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BML Startup Grant recipient The Island Factory expands to over 80 retail outlets
The Island Factory uses modern processing and packaging methods to produce tuna jerky, focusing on innovative, protein-rich fish products.
14 October 2026, 08:49
The Island Factory, a tuna jerky business established by Niyaf Mohamed with support from Bank of Maldives’ (BML) 2024 Startup Grant programme, has expanded its products to more than 80 retail outlets across over 17 islands, including resorts.
BML announced the successful completion of the grant-supported project, which is based in GDh. Hoandedhoo. Its distribution network includes more than 30 outlets in Malé and Hulhumalé.
The Island Factory uses modern processing and packaging methods to produce tuna jerky, focusing on innovative, protein-rich fish products. According to BML, the business also supports local fishermen and promotes sustainable practices in the fisheries sector.
Through its annual Startup Grant programme, BML awards two promising businesses MVR 500,000 each to help turn innovative business ideas into reality.
The bank said the programme reflects its continued commitment to supporting entrepreneurship, encouraging innovation and creating economic opportunities across the Maldives.
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