Author: Mohamed Reehaan
Maldives state government has revealed its objective to liquidate state-owned shares from one local tourist property, and the prospective reopening sometime in 2022. According to the Maldives government, the state will be liquidating its shares from the Shangri-La tourist resort that has been left shut down for some time now. The resort, of which 30% shares were held by the state government was closed back in 2020 for renovations amid the Covid-19 outbreak. Meanwhile, the people of Addu City who cover a major portion of the resort’s employees have voiced concerns over the unprecedented prolonging of the resort’s closure. The…
Maldives Food and Drug Authority (MFDA) has ordered the recall of “Stars” brand spring onions over pesticide contamination reports. In a statement released on Monday, 14the February, the authority claimed on receiving an alert from the Rapid Alert System for Food and Feed (RASFF) of the European Commission (EC) that claimed import of contaminated vegetables into Maldivian borders. Meanwhile, the authority has ordered an immediate cessation of sale and consumption of the product in question until further advice regarding the matter is released. MFDA is currently attempting to assess the risk of the product and the health adversities it may…
LUX* South Ari Atoll invites guests to celebrate love with its romantic escape experiences during this year’s Valentine’s Day. The top-tier luxury property has unveiled one of their Collectible Experiences on this special occasion – “Couple Goals in the Maldives” – which is a specifically curated package to “restore couples and bring them closer.” Moreover, this Valentine’s Day, indulge in a high-end spa treatment with the Romantic Escape Package at LUX* Me Spa, which extends a 60-minute massage of the couples’ choice and a 15-minute refreshing facial accompanied by one glass of sparkling wine. Guests can make reservation with the…
Bank of Maldives (BML), under its Community Fund initiative, has supported the development of a community park for senior citizens at Addu City Feydhoo. The project was initiated to promote healthy lifestyles and the well-being of senior citizens and to encourage seniors to engage in social activities and connect with their community. According to BML, the park is shaded and equipped with benches and seating which allow senior citizens to enjoy outdoor activities such as carrom, cards, and even chess. In addition to this, the park will become a prime venue of monthly events such as health checkups and awareness…
According to the latest updates from the Ministry of Finance, the state expenditure as of 03rd February 2022 has reached MVR2,280.6 million (MVR2.28 billion). Meanwhile, the state revenue inclusive of foreign grants by the same period reached MVR2,344.2 million (MVR2.3 billion). Due to a comparatively higher revenue figure than the expenditure of the state, the overall balance observed a surplus of MVR63.7 million. Expenditure composition reveals 81% of the total budget had been concentrated towards recurrent needs and only 19% on capital expenses. As for revenue composition, 86% of the total earnings came from tax sources with just 14% of…
According to the latest weekly revenue updates from Maldives Inland Revenue Authority (MIRA), the state has collected a revenue exceeding MVR2.36 billion so far in 2022. Meanwhile, MIRA collected a revenue exceeding MVR1.5 billion for the month of January exclusively. In terms of weekly earnings, MIRA has collected a total of MVR325,971,107 in Tourism Goods and Services Tax (TGST) from 30th January to 05th February 2022, while General Goods and Services Tax (GGST) collected during the same period reached MVR143,316,778. Moreover, the Corporate Income Tax or Business Profit Tax collected for the same week reached MVR183,858,744. In addition to this,…
State Trading Organization (STO) on Thursday, 10th February 2022, announced on officially kick starting their “Ramadan Bazaar” for the year. The sale, which kicked off in February will last until 30th April 2022, well into the Islamic sacred month of Ramadan. This year, the religiously auspicious month where Muslims all over the world observe fasting, coincides with early April. STO revealed their “Ramadan Bazaar” will offer exciting discounts on products similar to previous years. The promotional event will be reflective from STO Home Improvement and other regional outlets of the state-owned enterprise’s general trading arm. For the first time since…
The Bank of Maldives (BML) announced the appointment of its new director to the Islamic Banking wing. According to the national bank of the island nation, the bank appointed Mr. Hassan Kalaam, a notable financial auteur with more than ten years of experience in the financial and banking industry. Mr. Kalaam first joined the ranks of BML back in 2013 and had been one of the notable pioneers behind the bank’s recent success and growth; especially the steady journey of growth of its Islamic Banking wing. Before becoming the new Director of BML Islamic, Mr. Kalaam was the Interim In-charge…
The Maldives Ministry of Tourism announce on debuting their latest tourism related show, “Tourism Upbeat Talk Show” on 17th February 2022. The talk show falls under myriad of activities planned out by the government institution for the current year in commemoration of the country’s Golden Jubilee of Tourism – which falls precisely on October. Meanwhile, it has been announced by the ministry that the panelists of the debut show of the series will include notable tourism pioneers of the Maldives. According to the ministry, the panelists include Chairman of Maldives Association of Tourism Industry (MATI) Mr. Mohamed Umar Manik, Minister…
Ministry of Finance announces seeking interested parties to purchase T-bill worth MVR1.5 billion in a bid to recuperate state expenditure. Maldives government, via the ministry’s website on Tuesday, 08th February made the announcement confirming the sale of four T-bills on coming Saturday, 12th February 2022. As such, state is slated to sell; T-bill worth MVR674 million (with a 3.5% interest) – 28-day repayment period, 14th March 2022 T-bill worth MVR188 million (with a 3.87% interest) – 98-day repayment period, 23th May 2022 T-bill worth MVR205 million (with 4.23% interest) – 182-day repayment period, 15th August 2022 T-bill worth MVR466.3 million…