Author: Mohamed Reehaan

Urbanco has sought the help of Maldives Police Service in launching an investigation of minor investors from Hanbo Company Limited, who allegedly swindled money from several individuals in the sale of apartments at K-Park Residence. Hanbo Company Limited is developing the K-Park Residence in Hulhumale’. According to Urbanco, the company had lodged a complaint with them alleging unverified transactions in the sale of apartments. One of the minority shareholders involved in the residential project is local entrepreneur Hassan Mamdooh, while another is Jaishan Saeed who is a shareholder in Kodhi Investments, a local company that holds a minority stake in…

The usable reserve of the Maldives has dropped to USD 200 million according to Maldives Monetary Authority (MMA). According to central bank’s latest statistics, the 2023 fiscal year began with a usable reserve of USD 260 million; indicating a USD 60 million decline from the last reviewed date. Statistics showed that the country’s usable reserve stood at USD 400 million by the end of March 2022, which confirmed a 50% decline in the usable reserve in the same month this year. The average usable reserve for 2022 stood at USD 290 million. The reserve saw a gradual decline from April…

Cambodia has begun issuing 30-day on-arrival visas to Maldivians traveling to the country. The Ministry of Foreign Affairs confirmed that the Southeast Asian nation began issuing 30-day on-arrival visas to Maldivians traveling to the country as part of the visa agreement between the two countries. Despite this, Maldivians traveling to Cambodia on business or education or longer durations must obtain a visa in advance. Maldives and Cambodia earlier signed a visa agreement during Cambodian Prime Minister Hun Sen’s visit to the island nation in January 2023. The island nation has the highest number of on-arrival visas in South Asia issued…

The rate of inflation on all food goods increased during the first three months of 2023. According to Maldives Bureau of Statistics, the consumer price index (CPI) on all food groups increased by 6% in March which is a 70% increment compared to the same month last year. The CPI on all food groups in March 2022 stood at 2.5%. The highest price inflation in food items were observed in lemon, carrot, coconut, orange, and fish. While food and non-alcoholic beverages observed a 1.01% increment during March 2023. From February 2023, fish prices increased by 1.28%. Statistics further confirm that…

Maldives Marketing and Public Relations Corporation (MMPRC) has launched a media campaign with Robb Report, a leading luxury lifestyle publication in Southeast Asia (SEA) with an audience of over 220 million readers. The campaign will run from May to July 2023, and will promote the Maldives and strengthen brand visibility in Malaysia and Singapore with a specific focus on high net-worth individuals in affluent markets. Robb Report will produce two print advertorials, six single-page print advertisements, two digital advertorials, two Robb Report weekly EDM features, and two web display banners. They will also create and share social media posts highlighting…

The State Electric Company (STELCO) has responded to allegations made against them with claims of utility bills issued without reading the electricity-usage meters installed in residences. The allegation was recently made by a local news outlet, Dhiyares, which published an article on 01st May 2023 claiming that the utility provider issued utility bills to customers without prior meter-reading. Responding to the allegation, STELCO affirmed the news was baseless and was a propaganda to sway public opinion against the utility company. STELCO in its statement further confirmed that all utility bills are produced based on the electrical usage of the consumers,…

The Maldives Marketing and Public Relations Corporation (MMPRC) is promoting the Maldives in the ongoing Arabian Travel Market (ATM) 2023. Held at the Dubai World Travel Center, UAE, from 01st to 04th May 2023, the Arabian Travel Market is touted as the go-to travel and trade event in the region. A large contingent from the Maldives is exhibiting the tourism industry products at the fair, while the country has acquired one of the biggest stands in the fair measuring 429 square meters. The stand is designed to emulate the cultural identity of the tropical island nation, including its seas, nature,…

ITA Airways on Friday, 28th April, revealed that it will renew winter flights to the Maldives. According to the airline, the flights will operate between 16th December 2023 to 25th March 2024, as part of the winter 2023/24 season. The airline will operate this route on a twice-weekly basis, with the aircraft type yet to be confirmed. “During the 2023-24 winter season, there will be 2 weekly frequencies connecting Rome with Male’, with departure from Rome Fiumicino airport at 10:10 p.m. and arrival at Velana – Male’ International Airport at 11:25 a.m., local time,” the airline said. “The return flight…

State Trading Organization (STO) has acquired a barge specifically designed to carry jet fuel. The vessel, “Laganaa” was commissioned to deliver Jet A-1 fuel to Maafaru International Airport according to the agreement between STO and Island Aviation Services (IAS). According to STO, the vessel meets all necessary safety standards and quality assurance codes with aviation industry filters – making the vessel the first in the Maldives to meet all industry requirements. The barge, a 200-cubic meter storage vessel, is equipped with all necessary fuel measurement devices and state-of-the-art equipment. STO said that the company has provided relevant training, operation manuals,…

Tourist arrivals to the Maldives reached over 682,000 as of 29th April 2023, reported the Ministry of Tourism. According to the ministry’s recent statistics, tourist arrivals so far in 2023 stood at a total of 682,650; which is a 19.7% annual increment over the previous year during which arrivals stood at 570,084 during the corresponding period. Tourist Arrivals – Monthly January: 172,499 February: 177,915 March: 173,514 April (1st to 29th): 158,722 Top 10 Markets of 2023 Russia: 81,335 India: 73,195 UK: 64,833 Italy: 56,201 Germany: 49,867 China: 30,353 USA: 28,406 France: 26,644 Switzerland: 17,469 South Korea: 11,997 One of the…