Author: Mohamed Reehaan
The Maldives Coral Institute (MCI) will host its “Coral Festival 2023” in Addu City Hithadhoo from April 28 to 30. The festival, which aims to celebrate the Maldives’ coral reefs and marine ecosystems, brings together scientists, NGOs, politicians, environmentalists, and even members of the public. The event is held in partnership with Kaimoo Resorts and Hotels, a major hotel brand with businesses practices in Addu atoll. Moreover, Kaimoo will provide food and accommodation at the Addu Equator Village resort. MCI said that the three-day event will feature local and international scientists and marine exports who will discuss and hold workshops…
The State Electric Company (STELCO) said that Greater Male’ area recorded the highest electricity consumption on 11th April 2023. STELCO Managing Director Ahmed Shareef tweeted that the islands of Male’, Vilimale’, and Hulhumale’ consumed more than 92.5 megawatts of electricity on the date. Shareef further claimed that the consumption rate is expected to increase in the coming weeks. The Maldives is currently experiencing its hottest period of the year, which usually falls on April-May. Meanwhile, STELCO has advised customers to conserve electricity. “Although STELCO has the capacity to produce 120 megawatts of electricity, we advise everyone to economize its usage,”…
Urbanco, the former Housing Development Corporation, has denied the authenticity of a list currently circulating on social media claiming 34 housing flats in Hulhumale’ were given to members of its top management. The issue was brought to attention after an alleged memo circulated on social media purporting to offer housing flats from privately built mixed residential units in Hulhumale’ for sale to Urbanco top brass which included board members, directors, and managers. The company denied the list claiming it was baseless and doctored. Meanwhile, Urbanco said that some mixed residential units were opened for sale last year under its Staff…
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…