Author: Mohamed Reehaan
According to Maldives Ministry of Finance, revenues and grants to state observed a 122.5% increment in September 2021 when compared with the same period in 2020. Moreover, the state body attests that the revenues inclusive of grants in the review month reached MVR2,337.4 million (MVR2.3 billion); with a significant proportion of the increase coming due to a MVR687.7 million hike in non-tax revenues. On the other hand, total expenditure for the review month increased by 34.1% compared to the corresponding month in 2020. Capital expenditure increased by 52.1% in the review month while recurrent expenditure increased by 10.2%. The fiscal…
State Trading Organization (STO) is set to introduce Kone’s touchless signalization in the Maldives. Moreover, the state-owned enterprise is the authorized distributor of Kone products in the island nation, which added that the touchless signalization in elevators will diminish possibilities of viral contagions coming into contact among people. As such, STO in their press statement identifies that elevator buttons are one of the most “populous breading grounds for bacteria and distribution” due to these ‘environments’ being high traffic areas with “higher contamination rates.” In a bid to reduce such contamination, Kone has introduced the KDS 330 touchless signalization option that…
Maldives Monetary Authority (MMA) reported that the annual reserve money (M0) growth accelerated to 29% at the end of September 2021, while annual broad money (M2) growth decelerated by 25% at the same period. Moreover, reserve money stood at 25% at the end of August 2021 while broad money stood at 26% during the same month. As per the central bank of the Maldives, growth in the reserve money stemmed from the increase in net foreign assets of the MMA despite registering a decline in the net domestic assets of the bank in the review period. Furthermore, net foreign assets…
According to the latest economic updates from Maldives Monetary Authority (MMA) the tourist arrivals and bed nights increased by 1,096% and 888% respectively in September 2021, compared to the same month last year. Moreover, the total tourist arrivals exclusively in the month of September 2021 stood at 114,896 which is still 2% less than the pre-pandemic levels observed in September 2019. On the other hand, tourist bed nights observed an increment of 5% compared to the corresponding period in 2019. MMA identifies that the annual increase in tourist arrivals reflected the base effect of the slow pickup in tourist arrivals…
Visit Maldives launches a new destination marketing campaign with Italy’s largest travel agency brand, Bluvacanze and Vivere & Viaggiare. Moreover, the premier Maldives destination promoter claims that the campaign will run until the end of March 2022. The travel brands represent over 320 travel agencies with over 600 points of sale across the European country, while it has been active in the tourism market for 40 years. Furthermore, Vivere & Viaggiare with Bluvacanze are known as one of the largest and most important Italian tourism companies, which also owns the Blunet brands, the Tour Operator Going as well as Cisalpina…
Housing Development Corporation (HDC) signs with Maldive Gas to establish system for the provision of gas for Hiyaa Flat residents. Moreover, the agreement was signed between the Managing Director of Maldive Gas Mr. Shazai Siyam and the Managing Director of HDC Mr. Suhail Ahmed. This is the first time an agreement of this kind has been signed in the country for a social housing project. The initiative aims to reduce complications arising for customers in changing their residencies, when applying for Maldive Gas services. Furthermore, the project involves creating a storage space for gas in each of the residential towers…
Visit Maldives has successfully concluded the WTM London 2021 along with 58 industry partners. Moreover, the travel and trade fair was held from 01st until 03rd November. The World Travel Market (WTM) London is one of the leading global events in the travel industry providing a grand platform for industry professionals to meet and conduct business deals. The fair creates opportunities to its exhibitors and visitors to network and expand their reach with quality contacts, content and communities. Furthermore, this is the first time the WTM fair is being held as a hybrid event while the physical in-person fair is…
Visit Maldives concludes its training webinar on Sustainability in the Maldives held for the French market, which was held on 28th October via popular video conferencing application Zoom. Moreover, Visit Maldives confirms that the training is part of a series of webinars conducted to provide the latest information about the tourist destination and travel guidelines to travel agencies from France. The webinar was used as a platform to market the destination as a safe haven, emphasizing on the geographical advantage of Maldives allowing natural social distancing for tourists. Furthermore, individual products of the Maldives tourism were promoted in the webinar…
According to the latest collected data from Maldives Ministry of Tourism the total tourist arrivals to Maldives as of 27th October has reached 992,196. Furthermore, the total tourist arrivals to Maldives as of the review period is just 7,804 shy from hitting the 1 million tourist arrival target the government has aimed to achieve. Moreover, from 01st until 27th of the previous month the total arrivals to Maldives stood at 121,334 which is a 564.7% improvement from the same period in 2020 during which the total reached only 18,253. However, the arrival count in the review period is still 3.2%…
Maldives Monetary Authority (MMA) reports that according to the advance estimates of Quarterly National Accounts for second quarter of 2021, the real Gross Domestic Product (GDP) rebounded strongly. Moreover, the central bank of Maldives reported that the real GDP of the country bounced back by 75.3% following the decline of 10.1% during the first quarter of 2021. However, this strong bounce back is still not enough to exceed above pre-pandemic levels and remained 15.9% below in comparison with Q2-2019. Furthermore, MMA reports that the strong rebound in the annual GDP growth in the review quarter is mainly from the pick-up…