Author: Mohamed Reehaan

Maldives national carrier, Maldivian Airlines is currently seeking to acquire long-haul aircraft on long-term lease. The airline’s next strategic moves was confirmed by its parent company Island Aviation Services Limited. Maldivian expects acquiring a long-haul variant on an eight-year lease, with economy and at least 12 business class seats. Island Aviation’s Deputy Managing Director Aishath Jennifer confirms the airline is gearing up to bring the aircraft during 2022 first quarter. With the lease, the airline aims to expand its flight routes. To acquire a new addition to its fleet, Maldivian is releasing its largest plane in the fleet; an Airbus…

Tourist arrivals to the Maldives exceed 1.27 million as of 19th October, reports Ministry of Tourism. The ministry revealed the total tourist arrivals as of review date stood at 1,279,231. This was a 34.1% annual increment when compared with 2021, but 4.3% lower than the same period in 2019. Tourist arrivals for corresponding period in 2021 stood at 953,725, while for the same period in 2019 it stood at 1,337,178. Daily arrival average is at 4,381 in annual terms, while from 01st to 19th October the daily arrival average is at 4,664. The average duration of stay is 8.1 days…

Maldives Marketing and Public Relations Corporation (MMPRC) participated at the ITB Asia 2022, held from 19th to 21st October 2022. MMPRC took part in the travel trade fair along with 18 industry partners. The event was held at Sands Expo & Convention Center, Singapore. The top tourism promoter maintained destination presence of Maldives, provided latest information to the South East Asian markets, and networked with industry partners. ITB Asia is one of the region’s leading B2B travel trade shows. The event is designed with Asia Pacific travel at the forefront. The fair featured thousands of exhibitors from Asia-Pacific, Europe, the…

Ministry of Tourism has reported over 14,000 beds at operational capacity from local guesthouse properties. As of 19th October 2022, guesthouses at registered and operational capacity reached a total of 855, which contributed a total of 14,006 beds to the industry. The highest number of beds from guesthouses were registered from Kaafu atoll at 7,465. Second highest was Alif Alif atoll with 1,876 beds and third was Alif Dhaal atoll with 1,178 beds. The combined total of beds from the Maldives tourism industry is at 59,809 out of which 58,671 are at operational status. Tourist property details as per the…

Activities in the wholesale and retail trade sector, was estimated to have declined by 11.9% in Q1-2022 following which the sector started to bounce bank, reports Maldives Monetary Authority (MMA). The central bank confirms the gross value added of the sector remained 37.6% below pre-pandemic levels (Q1-2019), during the first quarter of 2022. However, as of Q2-2022, the sector’s trade activity expanded, suggested by the private sector imports and bank credits. During Q2-2022, private sector imports (excluding imports by the tourism sector) increased by 42% in annual terms. Commercial bank credit to the sector rose by 11% during the quarter.…

During 2022 second quarter, tourist bed nights registered a 49% increment, reports Maldives Monetary Authority (MMA). According to MMA, this increment came despite the fall in average stay from 9.1 days in Q2-2021 to 7.7 days in Q2-2022. Moreover, bed nights increased by 12% compared to pre-pandemic levels of Q2-2019. Moreover, Russia and Ukraine markets that accounted for both 12% and 2% arrivals respectively, for the first quarter, fell to 8% and 0% during Q2-2022. This significant drop is due to the Russia-Ukraine war which ignited earlier in the year. Meanwhile, during the review quarter, resumption of Russia’s flagship carrier…

According to the most recent update from Ministry of Finance, Goods and Services Tax (GST) has reached an annual total of MVR7.4 billion, as of 13th October. The ministry made the confirmation on its most recent Weekly Fiscal Developments. On the other hand, Business and Property Tax has reached a collective total of MVR3.9 billion. Import Duties collected to the state is at MVR2.4 billion. The major tax revenue sources to the state, as of 13th October are; Tourism Goods and Services Tax (TGST) – MVR5.1 billion Import Duties – MVR2.4 billion General Goods and Services Tax (GGST) – MVR2.3…

Cumulative total of state expenditure hit MVR28.9 billion as of 13th October 2022, reports Ministry of Finance. Meanwhile, cumulative total of state revenues (inclusive of foreign grants) reached MVR21.2 billion by the same review period. State has spent 73% of its budget on recurrent expenses, remaining 27% on capital expenses. On the other hand, state earned 72% of its revenues from tax sources and remaining 28% from non-tax sources. The overall balance for the period is a deficit of MVR7.7 billion. The cumulative total of tax revenue by the review date stood at MVR15.2 billion, and cumulative total of non-tax…

As part of Bank of Maldives’ commitment to support development of sports in Maldives, the bank has signed as the official sponsor for all national surfing teams. BML signed the agreement with Maldives Surfing Association, and as part of this partnership, the bank will also support the annual National Junior Surfing Championship – to promote the development of young talent in the sport. Speaking about the partnership, the bank’s In-Charge and Acting MD Aishath Noordeen said, “We are tremendously proud to partner with Maldives Surfing Association through our BML Islamic arm.” “Like any, we continue to be impressed by the…

Business Center Corporation (BCC) has extended deadline on the application window for SME Hub kiosks. The deadline has been extended to 14:00hrs on Tuesday, 25th October 2022. BCC developed the SME Hub to provide working spaces and business outlets for small and medium-tier businesses. The hub is built on three floors of the Allied Building. First floor is exclusive for food vendors only, with application for said kiosks open. Startups, and vendors experimenting their own business activities will have the opportunity to use the kiosks as well. Ministry of Economic Development established BCC to support and encourage local small to…