Author: Mohamed Reehaan
The Maldives government is seeking interested bidders for the development of an Elderly Village in Addu City. The Ministry of Finance on behalf of the Ministry of Gender, Family, and Social Services confirmed annulling the bidding process on the invitation for bids for its earlier announcement, on 19th December 2022, seeking interested developers. The ministry has re-invited sealed bids for eligible and qualified bidders for the project once again. Moreover, the ministry is seeking bidders under the “Design, Build, Finance and Operate Public Private Partnership Model”. The ministry has provided detailed Terms of Reference (TOR) for the project, already available…
State Electric Company (STELCO) announced shifting its Hulhumale’ customer service center to a new location. STELCO previously ran its customer service center in Hulhumale’ at the Housing Development Corporation (HDC) building. The center has been shifted to Apollo Towers. The utility provider powers the Greater Male’ region which includes Male’ City, Hulhumale’, and Vilimale’. STELCO earlier launched its Greater Male’ interconnectivity grid which saw the islands connected under the same electricity network; a project created to reduce power cuts and other malfunctions in providing electricity. Additionally, STELCO Managing Director Ahmed Shareef said the company was committed to enhancing its standards…
State Trading Organization (STO) generated an annual total of MVR18.2 billion in revenues for 2022, the company had earned just MVR10.2 billion in 2021. According to the most recent statistics from STO, the company earned an annual operating profit of MVR1 billion; compared to only MVR0.6 billion in 2021. The annual net profit of the company for 2022 is MVR742 million; compared to MVR486 million in 2021. Meanwhile, the largest state-owned enterprise (SOE) earned MVR4.59 billion of quarterly revenue for Q4-2022. The company had generated MVR4.63 billion in the preceding quarter last year. Additionally, STO had generated MVR3.29 billion of…
The Ritz Carlton, Fari Island has paid the highest service charge for January 2023. According to Hala Maldif, which provides exclusive updates of service charge disbursements from all tourist resorts in the Maldives, the property paid USD4,508.74 (MVR69,524.77) in service charges to each of its employees. Top 10 Resorts (in terms of service charge disbursement in Jan-2023) The Ritz Carlton, Fari Islands: USD4,508.74 (MVR69,524.77) Cheval Blanc Randheli: USD3,540.31 (MVR54,591.58) Waldorf Astoria Ithaafushi: USD3,302.09 (MVR50,918.23) One & Only Reethi Rah: USD3,054 (MVR47,092.68) Four Season Resort at Landaa Giraavaru: USD3,026.10 (MVR46,662.46) Joali Maldives: USD3,017 (MVR46,522.14) Anantara Kihavah: USD1,899.14 (MVR29,284.74) Gili Lankanfushi: USD1,532…
Bank of Maldives (BML) announced changes to its personal unsecured loan and financing products on Wednesday, 25th January. The bank said this move will simplify its lending portfolio while increasing the financial limit to MVR1.2 million. BML will have a single “BML Lui Loan” to cater to all personal borrowing requirements, the bank said. Additionally, BML Islamic Personal Financing will also offer customers Sharia’h compliant financing up to MVR1.2 million which can be used to purchase products or as cash financing. The bank will now consider salary and any other income for Lui Loan and Personal Financing as eligibility prerequisites.…
The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA). The review for the review quarter increased by 25.1% when compared with the corresponding quarter of 2021. Additionally, this was a 53.9% improvement from initial projections for the quarter as well. Moreover, the highest increment in the quarterly revenue when compared with the same quarter of 2021 was recorded from; Lease Period Extension Fee Income Tax Goods and Services Tax (GST) Airport Taxes and Fees Additionally, the tourist arrivals from September to November 2022 exceeded tourist arrivals for the same period in…
The Maldives government announced 14 uninhabited islands for tourist resort development. Investors are invited to submit their bids before 21st March, according to the Ministry of Tourism. The highest acquisition costs are set for the lagoons of K. Kaashidhoo and F. Nilandhoo. The ministry allocated 10 hectares from each of these lagoons, with an acquisition cost starting at USD2.2 million (MVR34 million) for each. Acquisition costs for the islands allocated from HA. Medhufushi, Th. Olhufushi, and GDh. Fereythavilingili were significantly lower compared to Kaashidhoo and Nilandhoo. The ministry set an acquisition cost of USD875,000 (MVR13.5 million) for HA. Medhufushi, and…
Dhiraagu and Women in Tech Maldives have kicked off the Girls to Code Laamu Edition. The Girls to Code program teaches its participants basic coding skills by using HTML, CSS, and JavaScript. By the end of the program, participants who had no prior background in coding will get the opportunity to practice what they learned and apply it to creating a website of their own. The classes will be conducted online for two months starting from 22nd January. This program is exclusive to girls between 14 to 20 years old. Dhiraagu and Women in Tech Maldives aim to inspire and…
On 26th August 2021, the Maldives government signed with India’s Afcons Infrastructure for the development of the Greater Male’ Connectivity Project. The project will come later known as the Thilamale’ Bridge project. The Thilamale’ Bridge project is now considered as the largest infrastructure project to execute ever in the Maldives, exceeding that of the Sinamale’ Bridge project; which linked Male’ City with both Hulhule’ and Hulhumale’. The new bridge project will connect Male’ City with Vilimale’, Gulhifalhu, and Thilafushi. Project components include construction of a bridge structure spanning a total of 6.74 kilometers with three navigation bridges of 140 meters…
The Ministry of Tourism will be announcing to seek bidders for multiple tourist resort development projects in the upcoming week. The ministry will be listing 14 projects across nine atolls. Bid announcement is expected for Monday, 23rd January. Atolls listed for tourist resort development projects Haa Alif and Haa Dhaal atolls: 03 projects Meemu atoll: 01 project Thaa atoll: 01 project Gaaf Alif atoll: 02 projects Gaaf Dhaal atoll: 03 projects Kaafu atoll: 01 project Faafu atoll: 02 projects Raa atoll: 01 project Statistics from the ministry report 05 tourist resorts were opened during 2022, while 09 resort openings are…