Author: Mohamed Reehaan

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…

The luxury Italian label, Dolce & Gabbana announces its team-up with Saudi property developer Dar Global for real estate debut, and reveals new luxury hotel in the Maldives. This makes the latest fashion house to enter the world of real estate. The Italian brand partnered with Dar Global, the international arm of Saudi property developer Dar Al Arkan, for the project. The project is still in early stages with an estimated completion date yet to be announced. “We are thrilled to bring the world-renowned made-in-Italy brand ambassador, Dolce & Gabbana, into the world of real estate and hospitality,” Ziad El…

The Maldives Ports Limited (MPL) cleared a total of 4172 containers in March 2023. According to the ports authority, apart from containers, MPL cleared 5,793 TEU (Twenty-foot Equivalent Units). Statistics also confirm that MPL cleared 2,551 20-foot containers and 1,621 40-foot containers during the review month. The average number of containers and TEUs saw opposing movements from February to March 2023 on a daily basis. As such, MPL cleared 143 containers daily in February which rose to 187 containers daily in the review month; which is a 31% increment. However, TEUs daily clearance dropped from 201 in February to 135…

Imports to the Maldives increased by 18% in February 2023, according to the Maldives Customs Service. The total imports to the country during the review month stood at MVR4.2 billion, including fuel. Total imports rose by 20% excluding fuel, which is MVR3.3 billion. However, exports observed a mild drop of 0.9% which is MVR231 million of export commodities. Despite the moderate increment of imports, the customs revenue saw a noticeable albeit slight 8% decline in revenues. Customs authority reported MVR301 million in revenues for the review month. Major Importing Categories Fuel/Marine Gas Oil (diesel, petrol, aviation gas): MVR946 million Food…

State expenditures reach MVR9.9 billion, revenues inclusive of grants hit MVR7.6 billion; in cumulative terms. The overall balance for the period is a deficit of MVR2.4 billion. Revenues Tax Revenues: MVR6.03 billion Non-Tax Revenues: MVR1.51 billion Capital Receipts: MVR1.6 million Grants: MVR16.4 million Top Revenue Streams Tax | TGST: MVR2.4 billion Tax | Corporate Income Tax: MVR834.9 million Tax | GGST: MVR830.2 million Tax | Import Duties: MVR752.8 million Tax | Withholding Tax: MVR298.9 million Tax | Green Tax: MVR229.5 million Non-Tax | Airport Development Fee: MVR219.4 million Tax | Airport Service Charges/Departure Tax: MVR212.8 million Non-Tax | Rent from…