President Dr Mohamed Muizzu has ratified a new bill governing the leasing and allocation of uninhabited islands and standalone lagoons across the Maldives.
The legislation sets out new procedures for designating islands and lagoons for economic, industrial and social purposes, as well as for granting unallocated islands under "varuvaa" for maintenance.
It also introduces revised rental rates. Leases for industrial and economic purposes will be charged at USD 0.06 per square metre, while fisheries and agricultural leases will cost USD 0.16, and social-purpose leases USD 0.16 per square metre.
Islands granted under "varuvaa" will be subject to an annual fee of USD 0.13 per square metre.
The bill was passed by the Parliament on 26 August and was ratified by President Muizzu at a ceremony at the President's Office.
The new law will take effect 30 days after its ratification and publication in the Government Gazette.
It will also repeal the existing Law on Uninhabited Islands, which has been in force since 1998.