Author: Mohamed Reehaan
Maldives real Gross Domestic Product (GDP) grew by 5.5% in the first quarter of 2023, reports the Maldives Bureau of Statistics (MBS). This marked an acceleration from the growth of 1.8% in the final quarter in 2022. Additionally, the annual real GDP for Q1-2023 was 12.3% higher than the pre-pandemic levels of Q1-2019. The annual growth in real GDP during Q1-2023 was mainly from the robust performance of the tourism sector and positive contribution to related sectors. Notable growths were observed during the quarter, which included transport and communication, construction, public administration, and fisheries sector. Contrastingly, negative contributions were observed…
Bank of Maldives (BML) has announced that visitors to the Living Expo will have the opportunity to receive information about BML Islamic’s financing instruments. This year’s Living Expo will commence on August 10, Thursday and last until Saturday, August 12. The expo will be open from 15:00hrs to 18:00hrs and from 20:00hrs to 23:00hrs during the three-day event. Besides providing information on BML Islamic’s financial instruments, BML’s booth at the expo will provide details about other products and services of the bank as well. BML Islamic offers the most affordably priced financing through its Shari’ah-compliant Home Purchase Financing facility. The…
The Saudi Arabian government on Sunday, August 6 announced exemption of visas for Maldivian tourists visiting the country. Saudi government revealed its decision to waive the visa requirements for eight additional countries, in a bid to boost tourism. The list includes Maldives along with Alabama, Azerbaijan, Georgia, Kyrgyzstan, South Africa, Tajikistan, and Uzbekistan. Saudi Arabia confirmed that tourists from the listed countries can apply for “Visitor Visa” either electronically or on arrival, and said they are entitled to; Tourism Umrah Business Visiting relatives and friends Speaking about Saudi government’s visa exemption, its Ministry of Tourism said that the tourist/visitor visa…
Tourist arrivals to the Maldives so far in 2023 reached 1,113,967 according to the Ministry of Tourism. The ministry reported that the arrival increased on year-to-date basis increased by 13.8% compared to the corresponding period in 2022, during which arrivals reached 978,867. Tourist Arrivals – Monthly January: 172,499 February: 177,915 March: 173,514 April: 164,357 May: 120,959 June: 120,363 July: 145,629 Top 10 Markets of 2023 – As of Aug 7 Russia: 131,987 India: 124,802 China: 100,105 UK: 93,022 Germany: 74,688 Italy: 71,451 USA: 45,541 France: 33,398 Switzerland: 22,697 Spain: 19,977 Notable Changes in the Top 10 List Spain replaces Australia…
According to the Ministry of National Planning, Housing and Infrastructure (MNPHI), 13,000 applications are eligible for the Gedhoruveriya social housing scheme. State Minister of the ministry, and chair of the flat committee, Akram Kamaluddin said that a total of 15,000 applicants, inclusive of joint applications, meet the eligibility criteria for the housing flats. He also said that one of the spouses from the married couples who applied separately and were deemed eligible, will be required to relinquish their flat according to the established procedure which has been the practice. The Gedhoruveriya scheme received over 20,000 applications, with 14,400 individuals applying…
Bank of Maldives (BML) appoints Morgan Beanland as the bank’s new Director of Operations. BML said that Morgan brings over 22 years of expertise in banking, business operations, and change management. With an impressive and long-spanning career at Lloyds Banking Group in the UK, Morgan held various leadership roles including Head of Markets Operations, Head of Telephony and Retention, Head of Corporate Banking Guernsey, and Senior Vice President of Financial Institutions in North America. More recently, Morgan served as a Management Consultant at Capco where he oversaw transformation delivery, managing client relationships and contributing to business development within the UK…
Civil Court of the Maldives has declined to grant an interim injunction to delay the lease of Vaavu atoll Fohtheyo lagoon. After Maldives government announced leasing Fohtheyo lagoon, the largest in the country, Vaavu atoll council intervened the decision. The council said that the state can only lease the lagoon in accordance with the council’s regulations. Following this, the council sought an injunction through Civil Court to halt the leasing. Civil Court on Sunday, August 6, ruled that according to the Maldives Civil Procedure Act, an injunction can be issued in the absence of the claimant under specific circumstances. Court…
The application submission window to submit proposals under the Bank of Maldives (BML) Community Fund initiative will expire on Thursday, August 10, 2023. This is the second round of applications opened for the fund in 2023. The Community Fund is open to applications from registered non-governmental organizations (NGOs) in Male’ City and residential islands. BML reports NGOs have the opportunity to submit proposals in the areas of environment, education, sports, and community development. The successful 10 proposals will receive funding up to MVR 50,000 to execute their proposed projects. BML launched its Community Fund initiative to enable local NGOs to…
Regional Airports Company Limited (RACL) operated Hoarafushi Airport in the upper-northern atoll of Haa Alif introduces night flights. RACL Managing Director Mohamed Rizvi officiated the inauguration of the night flights to the airport. Speaking at the ceremony, Hoarafushi island council’s president Mohamed Waheed said the introduction of night flights to the airport will address the challenges faced by the locals in the atoll. He also highlighted issues like deferment of emergency flights until morning for medical purposes. At the ceremony, Rizvi highlighted the economic advantages of initiating night flights. “Along with the addition of night flights, the number of tourists…
The Maldives government has collected a total revenue of MVR 5.19 billion in Q2-2023, a 2.4% drop compared to the same quarter in 2022. Despite this drop, revenues collected to the government was a 5.8% increment compared to initial projections. According to the Maldives Inland Revenue Authority (MIRA), the decline in Q2-2023 compared to the same quarter last year was mainly due to the drop in the collections of the Corporate Income Tax, Lease Period Extension Fee, Tourism Land Rent, and Land Acquisition and Conversion Fee. Lease Period Extension Fee had not been collected since January 2023. Additionally, from January…