Author: Mohamed Reehaan
The quarterly revenue for the fourth quarter of 2024 reached to a total of MVR 5.91 billion, reports Maldives Inland Revenue Authority (MIRA). According to MIRA, the quarterly revenue for Q4-2023 is a 10% increment compared to the corresponding quarter in 2022, and a 10.4% increment from initial projection. This improvement comes mainly due to major increase in revenues observed for TGST, GGST, Green Tax, Tourism Land Rent, and Airport Taxes and Fees. Additionally, the Expatriate Quota Fee commenced during 2023; which too contributed towards the revenue increment. Moreover, Tourism Land Rent for Q4-2023 and the first quarter of 2024…
Dusit Thani Maldives has been nominated in two categories for the esteemed Travel + Leisure Luxury Awards 2024. The recognition, Dusit Thani Maldives said, is testament to the resort’s commitment and dedication in providing unforgettable experiences to guests. Voting for the awards is open, and will expire on March 31, 2024. Dusit Thani Maldives has been nominated in the Maldives Resort category and the Maldives Resort Pools category at the awards. The Travel + Leisure Luxury Awards is a prestigious recognition program celebrating excellence in the luxury travel industry around the globe.
State Trading Organization (STO) reports generating a quarterly revenue of MVR 4.02 billion in final quarter of 2023. The largest state-owned enterprise (SOE) in the Maldives generated a net profit of MVR 183 million in the review quarter; which is slightly lower than the net profit of Q3-2023 registered at MVR 196 million. The operating profit on the other hand registered MVR 259 million in the review quarter, which is notably lower than the operating profit in the preceding quarter; registered at MVR 315 million. Total expenses of the company in the review quarter stood at MVR 308 million, which…
Up-and-coming local hospitality brand, Stone Hotels opens its first premium beach property in the Maldives, located in Dhiffushi. The new property boasts of 50 elegantly designed rooms and suites, and offers a unique blend of nature, culture, and comfort for visitors. Dhiffushi is located in North Male’ atoll, lying 35 minutes away by speedboat ride from Velana International Airport (VIA). The new hotel offers a variety of dining options which range from all-day dining and multi-cuisine a-la carte restaurant ‘Aanu’ to the steak and seafood grill restaurant ‘Picanha Steakhouse’ to rooftop cafe’ with infinity pool ‘Infinity Lounge’. Guests can visit…
Dhiraagu announced its collaboration with the Environmental Protection Agency (EPA) on the “Restore Rasfari” project. The initiative is a direct response to the damage caused by a ship grounding incident at the island previously; which is a key site within the Rasfari Marine Protected Area. EPA developed the “Restore Rasfari” initiative following the incident and its subsequent damages on the reef. As the initiative’s partner, Dhiraagu will provide long-term support to the reef restoration teams of EPA. Besides this, Dhiraagu has also contributed diving kits to the teams to assist in the restoration work. The Director General of EPA, Ibrahim…
Maldives Customs Service has launched the Authorized Economic Operator (AEO) program. The program, officiated by the Minister of Economic Development and Trade Mohamed Saeed is designed to enhance the supply chain security and promote trade facilitation. Customs report the program consists of three distinctive tiers, namely, Silver, Gold, and Platinum. The program is intended on providing expedited cargo clearance opportunities for compliant traders, Customs added. Additionally, 17 officers were awarded the WCO Certificate of Merit at the ceremony, for their outstanding performance and contribution towards last year’s International Customs Day. The certificates were presented to the officers by the Commercial…
Coco Palm Dhuni Kolhu has unveiled its latest additions to the property – the Deluxe Pool Villas. The property has opened 10 Deluxe Pool Villas that are “dotted along the beaches” of the property, and holds “within them the charm of Maldivian architecture”. The villas provide rustic island living experience with a dreamy king-sized bed complete with net canopy, cozy sofa, and a quiet sitting area with a table and chair; where you can spend evenings reading and getting attending to some of those important mails. The Deluxe Pool Villas come with their own 104 square-feet freshwater pool, each, custom-designed…
Public Service Media (PSM) has entered into partnership with Maldives Ports Limited (MPL) to become hosting partner in the inaugural edition of the Maldives Maritime Conference. The Managing Director of PSM Zeena Zahir signed the agreement on behalf of the state-run emdia and Aishath Shimla, the General Manager of MPL signed on behalf of the corporation. The signing was held at MPL’s head office on January 25, 2024, Thursday last week. Meanwhile, MPL announced the inaugural edition of the Maldives Maritime Conference 2024 will be hosted on March 6, 2024 at Villa Nautica. The corporation has already extended invitation to…
According to the most recent update from the Maldives Customs Service, revenues dropped 9% in December 2023 registering a total of MVR 332 million. The total imports for the month saw a 9% decline and registered a total of MVR 5.1 billion including fuel imports, while the total imports excluding fuel also observed a 9% drop and registered a total of MVR 4.1 billion. Exports saw a 14% drop, and registered a total of MVR 240 million worth commodities exported in the review month. Major Import Categories Machinery & mechanical appliance; electrical – MVR 1.07 billion Food items (exclud. pork,…
The cumulative total earnings in 2024 has slightly exceeded the expenditure as of January 18, 2024, reports the Ministry of Finance. According to the ministry’s Weekly Fiscal Developments report dated January 18, the cumulative revenue inclusive of grants stood at MVR 923.0 million. On the other hand, the cumulative total expenditure by the review date stood at MVR 805.9 million. Due to higher earnings compared to spending, the overall balance for the period is a surplus of MVR 117.1 million, which however is a 123.6% decrease compared to the same period in 2023. The cumulative total of tax revenues reached…