Author: Mohamed Reehaan

Coldwell Banker Richard Ellis (CBRE) the world’s largest commercial real estate services and investment firm said the investor demand for the Maldives has been on the rise in light of surging tourist arrival numbers. CBRE has said that the destination’s demand among global investors were rising since the Maldives amended its Foreign Direct Investment (FDI) policy in 2020. It further said that the country is identified as a top-tier tourism destination with potentially strong returns on investments in the hospitality industry. The firm also noted that Maldives was the fastest in tourism industry recovery after the Covid-19 global pandemic which…

Maldives Monetary Authority (MMA) has reported exchange of fake US Dollars to local authorities. The central bank has said that certain parties have been advertising the exchange of counterfeited dollar bills, which has been brought to the attention of Maldives Police Service. MMA’s media official Mohamed Nazih said that several social media pages were promoting the exchange of these counterfeit bills, with a case already lodged before Eid-ul-Fitr. Reports claim that these counterfeit bills, all USD 100 denominations, have been produced in North Korea. Pages that are promoting these fake bills claim that the counterfeit currency can be deposited to…

The State Electric Company (STELCO) has requested its customers to economize usage of electricty. The utility provider urged efficiency in power usage amid the ongoing hot season in the Maldives, which often drives up electricity consumption throughout the country. Meanwhile, Maldives Meteorological Center (MET) has announced that Greater Male’ area will experience heat up to 39 degrees Celsius while Kadhdhoo and Hanimaadhoo will experience up to 40 degrees Celsius. The weather authority further said that slower wind speeds coupled with higher humidity has driven up the temperatures. STELCO Managing Director Ahmed Shareef, via Twitter, has advised consumers to take caution…

The National Center for Information Technology (NCIT) is looking ahead for an official roll-out of a new and upgraded version of the eFaas application. The online application provides easy accessibility to customers to acquire services from government agencies. NCIT has reported a June roll-out of the newer version. State’s top priority with the application is to bolster the safety of the users’ personal information. NCIT further said that the most prominent service the new application will cater to the users is the digital identity card. Meanwhile, the Minister of State for the Ministry of Environment, Climate Change, and Technology Mohamed…

Russia maintains top tourist market spot to the Maldives with over 75,000 arrivals so far, reports the Ministry of Tourism. According to the ministry’s statistics, the total tourist arrivals to the Maldives as of 19th April 2023 stood at 626,392 which is an 18.8% increment in year-to-date terms compared to the same period last year, during which arrivals stood at 527,366. The daily arrival average in annual terms is 5,747 while the average duration of stay in annual terms is 7.9 days. Top Markets in 2023 Russia: 75,594 India: 66,630 UK: 61,464 Italy: 52,564 Germany: 47,520 USA: 26,197 France: 24,835…

The SME Development Finance Corporation (SDFC) has disbursed over MVR 1.6 billion of loans in the past four years. According to the state-initiated financial institution, it has issued a total of MVR 1,672,733,086 in collective loans to a total of 1,387 parties. Breakdown of Loans Startups: MVR 296,869,791 to 402 parties Assets: MVR 475,275,010 to 241 parties Business Expansion: MVR 266,000,358 to 218 parties Business Support/Aid: MVR 159,522,917 to 215 parties Local Tourism: MVR 395,705,472 to 183 parties Agriculture: MVR 10,524,135 to 35 parties Marine: MVR 1,295,000 Covid Stimulus Package: MVR 54,541,017 to 82 parties The financial institution also provides…

Fuel Supplies Maldives (FSM) is gearing up to add two new barges to its fuel supply operations. According to the company’s Managing Director Mohamed Gasam, the addition of two new vessels to its fuel supply operations will improve its services and enhance faster supply of fuel to customers. In 2019, FSM had entered an agreement with an Egyptian firm to develop four fuel supply barges. Two out of the four were brought to the Maldives and added to FSM’s fleet last year, while the last two have traversed across Suez Canal and were enroute to the Maldives. The recent two…

Maldives State Shipping (MSS) has appointed Captain Mohamed Nazim as the company’s new Managing Director. He has been appointed to the top managerial position after its previous Managing Director Abdulla Saeed was appointed as the new front man of the State Trading Organization (STO). Prior to his appointment, Nazim was the Executive Director of MSS and previously filled the company’s General Manager’s designation as well. Nazim has worked as the Second and Third Officer at Olendorff Carriers for six years, and worked as the Chief Officer at Netherlands’ Wilhemsen Holding ASA. He also worked as a First Officer at Hong…

The Maldives government has decided to sell the shares it owned in various tourist resort properties across the country, confirmed the Minister of Tourism Dr. Abdulla Mausoom. The Ministry of Finance recently had announced that the state was looking to sell shares it owned in three islands designated for tourist resort development. The islands are; V. Bodumohoraa Investment Private Limited Sh. Naainfaru Holdings Private Private Limited Sh. Hurasfaru Holdings The ministry meanwhile, is seeking interested parties to valuate its shares. Dr. Mausoom said that the state decided on selling its shares owing to lack of profitability from the three properties,…

The year-to-date total of government expenditure reached MVR12.8 billion as of 13th April 2023, reported the Ministry of Finance. According to the ministry, the cumulative total of revenues by the same review date reached MVR9.8 billion; 75% of the revenues collected to the state came from tax-sources. The overall balance for the period is a deficit of MVR2.98 billion. The year-to-date tax-revenue total by the review date stood at MVR7.3 billion, which is an approximate 1.5 billion improvement from the corresponding period in 2022; during which tax-revenues stood at 5.8 billion. Non-tax revenue total as of 13th April stood at…