Infrastructure.
Bridges, ports, airports, reclamation, power, water and connectivity — what is actually being built, what it costs, what completes, and which markets it revalues.
In development
In development
Two hundred and four published products, and a price ladder that varies forty-six-fold within a single duration band. The cheapest data in the country on headline arithmetic is a one-hour pass at twenty laari a gigabyte — which nobody can use. Once consumption is capped at something a person could plausibly consume, the ordering inverts and the same pack becomes the most expensive data on sale.
Business & MarketsWe rebuilt as much of a telecom operator's commercial analytics function as the public record allows — market sizing, operator economics, product portfolio, pricing, forecasting and decision support — and then counted what was missing. About a third of what a commercial team watches can be reconstructed from outside. The third that cannot includes churn, which is why the answer is a qualified no, and why the qualification is the useful part.
Real EstateEvery administration since 1990 has met Greater Malé's congestion with the same two instruments — reclaim land and build state flats — while the 2002 grant system kept allocation political and no price register was ever built. The 2026 cycle is running the same play into a debt-and-dollar wall.
Real EstateThe capital packs 137,238 people onto 1.95 km² and adds no net supply; the state is deliberately decanting its demand onto reclaimed land. Whether that trade works depends on Hulhumalé becoming an economy, not just a dormitory — and it is at best halfway there.
Real EstateGreater Malé's lagoons are absorbing roughly 7 times more state-made land than the flagship regional project; Thilafushi gains a port, a power plant and the country's only posted land price, while RasMalé — the largest reclamation ever attempted — remains a financing black box and the regions get infrastructure without people.
Real EstateIndia-financed corridor works will finish late but finish; RasMalé's promised 65,000-unit city is reclaimed sand with no financing for anything on top. The measured housing problem, meanwhile, is a bounded Malé deficit inside a much larger affordability gap — and pledged paper supply already exceeds every demand scenario Nyra can construct to 2040.
Real EstateThe capstone risk map is hub-and-spoke: ten property risks, and nearly every spoke routes through one over-indebted balance sheet. Climate risk is real but mispriced in time, not direction. The honest forecast to 2030 is a range — asking prices anywhere from −10% to +35%, build costs up in every scenario, and rents the only series that rises in all three.