Author: Mohamed Reehaan

Malahini Kuda Bandos has upgrades to a five-star upper-class boutique resort. This upgrade in the resort’s status, and catering comes with new villa category additions, along with new restaurants and modern amenities. The resort’s General Manager Mr Easa Mohamed said, “We are delighted to position Malahini as a five-star upper class boutique, where our guests can choose from a variety of spaces and customized services and cuisines at their favorite destination for luxury and leisure.” Speaking about the upgrade, the resort’s Commercial Director Ms. Sonika Adlakha said, “Our upgraded modern retreat, where beach resort merges with luxury hotel facilities, is…

The latest update from Ministry of Finance corroborates state’s expenditure has hit MVR26.5 billion as of 27th September. According to the ministry, revenues earned by the same period stood at MVR19.6 billion. Due to higher spending compared to earnings, the overall balance for the period is a deficit of MVR6.9 billion; which stretched out from the previous review date. The cumulative tax revenue is at MVR14.4 billion by the review date, whereas the non-tax revenue in annual terms is at MVR5.1 billion. For the same period last year, tax revenue in annual terms had hit just MVR9.7 billion and non-tax…

Minister of Tourism Dr. Abdulla Mausoom shared his vision for the upcoming year; and it is quite ambitious! According to the minister, the country’s tourism industry collectively will work towards attracting 2 million visitors in 2023. Dr. Mausoom made the remarks while addressing at the Asian Development Bank’s (ADB) 55th board of governors meeting seminar. The minister spoke on the country’s tourism aspirations for 2023 under the theme of “Reimagining Tourism: Coming Back from the Brink”. He made specific highlights on the challenges and the efforts by the government to maintain tourism following Covid-19 pandemic. Tourism covers 47% of the…

Maldives secured one of the top five vacation spots for summer 2022, according to dnata Travel. Dnata Travel, the oldest travel agency in the UAE, lists Turkey, Thailand, Mauritius and Switzerland along with the Maldives. Speaking of the top five vacation spot selection, Meerah Ketait, the head of retail and leisure dnata Travel, UAE said, “International travel has strongly rebounded over summer. Last year, the Maldives, Turkey and Switzerland made up over 40% of our total bookings across June to September 2021, while during the same time period in 2022, more than 25 destinations made up 40% of our overall…

State Electric Company (STELCO) hosted a lucky draw to award the unsold housing flats from its “Blue Ridge” towers. A total of 16, 2+1 bedrooms apartments and another 16, 1 bedroom apartments of the two housing towers remained unsold. Tuesday’s lucky draw awarded 17 out of these units. STELCO reports 75 of its employees were eligible for 1 bedroom units. On the other hand, 235 employees were eligible for the 2+1 bedrooms units. Earlier on 25th September, the utility provider published a list of eligible employees. STELCO invited all eligible employees, or their proxies for the luck draw.

Voyage Prive, a high-end travel organization, awards the ‘Best Hotel’ title of 2022 to Brennia Kottefaru. The tourist resort is one of the most sought-after holiday destinations in the Maldives, and in the globe this year. The title was awarded to Brennia Kottefaru for boasting the most room nights this year. Chairman of Brennia Maldives, Ali Zahir, while ecstatic about the win said, “Everyone on the Kottefaru team is overjoyed to be recognized. It is proof of the fantastic work we have been doing as a team to give our guests the greatest experience possible.” The luxury tourist slip is…

Asian Development Bank (ADB) extends USD10 million to Maldives government. Ministry of Finance confirms the aid will be concentrated on Covid-19 vaccine procurement, logistical aspects of the vaccine and administrative expenses tied to it. ADB while extending its grant, acknowledged strides made by Maldives government in combatting the viral pandemic. The global financial institute ensures its support towards establishing cold storage for Covid-19 vaccine. ADB will further assist in delivery and monitoring of the vaccine. The aid will benefit state efforts in enhancing healthcare and medical sector in the country. Additional components under the aid include establishment of a central…

State Trading Organization (STO) signs on as the main sponsor of Maldives Accountants Forum 2022. The forum is run by Institute of Chartered Accountants of the Maldives (CA Maldives), run annually. The 2022 edition of the forum is scheduled from 29th to 30th October. CA Maldives, on Sunday signed with the forum’s core sponsors which include; Dhiraagu Maldives Transport and Contracting Company (MTCC) Maldives Pension Administration Office (MPAO) In addition to the core sponsors, Bank of Maldives (BML) signed on as the forum’s banking partner. According to CA Maldives, the 2022 edition’s theme for the forum will be “Economic Transformation…

The International Islamic Trade Finance (ITFC), a member of the Islamic Development Bank Group (IsDB) signed two landmark agreements to support essential commodities sector in the Maldives. The landmark agreement signing were witnessed by Minister of Finance and IsDB Governor Ibrahim Ameer, during an official visit of Eng. Hani Salem Sombol, the Chief Executive Officer of ITFC. ITFC signed a USD189 million financing facility with State Trade Organization (STO), with the latter’s Chief Executive Officer Mr. Hussain Amru signing on behalf of the Maldivian state-owned enterprise (SOE). STO attests this financing, which is a renewal and increment on the existing…

Maldives government has signed an agreement towards enhancement of Hanimaadhoo International Airport. As the agreement the international airport in the upper-north atoll will undergo heavy redevelopment efforts, to transition the venue for more contemporary standards. On Sunday, 25th September 2022, JMC Projects (India) Pvt Ltd, the contract winner, signed the agreement with Maldives government, for one of the most expensive projects outside of Greater Male’ region till date. The project total is reported at a staggering MVR2.1 billion. The project will be funded through India EXIM Bank’s line of credit, which was signed earlier in 2019. Major project particulars include…