Author: Mohamed Reehaan
The Maldives Ministry of Finance reveals that the planned state budget for the upcoming 2022 has been fixed at MVR37 billion. Moreover, the state body made the revelation in their fiscal debt strategy, adding that the expected revenue to the state in the next year is MVR23.6 billion. In addition to this, Maldives state expects MVR22 billion in foreign grants. According to the state body, the expected revenue contributors include MVR14 billion from taxes and a non-tax revenue total of MVR5 billion. Meanwhile, state expects a total revenue of MVR1.3 billion from planned income streams and sources for the next…
The latest tourist arrival updates from Ministry of Tourism reveal an arrival total exceeding 800,000 so far in 2021. Moreover, as per the ministry this marks a 104.4% increment in the total arrival in annual terms when compared with the corresponding period in 2020. The statistics indicate that tourist arrivals from 01st January until 13th September has reached 809,764. Meanwhile, during the same period in 2020 the arrival total had reached just 396,129 – owing to the severity of the Covid-19 global pandemic. Furthermore, the highest influx of tourists in September was observed on 12th, Sunday with a total of…
Wednesday, 15th September – Maldives Transport and Contracting Company reports on the latest progress of Haa Alif atoll Dhihdhoo shore protection project. As per the contractor, the design and build of the shore protection structures of the island is at ongoing capacity with an overall 73% project progress. Moreover, the project scope includes backfilling of 7,750 cubic meters of sand, 1,926 cubic meters of sand for geo-bag filling and the construction of a 310 meter geo-bag revetment to prevent coastal erosion. The project value is reported at a total of MVR10.02 million.
Wednesday, 15th September – Maldives Transport and Contracting Company (MTCC) confirms on delivering the second shipment of rock boulders to Vaavu atoll Fulidhoo project site. Moreover, MTCC reports that the rock boulders will be utilized in the coastal protection project executed at the island. The project scope includes dredging and backfilling as well as beach filling of 12,127.50 cubic meters of sand. In addition to this, MTCC will construct a groynes stretching 210 meters and a 270 meter breakwater. Furthermore, MTCC reports the project value is a total of MVR16.94 million.
Housing Development Finance Corporation (HDFC) has opened the sale of Sukuks for the fourth time. Moreover, as per HDFC the Sukuk transactions are aimed towards individuals acquiring finances for housing or repair of buildings, adding the sale window will remain effective until 30th September. Meanwhile, the corporation confirmed it will be selling Sukuks at a value of MVR1,000 per Sukuk. Furthermore, HDFC revealed that 65% of the profits from the Sukuk investment will be credited to the purchaser while the corporation will retain 35% of the remaining profits. HDFC will credit the profit from Sukuks from the date of ‘allotment’…
The Ministry of Tourism has confirmed on just four tourist resort openings so far in 2021. As per the state body, the four tourist resort properties that opened so far in the current year include Patina Maldives – Fari Islands, Ritz-Carlton Maldives, Kuda Vilingili and Le Meridien Maldives Resort and Spa. Most of the properties have received lease and operational rights prior, while the most high-profile resort openings in 2021 include the Ritz-Carlton Maldives opened at Fari Islands. Earlier, Maldives government had affirmed on a total of 18 new resort openings in 2021. Meanwhile, President Ibrahim Mohamed Solih during the…
Grand Park Kodhipparu Maldives’ proprietor, CES Park Kodhipparu has recently made a donation of medical supplies to the Ministry of Health in support of the efforts made to curb the Covid-19 pandemic. During a special ceremony held on 02nd September, Thursday, representatives of Grand Park Kodhipparu donated over 40,000 latex gloves, 10,000 N95 respirator masks along with 10,000 of 500ml bottles of hand sanitizers to the Deputy Director of Health Protection Agency (HPA) Mr. Hassan Mohamed, Head of Operations of Health Emergency Operations Center Mr. Ibrahim Ashraf, Assistant Director Administrative Division Mr. Mohamed Shahim and Program Assistant Administrative Division Mr.…
The ongoing protests by Island Aviation pilots have come to cease after receiving assurance of a salary increment before the coming January 2022. Moreover, the strike had earlier intensified due to Island Aviation’s decision to continue paying the reduced salary to its pilots following the financial detriment they faced in 2020 over the Covid-19 pandemic. As per local reports and news outlets, pilots of Island Aviation expressed their frustration over Island Aviation paying the reduced salary despite the company currently making financial progress. Furthermore, a pilot attached to Island Aviation commented that the company’s Managing Director Mr. Mohamed Mihadh assured…
Monday, 13th September – Bank of Maldives (BML) signs a Memorandum of Understanding (MoU) with both Mastercard and Maldives Transport and Construction Company (MTCC) to implement digital payment solutions. The agreement will see the implementation of an integrated transport management and automatic fare collection system for the public transport service operated by MTCC. Furthermore, project falls under Mastercard’s “Smart Cities” initiative that will aim to introduce “urban mobility solutions” in order to transform the transport experiences in cities. The initiative focuses on creating contactless and digital payments that will be introduced to bus and ferry networks. Speaking about this initiative,…
The total revenue collection to Maldives state in August 2021 stood at MVR1.27 billion, inclusive of the USD collection, reports Maldives Inland Revenue Authority (MIRA). Moreover, as per the taxation and revenue authority the state earned a total of 36.92 million in United States Dollar. As per the revenue collected to state exclusively in August, MIRA reported a decrement of 25.4% in the review month when compared with the same month in 2020. Furthermore, MIRA claims this decline is due to drop in the collection of Income Tax. The Covid-19 impact in 2020 had dwindled the reported profitability for the…