Author: Mohamed Reehaan

Maldives Monetary Authority (MMA) launches the instant payment system ‘Favara’ on August 26, Saturday. The new instant payment system was launched by Vice President Faisal Naseem at a ceremony held at Crossroads Maldives. The system was developed under the Maldives Payment System Development project, and aims to “facilitate fast, convenient and secure payment services in the Maldives.” MMA, the Maldives central bank, said that the with the launch of Favara, three banks in the country are currently onboarded as participants which include Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI). Favara services will be…

Onion supply from India has shown a significant decline over the past weeks, which had impacted the price of the item in the Maldivian market. A few days back, 25kg sack of onions had a going rate of MVR 225, but the price had since surged to MVR 350; indicating an increment of MVR 5 per kilogram. Vendors and retail traders alike echoed that the drastic price hike was due to the shortage of supply of onions in India. To address this shortage, Indian government has already implemented substantial increase in onion export duties, raising them by 40%. Maldives Minister…

Local authorities have issued a no-fly order on former Maldives Parliament member Alhan Fahmy for an ongoing investigation conducted by the Maldives Police Service. Though no details were shared by local authorities, it was earlier confirmed that authorities had launched a criminal investigation against the shareholders of Kings Capital, of which Fahmy is a major shareholder. Fahmy and the rest of the shareholders are under suspicion for allegedly operating a pyramid scheme on the pretext of Forex trading. Earlier, Civil Court ordered Kings Capital to pay MVR 90,000 in compensation to one of the company’s investors. Reports claim that the…

Tata SIA Airlines Limited operating as Vistara, the Indian full-service airline is readying to launch direct flights between Male’ and India’s capital New Delhi. Vistara in a press statement confirmed its preparations apace to launch scheduled flights between Male’ and New Delhi beginning from October. The airline first began its flight operations to the Maldives on March 3, 2021 and continued to operate scheduled flights between Male’ and Mumbai. Vistara said it was expanding its Indian destinations in light of growing demand for the Maldives among Indian travelers. Vistara CEO Vinod Kannan expressed his delight and while speaking about the…

Draws to award the remaining 145 Hiyaa housing flats commenced last Monday, August 21 at Urbanco. The units were not eligible for allocation under the civil servant category for applicants who scored below 50 points along with other contributing factors. Urbanco reported the units will be allocated based on the Ministry of National Planning, Housing and Infrastructure-issued reserve list. Draws for all 145-units were taken at Urbanco. Former Maldives President Abdulla Yameen’s administration decided to withhold flat allocations for applicants under the civil service category who scored below 50 points, but the current Ibrahim Mohamed Solih-led government took the decision…

Maldives government on Thursday, August 24, announced its decision to grant license to SpaceX’s Starlink high-speed internet services in the island nation. The Tesla, SpaceX and now Twitter honcho Elon Musk founded Starlink in a bid to provide high-speed internet across the globe at affordable rates. Ministry of Environment, Climate Change and Technology has already extended invitations to local media on Thursday morning for the special ceremony scheduled for Thursday afternoon to grant the ISP license to Starlink; the details expected soon. While the Maldives earlier was set to gain access to SpaceX’s Starlink in February 2021, the plan hit…

Ministry of Tourism is seeking interested contractors to develop tourist resorts in Haa Alifu atoll Medhufushi and Shaviyani atoll Nalandhoo. The ministry has opened bidding until September 21, and announced information on the projects can be obtained before 13:00hrs on September 17. Interested bidders can mail to [email protected] for inquiries. The financial capacity for developers interested in Medhufushi should exceed USD 2 million and for Nalandhoo, their financial capacity should exceed USD 10 million. Contractors should develop a minimum of 120 villas in Medhufushi which span 12 hectares and a minimum of 200 villas in Nalandhoo which spans 63 hectares.

Dusit International launches new group-wide sustainability program, “Tree of Life” and Dusit Thani Maldives achieves Google Eco-Certification in recognition of sustainable tourism endeavors. The new program solidifies Dusit’s sustainability intentions and includes “actionable and easy-to-follow” steps that its business units can take to benefit the environment, people, and the broader communities. The “Tree of Life” program of Dusit International has 31 criteria aligned with selected United Nations’ Global Sustainable Development Goals and industry-specific targets set over four levels of achievement. The Google Eco-Certification is a testament to Dusit Thani Maldives’ unwavering dedication to promoting eco-conscious hospitality and minimizing the property’s…

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’…