Author: Mohamed Reehaan

State Trading Organization (STO) has received the not to start international bunkering services, confirmed its Managing Director Abdulla Saeed. Saeed made the revelation during the company’s recently Annual General Meeting. With this move, the largest state-owned enterprise (SOE) in the Maldives eyes to expand its operations and increase its revenue streams. The enterprise is currently working on establishing an oil storage facility in Ihavandhippolhu, which will facilitate the bunkering services. Saeed further said that preparations are already underway to commence the bunkering service with the support of a foreign consultant. “We are in the process of starting international bunkering,” said…

Oman’s national carrier, Oman Air has revealed its hotly anticipated summer schedule for 2023, introducing four weekly flights to the Maldives beginning from 24th June. Since establishing in 1993, Oman Air initially focused on domestic routes, but continued with rapid expansion to become a major international airline. The airline has been honored by notable industry accolades including a prestigious Five-Star Covid-19 Airline Safety Rating from Skytrax and two back-to-back Five-Star Major Airline Ratings in 2021 and 2022 from the Airline Passenger Experience Association (APEX).

State Trading Organization’s (STO) board of directors has announced a dividend of MVR 77 per share. The board decided with the dividend based on the company’s profitable performance in 2022. The approved dividend is MVR 12 per share higher than the dividend distributed in 2021. During the Annual General Meeting held at Central Park, STO board endorsed the appointment of Mohamed Ahsan Saleem as a new board director, representing general shareholders. STO appointed PriceWaterhouseCoopers (PwC) as their official auditor for the 2023 fiscal year. STO reported a gross revenue of MVR 18.2 billion in 2022, a significant bump from the…

Maldives Pension Administration Office (MPAO) has revealed that the Maldives Pension Fund has reached a total of MVR 20.5 billion. During the “Maldives Financial Forum”, the authority presented statistics showing a collective increase in accrued pension rights, pension’s investment, Shari’ah funds, and housing funds. The accrued pension rights are the retirement benefits allowance provided to employees below 65 years, and was implemented before the Maldives Pension Act came into force. The pension fund excluding accrued rights, reached a total of MVR 16.5 million since the implementation of the Pension Act. While speaking at the Financial Forum, the Chief Executive Officer…

The Minister of Economic Development, Fayyaz Ismail expressed concerns over the delay of two workers’ rights bills in the parliament. Fayyaz, who also serves as the ruling Maldivian Democratic Party (MDP) chairperson, said that the industrial relations and occupational safety bills in safeguarding workers’ rights are crucial to the Maldivian economy. The minister further stressed on the importance of giving equal treatment to the bills as other motions submitted to the parliament. He highlighted the importance of including them on the agenda for discussion and approval. While speaking about the bills, the minister said that no progress has been made…

The Deputy Governor of Maldives Monetary Authority (MMA) Ahmed Imad said that discussions are now underway to create a digital version of the Maldivian Rufiyaa. While speaking at the Maldives Financial Forum, which commenced on 29th May, the Deputy Governor said that 94% of the usable currency in the Maldives is currently digital. He added that this was indicative of the wide banking and financial technology (FinTech) opportunities in the Maldives. Imad also said that the introduction of cryptocurrency and digital token options in the Maldivian financial sector will enhance the financial transactions and contribute towards the collective growth of…

Maldives Marketing and Public Relations Corporation (MMPRC) has participated in this year’s Riyadh Travel Fair (RTF) to market the destination in Saudi Arabia. Besides MMPRC heading the contingent, 26 participants representing 15 companies took part in the fair that was held in Riyadh, Saudi Arabia from 22nd to 24th May 2023. MMPRC participated in the fair to strengthen the Maldivian tourism brand and presence in the Saudi Arabian market, achieve growth in arrivals, promote halal tourism, and target affluent travelers in the Middle East. RTF 2023 is a significant annual event in which leading travel and tourism companies gather with…

LUX* South Ari Atoll is preparing for a week of wellness-boosting activities for the island’s visitors and team members from 3rd to 10th June 2023. The resort, a well-regarded well-being sanctuary, announced this year’s Wellness Week adding that the Wellness Week Champions come from the UK, bringing along years of experience in fitness and healthy lifestyle. The wellness champion, Olivia Jarvis is known for her fitness recipes and her effective, engaging workouts. Besides Jarvis, the wellness week will be managed by professional rugby player and renowned fitness trainer Mason Caton-Brown known for his impressive speed, agility, and team player skills.…

Maldives Marketing and Public Relations Corporation (MMPRC) has launched a joint marketing campaign in South Africa, collaborating with Thompsons Holidays. This marketing campaign will run from April until July 2023, and includes several unique activities such as digital media, social media, outdoor advertising, and B2B events. The purpose of the campaign is to establish the Maldives as a top-of-the-mind destination for all potential long-haul tourists from South African market, and increase arrival figures in various segments. Thompsons Holidays is one of the largest tour operators in South Africa with knowledgeable staff, exceptional service, quality products and a passion for travel.…

State Electric Company (STELCO) has awarded certificates to its employees for completing National Certificate III in Water Supply System Operation and Maintenance, and National Certificate III in Sewerage System Operation and Maintenance courses. STELCO executed the courses in collaboration with the Maldives Institute of Technology (MIT). A total of 89 participants received Certificate of Completion, for completing their respective programs. From the total, 66 employees completed National Certificate III in Water Supply System Operation and Maintenance course, and the remaining 23 employees completed National Certificate III in Sewerage System Operation and Maintenance. Speaking about the courses, STELCO said that the…