Author: Mohamed Reehaan

Hotels and Resorts Investments (HRIM) has partnered with Finland’s Meyer Floating Solutions to build floating villas in the Maldives. The USD 200 million worth partnership aims to develop luxury-standard floating villas for the ultra-wealthy travelers. Signing for the partnership between HRIM and Meyer Floating Solutions was held at Kurumba Maldives. The project involves development of 13 luxury-tier floating villas in Kaafu atoll Vilivaru. Meyers Floating Solutions, the initiative’s partner is hailed as the largest developer of cruise lines worldwide. Speaking about the new collaboration, HRIM Chairman Mohamed Ali Janah said that the European Investment Bank (EIB) has provided required funds…

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Bank of Maldives (BML) on Monday, July 10, opened applications for proposals under its Community Fund initiative for the second phase of 2023. The Community Fund is open to locally registered non-government organizations (NGOs) to access funds up to MVR 50,000 to implement projects in key areas such as education, environment, sports, and community development. BML also said that all registered NGOs in Male’ and other islands are eligible to apply. The national bank announced that in the second phase of the fund, a total of 10 projects will be selected from the proposals received. A total of 20 projects…

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Complaints have been mounting from the public over the significantly high electricity bills in June 2023. While it is common for electricity bills to hike during hot season every year, State Electric Company (STELCO) attributed the high charge on bills to higher electricity consumption during the period. Consumers meanwhile, have raised complaints since the Maldives experienced more rainy days on average throughout June. Most of the complaints were directed at the bills being higher compared to the hot season. “The bills continue to surge with each passing month. [They said] that the highest consumption will be reflected in April, but…

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Urbanco has announced that the Vinares housing flats will be handed over to its tenants during July 2023. Urbanco’s Public Relations Manager, Ahmed Mimrah reported that the flats will be handed over to the applicants before the end of the current month, and added that applicants have been requested to submit their credit reports to the Maldives Monetary Authority (MMA) for financial evaluation. A total of 1,094 parties from non-registrants in Male’ City category, but having lived in the city for over 15 years, along with another 267 Male’ City registered parties for over 15 years have been selected for…

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State Trading Organization (STO) has signed with Hulhumale’ Hospital to develop the medical institution’s new intensive care unit (ICU) and neonatal intensive care unit (NICU) departments. The signing took place on Tuesday, July 04, at STO headquarters. STO’s Managing Director and Chief Executive Officer Abdulla Saeed signed the agreement on behalf of the contractor while Hulhumale’ Hospital’s Chief Executive Officer Mariya Saeed signed on behalf of the hospital. Upon completion of the project, the ICU and NICU departments of Hulhumale’ Hospital will feature latest and state-of-the-art medical equipment along with infrastructure. At the moment the hospital’s ICU department has only…

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Maldives Marketing and Public Relations Corporation (MMPRC) has launched a campaign with the Bangkok Post, Thailand to showcase the unique sights and experiences available from the island nation. The campaign which commenced on July will last until the end of August 2023. MMPRC reports the campaign will strengthen the Maldives’ brand presence and visibility in the Thai market, and showcase the destination’s uniqueness. Bangkok Post is the leading English-medium mass publication in Thailand, and attracts a monthly audience of over 2 million readers. The campaign is expected to reach a wide audience in Thailand. Thailand is an important market in…

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The Maldives government has announced a series of new Treasury Bills on sale. In an invitation to subscribe published by late June 2023, the Maldives government offered four specific Treasury Bills (T-Bills) with differing maturity dates. While the sale date of the T-Bills were July 2, 2023, Sunday with settlement date falling on next day, July 3, 2023. The T-Bills offered include; TBT28-2023-3107 | Offered Amount: MVR 1,013,000,000.00 | 3.50% IR | 28 Days Maturity | July 31, 2023 – Maturity Date TBT98-2023-0910 | Offered Amount: MVR 301,000,000.00 | 3.87% IR | 98 Days Maturity | October 09, 2023 -…

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The governments of United States and the United Kingdom have issued advisories to respective travelers to the Maldives, noting they may face threats related to terror incidents due to civil unrest at tourist locations, transportation hubs, local government facilities and shopping areas. US government has warned that terrorist groups may conduct attacks with little to no warning, which are likely to occur on remote islands. It was advised by the US government to its nationals to obtain assistance from the US embassy located in Colombo, Sri Lanka. Earlier, it was reported that the UK government had come out with similar…

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The large scale land reclamation project of Kaafu atoll Gulhifalhu will be officially inaugurated on July 02, Sunday. According to the Ministry of National Planning, Housing and Infrastructure (MNPHI), a special ceremony is scheduled at 17:00hrs on Sunday afternoon, which will be broadcast live from state-run media. The second phase of Gulhifalhu land reclamation was contracted to Netherlands’ contractor Boskalis, which it was assigned to without bidding on October 17, 2019. The contractor reports the project will cost an approximate total of MVR 2 billion. Moreover, the contractor said a total of 18 million cubic-meters of sand will be filled…

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The total tourist arrivals to the Maldives stood less than 80,000 from hitting the 1,000,000 arrival mark by June 28, 2023. According to the statistics published by the Ministry of Tourism, the tourist arrivals as of the last reviewed date stood at 920,156, which is a 14.2% annual increment compared to same period in 2022. Arrivals for the same period last year stood at 805,998 and at just 507,131 the year before that. Meanwhile, tourist arrivals for the period exclusively from 01st to 28th June stood at 110,912 which is a modest 7.0% increment compared to the same period in…

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