Author: Mohamed Reehaan

Top-tier tourist property Huvafen Fushi partners up with world-renowned artist Lucas Beaufort for the launch of his new artistic project “Beyond.” The celebrated artist will take residency, this summer, at Huvafen Fushi from 01st to 08th August 2022, and commence the first work of his project around the world. The multi work painting program “aims to share the colors and atmosphere of unique and unusual places like the Maldives.” Lucas Beaufort, originally from Cannes, France is a renowned painter, illustrator, filmmaker and a photographer. His work stages recurring and playful imaginary characters in creating brilliant sets and scenes in many…

Cumulative total of state expenditure as of 21st July reaches MVR20,070.7 million (MVR20.07 billion), while cumulative total of state revenues sluggishly hit MVR14,811.4 million (MVR14.8 billion). State has spent 76% of their budgetary total on recurrent expenses and 24% on capital expenses. On the other hand, state earned 74% of its revenue from tax sources and 26% of the government revenue came through non-tax sources. The overall fiscal balance for the review period is a deficit of MVR5,259.3 million (MVR5.3 billion). Tax revenues in annual terms reached MVR10,959.4 million (MVR10.96 billion) as of the review date while non-tax revenues reached…

The Raajje-Transport Link (RTL); integrated public transport network initiative commences in major population zones across the Maldives. Under the RTL initiative, bus services launched in Addu City, Fuvahmulah City and in the islands of Gan, Isdhoo and Kalhaidhoo of Laamu atoll. Maldives Transport and Contracting Company (MTCC) on Sunday, 31st August 2022, reports of commencing the bus services in the designated areas. Earlier, MTCC had acquired more than 30 mini-buses to launch the RTL mini-bus service. While the said service is yet to commence in Maldives capital Male’ City, the capital’s City Council is currently attending on vacating existing parking…

A seven-year old boy had his finger broken by his robotic opponent during a chess match in Moscow, Russia. While the origin of the incidence is still mired in debate, the video of the incident suggests that the boy took a move faster than the robot was expecting, which might have lead to the altercation. Footage of the incident shows the robotic arm grabbing and pinching the boy’s finger with sudden movement, after which people around the table rushed to the child’s aid and managed to get his finger out from the robotic arm’s grip. “The robot broke the child’s…

Maldives Transport and Contracting Company (MTCC) reported a net profit of MVR130 million for the first-half of 2022. According to the quarterly financial updates of MTCC, the company earned a revenue of MVR1.1 billion; MVR593 million earned in the second quarter and MVR550 million earned during the first quarter. On the other hand, the net profit of the contracting and transport based company for the corresponding period in 2021 stood at MVR125 million, indicating a MVR5 million improvement in the review quarter. The annual net profit of MTCC for 2021 reached to MVR272 million, while the year before in 2020…

The most recent update from the Ministry of Tourism confirms tourist arrivals to the Maldives reaching 942,444 as of 30th July 2022. This increment reflects a rise of 55.2% tourist arrivals in annual terms in comparison with the same period last year, and still 4.9% below pre-pandemic levels in 2019. In 2021, tourist arrivals in annual terms as of 30th July stood at just 607,052 whereas in 2019, it was inches close to hitting the 1 million mark; at 990,761. Tourist arrivals by single-country source market does not indicate any changes from the previous review with India maintaining top market…

Travel Trade Maldives confirms over 100 hoteliers have already registered for the upcoming TTM Maldives 2022; the leading international travel-trade fair scheduled from 23rd until 25th August. The TTM pre-scheduled meetings are slated from 23rd to 24th August at the Meeruma Conference Facility, with the TTM Travel Trade Summit and the follow-up TTM Awards and Gala Night event are scheduled for the last day, 25th August. This year’s TTM Maldives edition will be held at the first integrated tourist resort project in the island nation; CROSSROADS Maldives. Registered partners will be able to preschedule meetings for 20 minutes, with a…

State Trading Organization (STO) reports earning a total revenue of MVR4.94 billion for the second quarter of 2022. STO earned a gross total of MVR4.04 billion during the preceding quarter while it had earned only MVR2.2 billion in the corresponding quarter in 2021. According to the largest state-owned enterprise (SOE) in the Maldives, it had made a net profit of MVR155 million for the review quarter while its expenses for the review quarter stood at MVR268 million. The largest SOE of the country also reports modest improvement in net profits compared to the previous quarter during which it stood at…

Maldives hospitality powerhouse, Universal Enterprises sells two of their prized tourism assets; W Maldives and Sheraton Maldives Full Moon Resort & Spa to KSL Capital Partners. The properties, leased to Marriott International, the largest hotelier in the world, have been some of the most coveted tourist properties in the island nation. JLL, the investment advisor assisting Universal Enterprises with the trade, announced in June, of selling the properties. KSL Capital Partners, LLC on Thursday, July 28, announces its affiliates acquiring both W Maldives and Sheraton Maldives Full Moon Resort & Spa; both run under a joint venture of Universal and…

The planned mini-bus service under the Raajje-Transport Link (RTL) is progressing apace for an official launch, reports the government. All relevant bodies are working alongside Male’ City Council to launch the service in Greater Male’ area, while adding the trial phase is expected to commence within three weeks. City Council is the mandated body with vacating parking zones across the capital city to develop bus stops for the mini-bus network, which will take considerable time according to the city’s Deputy Mayor. A total of 64 distinct parking spots have been designated to private parties by the council, which requires to…