President Muizzu awards Sultan Al-Marshad in rare tribute amid growing Saudi-backed investments
In a rare gesture of appreciation, the Maldives has awarded one of its highest national honors to the head of Saudi Arabia’s powerful development fund, a move that underscores deepening ties and strategic financial backing between the island nation and Riyadh.
President Dr Mohamed Muizzu presented the “Order of Dignified Rule of the Muleege Dynasty” to Sultan bin Abdul Rahman Al-Marshad, CEO of the Saudi Fund for Development, at a special ceremony Monday morning in Malé.
The honor isn’t handed out lightly. In fact, it’s the third-highest medal in the country, rooted in centuries-old tradition and linked to Sultan Muhammad Shamsuddin, a key figure in the Maldives’ dynastic past.
A strategic recognition at a critical time
This award wasn’t just about ceremony. It came against the backdrop of serious money moving from Riyadh to Malé — and more on the way.
The Saudi Fund for Development (SFD) has long been a heavyweight player in Maldives’ infrastructure landscape. Its financial fingerprints are all over some of the country’s most critical public projects — from roads to power, and especially aviation.
The Maldives government has made it clear: this isn’t just appreciation for past work.
It’s an open nod to the enduring financial relationship with Saudi Arabia, and maybe even a signal to other development players that Malé sees the SFD as a top-tier partner.
$470 million and counting: A long, expensive relationship
Let’s talk numbers — because they’re big.
According to official figures, the Saudi Fund has so far extended a whopping USD 470 million to the Maldives. That’s around MVR 7.2 billion. The cash has been funneled into 16 major development projects.
One project in particular keeps coming up: the Velana International Airport (VIA). Saudi funding helped shape it back in 1978. Again in 1981. Then again in 1992, 1999, 2016, and most recently, in 2024.
And there’s more coming.
During his current visit, Al-Marshad is expected to sign off on yet another loan — USD 17 million — to support the airport’s new terminal. It’s the second tranche of funding for this specific expansion.
So why all this love for Velana Airport?
Because for the Maldives, the airport isn’t just a transportation hub. It’s the main artery for tourism — the lifeblood of the economy. Every international dollar essentially lands through those runways.
Political capital in the form of financial capital
Dr Muizzu’s administration is walking a tightrope on foreign policy.
And while India and China have had fluctuating influence over the years, the Kingdom of Saudi Arabia has taken a steady, if quiet, approach — writing checks, not headlines.
This week’s medal might change that.
Here’s what this honour signals:
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Riyadh’s growing influence in the Indian Ocean region
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Maldives’ intent to cultivate strong Gulf ties amid shifting Asian alliances
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The rising soft power value of development financing
This isn’t lost on regional observers either. The award wasn’t just covered in local press — international attention is growing.
The symbolism behind the Muleege medal
You’d be forgiven if you haven’t heard of the “Order of Dignified Rule of the Muleege Dynasty.” It’s not commonly given.
Named after Sultan Muhammad Shamsuddin, the medal commemorates a legacy of leadership tied closely to the formation of a sovereign identity in the Maldives.
In modern terms? It’s a big deal.
Usually reserved for statesmen, royalty, or select figures with long-standing ties to the nation.
That Al-Marshad, a foreign national and fund executive, received it — speaks volumes.
For a country often caught in the tug-of-war between China’s Belt and Road and India’s neighborhood policy, honoring Saudi financial diplomacy sends a different kind of message: one of choice.
Will the momentum hold?
With new loan agreements on the table, the pressure now falls on project execution. The new terminal at Velana International Airport has been delayed multiple times already.
If this round of funding finally clears the bottleneck, it could set the stage for even more Saudi-backed ventures.
And it’s not just about airports.
The Saudi Fund’s past projects also include:
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Waste management systems
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Health centers in remote atolls
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Renewable energy initiatives
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Housing infrastructure
Al-Marshad’s visit is expected to include inspections and reviews of these ongoing initiatives.
