Author: Mohamed Reehaan

The state revenues and grants for February 2023 is MVR4,081.6 million (MVR4.2 billion), a 117.0% percent rise compared to the same month in 2022, reported the Ministry of Finance. According to the ministry, the total expenditure for the month increased by 5.1% compared to the same month last year. Capital expenditure declined by 5.1% whereas recurrent expenditure observed a 14.5% increment. The fiscal balance for the month gives an overall deficit of MVR739.7 million. Revenues and Grants Tax Revenues: MVR1,792.5 million (MVR1.8 billion) Non-tax Revenues: MVR639.6 million Proceeds from Sale of Assets: MVR0.2 million Grants: MVR3.1 million Expenditure Recurrent Expenditure:…

The total number of tourist arrivals as of 08th April 2023 is less than 30,000 shy from hitting a year-to-date total of 600,000. According to the Ministry of Tourism statistics, tourist arrivals as of the review date reached 572,740 which is a 21.9% increment compared to the 469,816 year-to-date total by the corresponding period in 2022. Tourist Arrivals – by Month January: 172,499 (2023) | 131,765 (2022) | 92,103 (2021) February: 177,915 (2023) | 149,011 (2022) | 96,882 (2021) March: 173,514 (2023) | 150,748 (2022) | 109,585 (2021) Tourist arrivals from 01st to 08th April reached 48,812 which is a…

The Maldives Marketing and Public Relations Corporation (MMPRC) along with 15 industry partners have promoted the island nation’s tourism industry at the WTM Latin America (WTM LATAM) 2023. The event was held from 3rd to 5th April at the José Bernando Pinto, 333, Vila Guilherme, São Paulo, Brazil. The WTM LATAM is considered as a prominent fair in the region, while participation in the event will strengthen the Maldives’ brand presence in the Latin America market, said MMPRC. The fair is also one of the major B2B travel and tourism events for the Latin American market, offering excellent business opportunities…

Intour Maldives presented the “Ultimate Luxury Collection”, an exclusive coffee table book covering the Maldivian tourism industry, to the Maldives Marketing and Public Relations Corporation (MMPRC). While presenting the book, Intour Maldives claimed that it valued the work and effort put by MMPRC to market the destination in several key source markets. Intour Maldives, now a Serandipian Member Agency, is one of the pioneers in luxury tourism in the country with over 27 years of experience. The latest publication adds to the company’s existing portfolio of marketing materials including the company’s annual brochure.

The Travel Trade Maldives (TTM) announced that the exhibitor and visitor registrations are now open for the TTM 2023 travel trade fair. The Travel Trade Maldives is the leading international trade show in the country. The event will attract over 100 resorts and hotels, and more than 250 major operators from the top 30 markets to the Maldives. TTM announced that exhibitors and visitors can now register for the event, which will be available until 30th June 2023. Those who are interested to participate, can register through the TTM Connect portal at connect.traveltrademaldives.com. This year’s TTM fair is scheduled from…

The state expenditures in cumulative terms reached MVR11,085.2 million (MVR11.1 billion) as of 30th March 2023. On the other hand, the state revenues inclusive of grants reached just MVR8,495.2 million (MVR8.5 billion) by the same review date. The Maldives government has spent 69% of the state budget has been spent on recurrent needs and the remaining 31% on capital expenses. Meanwhile, the government earned 80% of its revenues from tax sources and the remaining 20% from non-tax sources. Revenues and Grants Tax Revenues: MVR6,762.4 million (MVR6.8 billion) Non-tax Revenues: MVR1,715.0 million (MVR1.7 billion) Capital Receipts: MVR1.6 million Grants: MVR16.5 million…

Urbanco has signed a Memorandum of Understanding (MoU) with the Thoddoo Island Council to plan and establish an open access network. Under the agreement, Urbanco will offer urban design consultancy of the harbor area, ferry termina, cargo warehouse, public and tourist beaches of the island as well. Signing was held between Urbanco Managing Director Ahmed Athif and Thoddoo Council’s President Ahmed Karam. With a notable infrastructural development component, Urbanco aims to transform the island of Thoddoo into a smart city. Urbanco also revealed that this is the beginning of its wider effort introduce digitization and smart-city concepts across the Maldives.…

The first Avani property of Minor Hotels, Avani+ Fares Maldives Resort opened its doors officially on 1st April 2023. The luxury resort is set on the tropical island of Fares, Baa Atoll, located in the UNESCO Biosphere Reserve. “The opening of Avani+ Fares marks and exciting new chapter as the brand’s first property in the Maldives,” the property’s General Manager Riaan Drever said. “Our team has meticulously crafted an experience that celebrates the natural splendor of this iconic destination, while delivering unparalleled value, service and comfort. We invite guests to discover a breathtaking underwater world, indulge in exquisite cuisine and…

Maldives Marketing and Public Relations Corporation (MMPRC) has represented the Maldives tourism industry at the World Travel Market (WTM) Africa 2023. The three-day event was from 3 to 5 April 2023, held in Cape Town. MMPRC was joined by 21 participants from 13 companies at the travel-trade fair. WTM Africa is considered the leading and only business to business (B2B) exhibition in Africa for inbound and outbound African travel and tourism markets. The event reportedly attracts over 6,000 travel industry professionals, key decision-makers, and stakeholders. As part of the Africa Travel Week umbrella, WTM Africa debuted in 2014 to bring…

The Bank of Maldives (BML) said it has dropped the interest rate on overdue loans from the previous 10% to 2%. The bank in a message to its customers with ongoing loan repayments, said that the new interest rate became effective Tuesday, 4th April 2023. BML further urged its customers to make regular loan repayment to avoid overdue interest charges. BML’s decision to provide leniency measures to customers come hot in the heels of a series of improvements on the security features of its online banking services. The bank began fortifying log-in procedures, which included additional authorization protocols, authenticator app…