Yameen, the half-brother of former autocratic ruler Maumoon Abdul Gayoom, was sworn in as the 6th President of the Maldives by Chief Justice Ahmad Faiz at a special session of the Parliament. He was given a 21-gun salute.
Yameen's running-mate Mohammad Jameel was sworn in as Vice-President.
Yameen, 54, an economist and a candidate of Progressive Party of Maldives (PPM), clinched an unexpected victory in the presidential run-off yesterday by receiving 51.39 per cent of the votes over opposition leader and former president Nasheed who garnered 48.61 per cent of the votes.
"I shall strive to make the Maldives the safest and most developed nation in the region. We will maintain good neighbourly relations with countries in the region," Yameen, the second democratically-elected President of the Maldives, said.
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Two former presidents -- Nasheed and Maumoon -- also attended the swearing in ceremony.
Presidential spokesperson Masood Imad said over 50-members attended the special session of the Parliament.
Earlier, Elections Commission announced the official results of the presidential runoff, confirming Yameen, as the president elect.
Elections Commissioner Fuad Thowfeek announced that Yameen garnered 111,203 votes and Nasheed received 105,181 votes.
After the results were declared, Yameen said the country desperately needed stability and hoped his opponents would cooperate.
"The country needs stability," Yameen told reporters. "I hope we will receive the necessary cooperation from Nasheed through parliament."
"Instead of confronting political leaders, we will confront the big challenges facing our country," he said.
Maldives has witnessed political turmoil since 46-year-old Nasheed resigned under duress in February 2012 in a controversial transfer of power.
Nasheed conceded defeat in yesterday's run-off after a bitterly fought battle and said he was pleased that the country finally had a democratically elected leader.