Author: Mohamed Reehaan
Hanimaadhoo International Airport project’s progress reaches 50%, and anticipates launch of new runway in September 2023. The project includes development of a 2.7-kilometer runway, a terminal with the capacity of 1.3 million passengers, provisions for jet fuel storage. The project is also considered one of the largest development projects in northern Maldives, carried out by the current government. Regional Airports Company Limited (RACL) said some aspects of the project are progressing faster than the projected timeline. India’s JMC Projects was awarded the project in September 022, and has completed the project halfway within 11 months. Approximately 60% of the runway…
State Trading Organization (STO) has signed with Hulhumale’ Hospital to develop a central sterile service department (CCSD) in the hospital. Under the agreement, STO will partner with Spanish-based Matachana, a world leader in manufacturing steam sterilization equipment, to draw the hospital department’s setup, complete the interior, procure equipment, installation and staff training. The central sterile service department is necessary in hospitals where medical and surgical equipment including gauze, cotton, dressing content are sterilized to kill off bacteria or germs. STO signed with Hulhumale’ Hospital to develop the department with the growing demand for the hospital. With residential population in Hulhumale’…
Two Indians, one from Tamil Nadu another from Kerala, have been stranded on a cargo ship in the outer anchorage of Maldives for the last 13 months, Times Of India (TOI) reported. Meanwhile, it was reported that their repeated requests to the company concerned to allow them to leave ship since it remains idle. Moreover, the two say they have not been paid any salary since joining. The two Indians are stranded on MV Puravalan 1 that is reportedly some three nautical miles outside Maldives Port. They said the ship was scheduled to sail for Tuticorin when they joined duty…
BEOND, the world’s first ultra-luxury leisure airline with its primary hub based in the Maldives, is targeting affluent travelers from Hong Kong and hopes to fly the destination in 2024. The airline is expected to commence its flight operations in Autumn 2023. Earlier on August 14, BEOND announced that it received the Continuing Airworthiness Management Organization (CAMO) approval from the Maldives Civil Aviation Authority (MCAA), which it viewed as a step forward in grabbing its Air Operations Certificate in the Maldives. The carrier led by Tero Taskila as Chief Executive Officer and Max Nilov as Chief Strategy Officer is all…
Maldives remitted USD 29.3 million to Sri Lanka in Q1-2023, the Sri Lankan central bank reported. Sri Lanka’s “Economy Next” reports Maldives has the “soundest money in South Asia”, and reported that the country is listed among the top 10 countries with remittance to Lanka. Maldives was ranked 9th for the highest remitted figure to Lanka in the review quarter. A large portion of the Maldivian tourism industry workforce is comprised of Sri Lankan expatriates, through whom US Dollars is remitted. In 2022, Maldives remitted a whopping total of USD 557 million to Sri Lanka, a 12% increment from 2021…
Coinbase, the largest cryptocurrency exchange in the United States, recently received approval to offer crypto derivates. This gives investors a regulated, US-based platform to conduct some of the most popular trades in the crypto market. The approval strongly indicates US regulators recognizing the importance of bringing the crypto market under their oversight, and enable firms to offer a wide range of products in a more transparent way. “This is the first crypto-first platform to offer regulated and leveraged crypto futures alongside traditional spot trading (in the U.S.),” explained Aaron Arnold of Altcoin Daily. “The way Americans have dealt with this…
Effective from August 20, Maldivians traveling to Kyrgyz Republic will be exempted from visa for a 30-day stay. The Ministry of Foreign Affairs on Sunday, confirmed that the visa exemption will allow Maldivians holding valid Diplomatic, Official and Ordinary passports to enter and stay in Kyrgyz Republic for a maximum period of 30 days from the date of their entry. This visa exemption comes in accordance with the agreement signed between the two countries on September 23, 2022.
The governments of Maldives and Mongolia have signed a Visa Exemption Agreement. The agreement will allow Maldivians to travel to Mongolia on a 30-day visa free basis. The Ministry of Foreign Affairs will issue a separate notification of the entry into force of the agreement once internal procedures in both countries are completed. The agreement was signed on behalf of Maldives government by the High Commissioner of Maldives to India Ibrahim Shaheeb and the Ambassador of Mongolia to Maldives Ganbold Dambajav. The signing was held in New Delhi, at the Embassy of Mongolia. During the discussions at the ceremony, Shaheeb…
Maldives Ports Limited (MPL) has partnered up with Maldives Hajj Corporation to launch the “Muazzafunge Scheme” (Employees’ Scheme). The memorandum of undersrtanding (MoU) was signed between the corporations to facilitate MPL employees and their dependents to attend Hajj and Umrah pilgrimages. Signed at MPL headquarters, the MoU was signed between MPL CEO Shahid Ali and Hajj Corporation CEO Najeel Ahmed. Under the scheme, employees can opt for a specific sum to be deducted from their monthly salary that will be accumulated for their pilgrimage fund. The deductible amount is at the discretion of the individual employees.
The cumulative total of state expenditure reached MVR 26.9 billion as of August 10, reports Ministry of Finance. State’s revenues inclusive of foreign grants by the same date reached MVR 21.0 billion, indicating a deficit of MVR 5.9 billion. Expenses of the government include 69% recurrent spending and 31% capital spending. Revenues to the state include 77% tax revenues and 23% non-tax revenues. State collected MVR 16.1 billion in tax revenues as of the review date, and MVR 4.7 billion in non-tax revenues. Capital receipts of the state stands at just MVR 3 million, while grants currently stand at MVR…