Author: Mohamed Reehaan

The Maldives Inland Revenue Authority (MIRA) collected MVR 172.81 million in departure tax in September, its latest figures show. Departure tax and the airport development fee together brought in MVR 349 million last month. The state charges both on passengers leaving Maldivian airports. Airport development fee contributed MVR 176 million, up 6.4 percent on the same month last year. Overall, MIRA revenue in September reached MVR 2.58 billion, according to the authority’s monthly financial report. The total includes USD 126.81 million collected in US dollars. Collections fell 10.7 percent from September 2025. Two factors drove the drop: the resort lease…

Maldives Islamic Bank (MIB) will hold its first extraordinary general meeting (EGM) of the year on Tuesday, November 10, 2026. The bank will run the meeting online through Fahivote, the platform of the Maldives Securities Depository (MSD). Proceedings start at 10:30hrs. Shareholders will vote on two board appointments. The agenda covers a nominee director and a director elected by the bank’s public shareholders. Shareholders on MIB’s register at 14:00hrs on Monday, October 26, can attend the MIB extraordinary general meeting and vote. Eligible shareholders can register through the infinity.mv portal. They can also email a registration form to [email protected]. The…

Allied Insurance Company of the Maldives won two awards at the 11th Islamic Finance Forum of South Asia (IFFSA) Awards 2026. Allied Takaful, the company’s Islamic window, won Islamic Finance Entity of the Year. Kamana Takaful took Islamic Finance Product of the Year. UTO EduConsult hosted the ceremony at Shangri-La in Colombo, Sri Lanka, on Tuesday, 20 October 2026. The event ran under the theme “Building Legacies.” It brought together industry professionals, financial institutions and other stakeholders from across the region. The awards honor achievement in Islamic banking and finance across South Asia. The win follows a series of moves…

Addu will host the first tax-free zone. In addition, business will be able to receive dollar payments through the BML gateway, and the government will ease GST and import duty rules. President Dr. Mohamed Muizzu has announced major tax relief for small and medium-sized enterprises (SMEs). As part of the plan, the government will set up tax-free zones for SMEs across the country. The President spoke on Saturday evening at the awards ceremony of “Maldives Expo 2026” at Barceló Nasandhura. During his speech, he set out the concessions and opportunities that the government will introduce for SMEs over the next…

Bank of Maldives (BML) has decided to make arrangements for overseas parties to pay, through BML payment gateway, for goods sold and services provided by small and medium-sized enterprises (SMEs). BML, in collaboration with the Economic Ministry and the Business Center Corporation (BCC), is working to begin offering the service from next month. Under the service, SMEs supplying goods and services in the international market will receive payments from overseas parties in US dollars. BML’s latest announcement is in line with President Dr. Mohamed Muizzu’s announcement of the same on Saturday evening. Speaking at the awards ceremony of “Maldives Expo…

State Trading Organization (STO) has the strongest record of corporate governance compliance among companies listed on the Maldives Stock Exchange, according to the 2025 Corporate Governance Review that the Capital Market Development Authority (CMDA) released. STO scored a compliance rate of 97.5% in the review. CMDA prepared the report on companies that published their 2025 annual reports and audited financial statements by 30 June 2026. The companies in the review averaged a compliance rate of 93%. CMDA highlighted several areas where STO showed a high level of transparency. The review noted that STO’s directors completed training programmes in 2025, with…

Maldives Business Chambers (MBC) has described the Rasmale’ project as a golden opportunity to grow the country’s small and medium-sized enterprises (SMEs) and speed up economic growth. The association made the remarks in a statement on the Rasmale’ Waterfront and Marina project. MBC’s statement puts the project’s investment value at around USD 20 billion (about MVR 308 billion) and calls it a historic chance to expand the Maldivian economy beyond its traditional sectors. The statement listed several expected benefits: More than USD 30 billion in foreign investment over the life of the project Over 54,000 direct and indirect jobs More…

A senior delegation representing several institutions in the Maldivian health sector will be traveling to China’s Sichuan Province to study how China runs its health sector. This knowledge and skills enrichment trip, is led by the Minister of State for Health, Family and Welfare Mohamed Mahir. The delegation also includes senior officials from the ministry, the Maldives Medical and Dental Council (MMDC), the Maldives Nursing and Midwifery Council (MNMC), IGMH, Hulhumale’ Hospital and the Maldives National University (MNU). Over the five-day visit, the delegation will tour Sichuan’s leading hospitals and medical schools, along with pharmaceutical manufacturers. The programme also includes…

The Maldives Transport and Contracting Company (MTCC) reveals it had a workforce of 6,700 even before its merger with Road Development Corporation (RDC). Chief Executive of MTCC, Ahmed Saudhee confirmed this during a televised programme, where he added that this included 2,500 permanent staff with the rest being contract employees. With this merger, Saudhee said, a significant portion of the 4,000-employee workforce of RDC will transition to MTCC. Saudhee said MTCC’s employees will be stationed in all the local islands following the merger. Saudhee previously said that the corporation’s board has permitted a maximum workforce of 7,500 employees. He adds…

Efforts are now underway to redevelop Hulhumale’ Synthetic Track to meet international standards. According to the Ministry of Youth Empowerment, Sports and Fitness, the track will get a complete makeover to meet the standards and requirements the main international athletics body demands. This includes transforming the running track to a polyurethane (PU) one. In September, the minister affirmed all necessary pre-development arrangements have already been made. He said the government has already completed the detailed drawings of the track and procured necessary material required for the upgrade. The Minister of Youth, Abdulla Rafiu further said that the records set by…