Author: Mohamed Reehaan

Maldives Marketing and Public Relations Corporation (MMPRC) has launched a social media marketing campaign for the Chinese market on Weibo and WeChat. The campaign is held from March to May 2023. The social media marketing campaign “will inspire Chinese travelers to choose the Maldives as their destination of choice” following the reopening of Chinese borders for leisure travel. The campaign includes 45 original posts and 12 original articles on the Visit Maldives accounts for Weibo and WeChat promoting the products, experiences, and segments of the Maldives. Additionally, the campaign will also be conducted to give away a free holiday to…

The total revenue (excluding grants) observed an increase of MVR605.6 million, a 33% increment, in February 2023 when compared with the same month last year. This increment was mostly driven by the growth in non-tax revenue. As such, non-tax revenue rose by MVR345.8 million, while tax revenue rose by MVR260.8 million. Total expenditure (excluding amortization) rose by MVR152.7 million, a 5% increment, in February 2023 compared with the corresponding month in 2022. This increment was owed to the growth in recurrent expenditure, which increased by MVR194.6 million, while capital expenditure declined by MVR41.9 million. The stock of total government debt,…

The Maldives government has generated a quarterly total of MVR7.33 billion in Q1-2023, according to Maldives Inland Revenue Authority (MIRA). MIRA reported that the quarterly state revenue collection is a 21.4% increment compared to the same quarter in 2022, and is a 11.5% increment from initial forecast. The authority also reported that the tourist arrivals for the taxable period of Q1-2023 was 20.1% higher than the corresponding quarter in 2022, which contributed towards the revenue increase. The revenue exceeded forecast due to the increase in Goods and Services Tax (GST), Tourism Land Rent, Green Tax, and Airport Taxes and Fees…

The government has spent a cumulative total of MVR14.8 billion as of 27th April 2023, according to the Ministry of Finance. The ministry reported that the cumulative state revenues, inclusive of foreign grants reached MVR10.5 billion by the review date. Owing to higher spending compared to earnings, the overall balance for the period is a deficit of MVR4.4 billion. Revenue and Grants: 2023 | 2022 Tax Revenues: MVR7.8 billion | MVR6.7 billion Non-Tax Revenues: MVR2.6 billion | MVR2.4 billion Capital Receipts: MVR2.2 million | MVR6.6 million Grants: MVR72.8 million | MVR206.4 million Subsidiary Loan Repayment: (MVR3.1 million) | (MVR126.4 million)…

The State Trading Organization (STO) has reported an annual gross profit of MVR2.76 billion, which is a 43.8% increase from the annual gross profit of MVR1.92 billion in 2021. Financial Performance: 2022 | 2021 Gross Profit: MVR2,757,801,340 | MVR1,917,445,347 | 43.8% Operating Profit: MVR1,437,950,479 | MVR450,877,256 | 218.9% Profit Before Tax: MVR1,199,058,366 | MVR288,085,429 | 316.2% Profit After Tax: MVR1,056,861,820 | MVR185,663,749 | 469.2% Performances of STO’s Major Business Areas Fuel and Lubricant: MVR13.4 billion (observed an MVR7 billion sales growth) Trading: MVR3.04 billion (-1% decline) Fisheries: MVR1.59 billion (28% sales growth) Shipping: MVR308 million (MVR163 million sales growth) Gas:…

The Maldives has attracted over 700,000 tourist arrivals as of 05th May 2023, according to the Ministry of Tourism. The ministry reported that the total tourist arrivals as of the review date stood at 710,645, which is a 17.5% annual increment compared to the same period last year, during which arrivals stood at 604,730. Tourist arrivals to the Maldives exclusively from 01st to 05th May stood at 22,361, which is a 19.9% decline from the 27,926 arrivals recorded for the same period in 2022. However, compared to the same period in 2021, which recorded 13,534 arrivals, it is a 65%…

Mövenpick Resort Kuredhivaru Maldives has introduced a new mobile application to help guests plan their vacation easily. The app is a pocket guide to the stunning facilities and must-do experiences at the luxury resort, and allows customers to book the resort directly through it. The new app is designed to cater the needs of current and prospective guests, providing them with inspiration, insider tips, and personalized experiences. The Mövenpick Resort Kuredhivaru Maldives offers five-star services that are fully personalized to the individual needs of the guests. The resort offers a high degree of privacy and an array of luxurious overwater…

The debut Maldivian property of Rosewood Hotels & Resorts, Rosewood Ranfaru is scheduled to open in 2027. According to Rosewood, their latest resort project will reflect the hotelier’s guiding A Sense of Place philosophy “through a highly curated experience that emphasizes privacy, luxury, and a connection to the natural habitat.” Rosewood Ranfaru is situated less than an hour away from Velana International Airport (VIA). Guests will be able to make the journey to the resort via either a 35-minute yacht ride or a ten-minute seaplane trip. Developed by Estithmar Holding, the project represents the “next generation of Maldives tourism.” Speaking…

The Maldives stand received the “Best Stand Feature” award at the Arabian Travel Market (ATM) 2023. The award was presented on Wednesday last week, and is the first time such an award was introduced at the ATM. The award is a testament to the countless hours of work dedicated to curating the Maldives’ stand as the most attractive, vibrant, and energetic stand at the fair, said the Maldives Marketing and Public Relations Corporation (MMPRC). The island nation was showcased at the ATM 2023 with a double-decker stand, in a space spanning over 429 square meters. MMPRC said that the stand…

The State Electric Company Limited (STELCO) has announced its ‘Avikatha’ program, granting residents an opportunity for passive income. Under the program, STELCO is seeking rooftops of local residences to take on rent to install solar-power panels. The project is aimed at reducing dependency on conventional oil-based power generation, and use renewable energy sources that utilizes natural resources to harness electricity. STELCO said that it will pay a rent of MVR180.60 for every panel installed on the rooftops, and added that all expenses of installing the panels will be incurred by the utility provider. The utility provider also noted the initiative…