Author: Mohamed Reehaan
Tradenet Maldives has announced the planned electronic platform for international trade, part of the Maldives National Single Window (MNSW) project, will be launched on August 2024. The MNSW project aims to establish a centralized digital platform, with the objective of streamlining international trade by enabling trade and transport parties to submit information and documents through a single entry point. This means, businesses and individuals can electronically submit all import, export, and transit related documents which would eliminate the need to interact with multiple entities, which in turn will reduce the paperwork and clerical tasks. The electronic platform will feature secure…
Fenaka Corporation has announced the installation of solar power infrastructure in Thaa atoll, which falls under the ‘Poised Project’. The utility provider will be installing a 2.49-megawatt solar photovoltaic (PV) panels with a 1.9-megawatt battery energy storage system. Besides this, solar panels have been installed and pre-commissioned across majority of Thaa atoll islands, with commissioning expected for remaining islands of the atoll before July ends. Fenaka Corporation further announced it will be installing solar power infrastructure in both Baa and Raa atolls. This include the installation of a 2.74-megawatt solar system in Baa atoll and another 3.599-megawatt system in Raa…
The picturesque island nation, Maldives in the Indian Ocean, is at an economically critical juncture due to continued escalating debt burden. While the country has been grappling with mounting fiscal challenges for years, the country’s debt has risen to such an extent that heavy doubts are cast over the country’s ability to meet its debt obligations. Over the past decade, the island nation has engaged in substantial borrowing to fund the country’s infrastructure projects, stimulate economic growth, and also address the impact of the Covid-19 pandemic in 2020. The pandemic stymied the momentum of Maldives’ economic growth since its strongest…
Dhiraagu, the largest telecommunication and internet service provider in the Maldives, on Thursday announced it has signed as the Digital Partner for CAVA U20 Women’s Volleyball Championship to kick off in the Maldives. The Volleyball Association of Maldives (VAM) is hosting the international tournament, which is held in collaboration with the Central Asian Volleyball Association (CAVA). CAVA is an affiliated body of the Asian Volleyball Confederation (AVC) and the Federation Internationale de Volleyball (FIVB). The tournament will feature 14 nations from Central and South Asian region. “We are delighted to come aboard as the Digital Partner of the CAVA U20…
Ooredoo Maldives has announced the highly anticipated return of Ooredoo Masrace. The annual fishing competition, Ooredoo Masrace, has been a popular event across the Maldives since its debut. Ooredoo Maldives, in its Wednesday announcement, promised an even bigger fishing tournament in 2024 – with the tournament taking place in three different islands; including Himmafushi, Naifaru, and Thinadhoo City. “As an activity deeply rooted in the Maldivian culture, Ooredoo Maldives is proud to host this event that showcases our rich fishing heritage,” said Ooredoo Maldives. At a press conference held in Himmafushi on Wednesday, Ooredoo Maldives also announced its partnership with…
Thailand has extended a 60-day visa exemption for Maldivians. The Maldives Ministry of Foreign Affairs on Thursday announced, that Maldivian nationals traveling to Thailand for tourism purposes, business engagements, urgent or ad-hoc work will be entitled for the visa exemption. Foreign Ministry also said that an additional period not exceeding 30 days may also be granted on request before the permission period expires. The extension of stay is solely at the discretion of the Royal Thai Immigration, the ministry in its announcement said. The ministry also advised Maldivians to acquire travel insurance ahead of their foreign trips, and to respect…
Maldives Transport and Contracting Company (MTCC) has announced a dividend payout of MVR 3 per share. This was announced at MTCC’s Annual General Meeting (AGM) for 2023 at Umar Zahir Building on Wednesday evening. The board’s dividend payout decision was approved with 99.6% votes from the shareholders. A total of 374 shareholders attended this event. MTCC added that the shareholders who registered before June 23, 2024 will be eligible for the dividend. The company generated an annual revenue of MVR 3.2 billion in 2023, which is a 30% decline from MTCC’s earnings in 2022. MTCC’s profit-after-tax was recorded at MVR…
Parliament’s Public Accounts Committee on Wednesday voted in favor of recommending the removal of Maldives Governor Ali Hashim. The embattled Maldives Governor has been under parliament scrutiny since Deputy Speaker and Dhiggaru MP Ahmed Nazim submitted a no-confidence motion against him, citing incompetency. Notice to appear before the committee was sent on three separate occasions to the Governor, but had failed to comply while citing it was due to health-related issues. After he failed to appear initially during last week’s meeting, he was granted an additional chance on Tuesday while the final notice was sent on Wednesday, July 17. Nazim…
Emerald Maldives Resort & Spa has welcomed its newest General Manager Rohit Chhettri. The announcement was made on Tuesday, July 15 by The Emerald Collection’s Partner and Managing Director Aldo Scarapicchia. “We are delighted to welcome Mr. Chhettri,” said Scarapicchia. “We are confident that his extraordinary knowledge, expertise, and leadership will be invaluable to the organization as we continue to grow and compete in the luxury hospitality market.” Chhettri has a diverse and rich background with more than a decade of international luxury hospitality experience, including positions at Rosewood Hotels and Resorts, Soneva Group, Hyatt Hotels Corporation and Hilton. “I…
The exchange rate of US dollar in the Maldivian black market has lifted above MVR 18, according to recent findings. US dollar is currently exchanged between MVR 18.10 and MVR 18.30 in the black market, and has been the case for some time. According to local vendors and suppliers, this exchange rate hike will negatively reflect on the prices of goods; with inflation on consumer items expected. The exchange rate of US dollar had observed a limbo at MVR 18 level earlier this year as well, but was expected to drop below this. Following the announcement made by Maldives Ports…