonds (MVR 10,000). For example, an investment of MVR 100,000 will provide investors with a payment of MVR 12,483 every six months, which includes both interest and part of the principal, until the bond matures.
The proceeds from this bond will be used to fund “Savor” – a premium urban retreat and lounge facility in Hulhumale’. Designed for both tourists and corporate clients, Savor will feature multiple fine-dining restaurants with international cuisines, a state-of-the-art fitness centre, an infinity-edge pool, a purpose-built conference hall, and other high-end amenities.
Established in 2011, Fedo Private Limited is recognised as one of the Maldives’ leading construction and development companies, with a proven track record of delivering complex, high-value projects on time. The company’s focus on quality, technical expertise, and reliable performance has earned it a strong reputation with clients and partners.
DIP is proud to support Fedo in bringing this opportunity to the market, enabling investors to participate in a project that blends strong commercial potential with the development of high-quality tourism property in the Maldives.
This marks Fedo Private Limited’s first bond issuance to be listed on the Maldives Stock Exchange — a major milestone in the company’s growth and its debut in the capital markets.
Structured as a conventional fixed-income investment, the bond offers a competitive annual return of 8.50%, payable twice a year, over a five-year term. Investors can participate with a minimum investment of 10 bonds (MVR 10,000). For example, an investment of MVR 100,000 will provide investors with a payment of MVR 12,483 every six months, which includes both interest and part of the principal, until the bond matures.
The proceeds from this bond will be used to fund “Savor” – a premium urban retreat and lounge facility in Hulhumale’. Designed for both tourists and corporate clients, Savor will feature multiple fine-dining restaurants with international cuisines, a state-of-the-art fitness centre, an infinity-edge pool, a purpose-built conference hall, and other high-end amenities.
Established in 2011, Fedo Private Limited is recognised as one of the Maldives’ leading construction and development companies, with a proven track record of delivering complex, high-value projects on time. The company’s focus on quality, technical expertise, and reliable performance has earned it a strong reputation with clients and partners.
DIP is proud to support Fedo in bringing this opportunity to the market, enabling investors to participate in a project that blends strong commercial potential with the development of high-quality tourism property in the Maldives.
Strategic Partnership Signing Ceremony between Dhivehi Investment Partners and HNB Investment Bank
A new chapter begins! We are proud to announce that, Dhivehi Investment Partners, DIP and HNB Investment Bank, HNBIB has signed a Strategic Partnership Agreement with a shared vision for the future aimed at delivering comprehensive investment banking and financial advisory services to corporate clientele across the Maldives.
DIP Appointed to Lead Issuance of MVR 55 Million Bond for Fedo
Dhivehi Investment Partners Appointed to Lead Issuance of MVR 55 Million Bond for Fedo’s Upcoming Premium Hospitality Project ‘Savor’ in Hulhumale’.
During the signing agreement held between Dhivehi Investment Partners Private Limited (DIP) and Fedo Private Limited, DIP has been appointed as the lead arranger for the upcoming bond issuance of MVR 55 million. The funding is set to be used for the upcoming development of a luxury urban retreat and lounge facility called “Savor” in Hulhumale’.
DIP is an investment management and financial advisory firm focused on raising capital and providing tailored financing solutions to companies through the Maldivian Capital Market. DIP is currently working with reputable companies in bringing investment offerings to the Maldivian
Capital Market.
Fedo Private Limited, one of the leading construction companies, established in the Maldives in 2011, with a proven track record of delivering value and earning the trust of the Maldivian community.
The planned development will include multiple upscale restaurants featuring international culinary offerings, a state-of-the-art gymnasium, an infinity pool, dedicated conference spaces, and other premium amenities. This initiative reflects Fedo’s commitment to contributing to the
growth and sophistication of the Maldivian tourism infrastructure. This issuance is a key component of Fedo's strategic roadmap to expand its presence in the service and hospitality sector.
The planned issuance of the MVR 55 million bond via private placement on the Viyana Board of the Maldives Stock Exchange and the bond is structured as an unsecured conventional bond. The bond is set to carry an attractive rate of return, hence a great opportunity for those wishing to
diversify their investment portfolio.
During the signing agreement held between Dhivehi Investment Partners Private Limited (DIP) and Fedo Private Limited, DIP has been appointed as the lead arranger for the upcoming bond issuance of MVR 55 million. The funding is set to be used for the upcoming development of a luxury urban retreat and lounge facility called “Savor” in Hulhumale’.
DIP is an investment management and financial advisory firm focused on raising capital and providing tailored financing solutions to companies through the Maldivian Capital Market. DIP is currently working with reputable companies in bringing investment offerings to the Maldivian
Capital Market.
Fedo Private Limited, one of the leading construction companies, established in the Maldives in 2011, with a proven track record of delivering value and earning the trust of the Maldivian community.
The planned development will include multiple upscale restaurants featuring international culinary offerings, a state-of-the-art gymnasium, an infinity pool, dedicated conference spaces, and other premium amenities. This initiative reflects Fedo’s commitment to contributing to the
growth and sophistication of the Maldivian tourism infrastructure. This issuance is a key component of Fedo's strategic roadmap to expand its presence in the service and hospitality sector.
The planned issuance of the MVR 55 million bond via private placement on the Viyana Board of the Maldives Stock Exchange and the bond is structured as an unsecured conventional bond. The bond is set to carry an attractive rate of return, hence a great opportunity for those wishing to
diversify their investment portfolio.