Author: Mohamed Reehaan

The United States has imposed sanctions on 20 individuals and 29 companies for providing financial support to the operations of ISIS and al-Qaeda terrorist groups in the Maldives. US State Department Spokesperson Matthew Miller said the aim of these designations is to deter and disrupt financial and other forms of support for terrorist activities within the Maldives. The US had named 18 ISIS and ISIS-Khorasan (ISIS-K) facilitators and two al-Qaeda operatives along with 29 associated companies.

JA Manafaru Maldives has been awarded the distinguished independent seal of excellence for safe and professional childcare by Worldwide Kids (WK). The Worldwide Kids Accreditation is granted to luxury resorts that meet international childcare training and health and safety standards. The resort’s childcare facilities have successfully completed the comprehensive WK audit, and its childcare team has undergone accredited training by Worldwide Kids. “We are very proud to achieve this accreditation from Worldwide Kids, demonstrating our commitment to incorporating a superior experience for our youngest guests as part of our wider luxury offering,” says Jason Kruse, General Manager, JA Manafaru Maldives.…

A year after Russia invaded Ukraine, approximately 400,000 US-made semiconductors worth USD53.6 million were shipped to Russia via the Maldives, reports Russian customs clearance data obtained from Indian research firm Export Genius, analyzed by Nikkei. Records analyzed covered shipments valued at over USD50,000 each. Maldives was second only to China, including Hong Kong in terms of such imports that are clear attempts to circumvent sanctions against Russia. Interestingly, records for the year prior to the invasion covering transactions of the same minimum value showed no such shipments from Maldives to Russia. According to United Nations, the Maldives’ total exports in…

Bank of Maldives (BML) has posted a net profit of USD 35.8 million in the second quarter of 2023. Due to solid performance in all core business lines, with improving loan quality, resulted in a 55% year-on-year increase in net profit (after tax). The national bank reported a quarterly revenue of USD 68.7 million for the second quarter this year, and an operating profit of USD 43.97 million which is a 15% increase compared to the same quarter in 2022. During the review quarter, BML introduced ‘Aaya’, as part of the bank’s commitment to enhance customer experience. Additionally, as part…

China has become the third strongest source market to the Maldives. Following the reopening of its borders for outbound travels, China’s tourist market to the Maldives resumed earlier in January 2023 and quickly entered into the top 10 list of the source markets. While the Ministry of Tourism earlier anticipated the market to enter third position by early August, China has achieved the feat at least a week ahead. Statistics from the Ministry of Tourism confirm an arrival total of 91,555 tourists as of July 30. Russia is still leading the list with 126,504 annual arrivals with India closely following…

National Bank of Kuwait (NBK is launching a campaign offering two return tickets to the Maldives for the winner and a companion. This offer is applicable when booking through the concierge service provide ‘QGo Concierge’ and using its premium services. The offered return ticket to the Maldives are valid for six months. Speaking about the campaign, Mohammed Akram Hashim, head of segments, Consumer Banking Group at NBK said, “We are aware that premium, private banking and Thahabi customers have a unique lifestyle. Therefore, we seek to provide an exceptional experience packed with exclusive services and offers including this campaign for…

Beond – pronounced ‘beyond’ – aims to create a ‘private jet’ experience using narrow-body aircraft instead of their wide-body cousins that oft in use on Maldivian routes, and comes with the promise of an all-premium cabin with lie-flat seats that share components with Ferrari cars. “We want to do something completely new,” the airline’s Chief Commercial Officer Sascha Feuerherd said to CNN. “We deliberately chose to go for a luxury destination, which is a little paradise by itself, where people travel to relax and spend quality time. We want to ensure that they can travel there also in comfort, so…

State Trading Organization (STO) has reported a quarterly earning of MVR 3,782 million (MVR 3.8 billion) in the second quarter of 2023. According to the largest state-owned enterprise (SOE), the company’s quarterly total revenue is lower in comparison with the corresponding quarter in 2022. In Q2-2022, STO earned a total of MVR 4,949 million (MVR 4.9 billion). Despite this notable drop in quarterly earnings, STO’s net profit for the review quarter was an increment from the same quarter last year. The company reported a net profit of MVR 303 million for Q2-2023 compared to the MVR 155 million in Q2-2022.…

The state expenditure has observed a slow-down whereas the revenues have observed noticeable increment. According to the Ministry of Finance, the cumulative total of state expenditure has reached MVR 23,963.0 million (MVR 23.9 billion) as of July 20, 2023 while the cumulative total of state revenues inclusive of foreign grants reached MVR 18,567.7 million (MVR 18.6 billion) by the review date. A week earlier, the state expenditure stood at MVR 23,587.2 million (MVR 23.6 billion) while the revenues stood at MVR 16,967.0 million (MVR 16.9 billion). While the government expenditure increased only by MVR 300 million approximately, revenues saw an…

Tourist arrivals to the Maldives have exceeded 1.05 million as of July 26, according to the Ministry of Tourism. The ministry has reported a total year-to-date arrival of 1,050,661 by the review date, which is a 13.4% increment. The ministry also reports that Chinese tourist market is expected to secure third position in the top market list of Maldives in early August while it is currently fourth ranked. Russia, which slipped to second position has once again secured top spot with 123,731 annual arrivals, with India tailing closely behind with 121,046 arrivals in the second spot. The United Kingdom (UK)…