Universal Enterprises was founded in 1972 by two brothers from the Maldives, Mohamed Umar Maniku and Ahmed Umar Maniku. Mr. Mohamed Umar Maniku was one of the hosts for the first organized tour to visit the Maldives. In 1978, the two brothers incorporated Universal Enterprises Pvt. Ltd., a Maldives based tourism company. Universal has since grown and evolved and is now the largest single resort operator in the country with ten quality resorts in eight islands and a total of more than 1000 rooms.

The estimated cost of rebuilding, renovation and refinancing is approximately $65 million. The proposed IFC investment is a $25 million A Loan for IFC’s own account.

150.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	150.0
Equity

* These investment figures are indicative

All resorts of Universal are located on individual islands in the Republic of Maldives.

Development Impact: The proposed IFC loan will support the largest tourism company in what is likely to be a difficult time for tourism, the key economic sector in the Maldives, accounting for approximately 25,000 out of a total of 88,000 private sector jobs in the country. Specifically, the proposed loan will assist Universal in its efforts to rapidly recover from the devastating effects of the recent tsunami. With the renovation and rebuilding components, the proposed project will provide opportunities to the construction and other sectors that support both tourism and construction industries, especially during a difficult economic time for the Maldives as it faces lower tourist arrivals and a distraught fishing sector. IFC Role: IFC’s proposed long-term financing will enable Universal to reconstruct/refurbish its affected operations as well as restructure its existing short to medium-term loans, which will ensure sustainability of its business during the inevitable post-tsunami downturn in the market. IFC will also be providing much-needed insurance advice to Universal. In addition, IFC’s involvement will help in achieving better environmental and social practices in Universal’s operations.

This is a category B project according to IFC’s environmental and social review procedure. The project components will be assessed for compliance with applicable IFC social and environmental performance standards. Issues to be considered in this assessment include: protection of cultural heritage and natural habitats; possession of applicable environmental reviews and permits for new and reconstructed facilities; management of potable water, wastewater treatment, solid waste handling and disposal; hazardous materials management; labor relations, occupational health and safety, life and fire safety, and local environmental management for both construction and operations phases of project implementation. Details of each project component will be reviewed and physical appraisal undertaken as required.
Location of environmental documents in locally affected community
Environmental documentation will be made available at the following locations: - Universal headquarters: 39, Orchid Magu, Male’ 20-02, Republic of Maldives; and - Ministry of Environment And Construction: Huravee Building, Ameer Ahmed Magu, Male’, Republic of Maldives.