Author: Mohamed Reehaan

Coconut prices have increased in the Maldivian market. According to local market vendors, coconuts that went for MVR 300 per bag are now sold at MVR1,600 per bag. Meanwhile, the current market rate of a single coconut is between MVR 15 and MVR 35. Three months ago, coconut was sold between MVR 250 and MVR 300 per bag while a single coconut was sold between MVR 5 and MVR 15. Coconuts are usually brought from all across the country, with the highest contributions made from HA. Kelaa, AA. Thoddoo and K. Kaashidhoo with Laamu atoll and Addu City made notable…

Euro Marketing’s bonds sold out completely in two months, reported First National Finance Corporation; the retail venture’s lead agent. The local retailer announced its bond sale on 29th December 2022. This was the first time a private company announced the sale of bonds in the Maldives. Bonds are financial instruments generally used to raise capital for private and public companies. They are usually long-term financial loans or borrowings and unlike commercial bank loans, bonds may attract more than one investor. Euro Marketing announced the sale of MVR 25 million worth of bonds at a 7.5% interest rate, which is comparatively…

Velaa Private Island disbursed the highest service charge for February 2023. According to Resort Workers Maldives, a website that puts regular updates of service charge disbursements from Maldivian tourist resorts, Velaa Private Island paid a service charge of USD 2,431.67 (MVR 37,496.35) to each of its employees. Top 10 Service Charge Disbursements (by tourist properties) Velaa Private Island: USD2,431.67 | MVR37,496.35 The Ritz-Carlton Maldives, Fari Islands: USD2,407.83 | MVR37,128.74 Cheval Blanc Randheli: USD2,243.53 | MVR34,595.23 Waldorf Astoria Maldives Ithaafushi: USD2,005.67 | MVR30,927.43 One & Only Reethi Rah: USD1,556.00 | MVR23,993.52 Four Seasons Maldives: USD1,387.00 | MVR21,387.54 Riu Hotel & Resorts:…

The Maldives Marketing and Public Relations Corporation (MMPRC) and industry partners have flown to Berlin, Germany to take part in this year’s ITB Berlin 2023. This year, the convention’s motto is “Mastering Transformation”, and the event is regarded as one of the largest travel-trade fairs in the world. The Maldivian contingent reportedly consists of 233 travel trade professionals and representatives of various travel industry businesses. The contingent will be in Berlin from 07th to 09th March to partake in the three-day event, and marks the first time Maldives is participating in the fair since 2019. MMPRC expects high-profile visits including…

Dhiraagu has announced to hold the company’s 34th Annual General Meeting on 20th March 2023. This year’s AGM will be a hybrid event with both in-person and online participation options available. Shareholders registering before the AGM can either attend the event virtually through ‘FahiVote’ or attend the event at CROSSROADS Maldives. Dhiraagu has announced that pre-registration for shareholders is open from 14:15hrs on 3rd March until 13:00hrs on 19th March. Proxy registration is available from 14:15hrs on 3rd March until 13:00hrs on 18th March. Shareholders who have been registered on or before 14th March can participate in the AGM. The…

The Maldives Aviation Academy for the first time in the country has started flight simulator training. The academy is run by Maldives National University (MNU) in collaboration with Island Aviation Services. MAA was established under President Ibrahim Mohamed Solih’s administration following several issues tied to the previous flying school; that had rendered it non-operational. The flying school run at Addu had ceased all of its training programs and courses while several of its enrolled students were stuck in limbo. Meanwhile, the MAA chief Sultan Ramiz said a total of five student-pilots took part in the simulator training. The training was…

State Trading Organization PLC (STO), the largest state-owned enterprise in Maldives established its STO Construction Solutions segment back in 1988 to cater to the construction requirements in the country. Following the implementation of its newest business segment, STO took it upon itself to provide solutions for building needs whether it was delivering construction-related products from cement and coarse sand to plywood, deformed bars, or roofing materials and accessories. Since its introduction, STO Construction Solutions have expanded its product portfolio and it boasts some of the strongest brand names in the Maldivian construction and infrastructural development industry. Today, STO provides wholesale…

The new pay framework for the higher education sector will see salary increments between 14% and 99%, while administrative staff will receive an increment of 35%. The Minister of Finance Ibrahim Ameer said that consultations were carried out with representatives of the Maldives National University (MNU) and the Islamic University of the Maldives (IUM) about the new pay framework. The minister also said that the staff would now be eligible for promotions every two years. According to the information published by the ministry, MNU currently has 376 administrative staff and 64 at the IUM. Maldives government spends a total of…

The third-largest record label in the world, US-based Warner Music, has acquired the distribution rights to Manta Air’s theme song, “Wind Walker”. The theme track is performed by local band The Kabans which also features Maldivian Idol winner Mariyam Maeesha. The track was produced by the band’s Ahmed Faizan and written by Naufal Naseem. This also marks the first time Warner Music has acquired distribution rights to a Maldivian song. The Kabans is currently working on their first studio album, which will also be distributed by Warner Music. Speaking about this remarkable achievement, the band’s member Ahmed ‘Kokko’ Arshad spoke…

Addu International Airport Private Limited (AIA) has contracted Renaatus Projects Private Limited, an India-based company, to develop Gan International Airport. The agreement was officially signed by Gais Naseer, the Managing Director of AIA and Selvasundaram Poosapan, the Chairman and Managing Director of Renaatus Projects. At the signing ceremony, Naseer pressed on the importance of the interdependence of the development of Addu City and the airport. He also said that AIA is planning to construct two city hotels in Gan, and projected that the successful completion of the initiatives will stimulate the economy in the southern region. Meanwhile, the High Commissioner…