Author: Mohamed Reehaan

Maldives has welcomed more than 1.5 million tourists by November 1, 2023. The total tourist arrivals from January 1 to November 1 stood at 1,525,332 which is a 13.0% increment compared to the same period last year. While on average the Maldives has welcomed more than 130,000 tourists every month from January to October, the lowest arrivals were observed in May and June at 120,959 and 120,363, respectively. The highest monthly arrivals were reported in February at 177,915 and in March at 173,915. Top 10 Markets 2023 Russia: 175,714 India: 164,990 China: 164,140 UK: 122,975 Germany: 108,002 Italy: 90,800 USA:…

The Maldives Monetary Authority (MMA) has signed the Participation Agreement of the IPS – Favara with two banks. The IPS – Favara, was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient and secure payment services in the Maldives. The central bank onboarded both Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB) for the online payment network. The agreement signed with the banks stipulates the rights and obligations of the system participants. Pilot testing of the newly onboarded banks will commence from November 8, 2023 onwards.

The rate of inflation, measured by the annual percentage change in the national Consumer Price Index (CPI) increased to 2.6% in September 2023, from 2.4% in August. The largest contribution to the annual rate of inflation during September came from restaurants and cafes, fruits, electricity, personal care appliances, articles and products, dairy products, outpatient care services, other food products, passenger transport by sea, and mobile communication services. The monthly percentage change in the national CPI picked up to 0.4% in the review month from 0.2% in August. The largest contribution to the monthly rate of inflation came from fruits, fish,…

Ooredoo Maldives has announced a new offer for SuperNet customers, granting them the chance to acquire the high-speed internet service with a deposit-free router for a limited time. According to Ooredoo Maldives, this limited-time offer for new SuperNet subscribers, or existing customers upgrading for the SuperNet plan, until December 31, 2023. Additionally, one lucky winner will get the chance to attend the live game of Paris-Saint Germain (PSG) against Leon at Parque des Princes stadium. The lucky winner will receive return tickets to Paris and two-nights stay a hotel. Both new and existing customers will be automatically enlisted in the…

Maldives government has generated a revenue of MVR 6.32 billion in Q3-2023, which is a 17.3% increment compared to the same quarter last year. Despite this improvement, the total revenue for the review quarter was still 1.0% lower than projections. During the quarter, increments were observed from Income Tax from companies and non-individuals, TGST, GGST, Tourism Land Rent, Individual Income Tax, and airport taxes and fees. On the other hand, Bank Income Tax and Non-resident Withholding Tax declined compared to the revenue collected in Q3-2022. Out of the total revenue collected to the state, MVR 5.33 billion came through taxes,…

S Hotels and Resorts PCL, the global hospitality company from Singha Estate PCL, has announced the official launch of SO/ Maldives at CROSSROADS Maldives; the third property on the integrated tourism property. The resort opened its doors to travelers on November 1, 2023. The retreat will complement the two popular five-star retreats and world-class facilities at the only multi-brand, fully integrated leisure destination in the Indian Ocean. SO/ Maldives is a USD 60 million joint venture project developed in partnership with Wai Eco World Development (WEWD). The resort is operated by Ennismore, a creative hospitality company with a global collective…

Dusit Thani Maldives wins in three categories in the World Luxury Hotel Awards 2023. This win comes hot in the heels of the resort winning three prestigious accolades in the Condé Nast Traveler Readers’ Choice Awards. At this year’s World Luxury Hotel Awards, Dusit Thani was honored with the following awards; Best Luxury Beach Resort (comprising of Luxury Beach Resort, Luxury Island Resort, and Luxury Sustainable Resort) Best Luxury Spa (comprising of Luxury Forest Spa, Luxury Holistic Spa, and Luxury Wellness Spa) Best Luxury Restaurant (comprising Thai Cuisine, Magnificent Scenic Views, and Luxury Resort Restaurant) “With our awe-inspiring location in…

State Trading Organization (STO) reports earning a total of MVR 4.1 billion quarterly revenue in the third quarter of 2023. Though this is a notable improvement from the second quarter; at a quarterly revenue of MVR 3.8 billion, the review quarter’s revenue was still below first quarter’s earnings at MVR 4.4 billion. Moreover, STO has observed a decline in its operating profit quarter-to-quarter. In the first quarter, STO’s operating profit stood at MVR 503 million which dropped to MVR 428 million in the second quarter. In Q3-2023, the company’s operating profit stood at MVR 390 million. STO reported a net…

Urbanco announced on Wednesday, November 1, the successful completion of the first phase of Thilafushi Phase II development project Urbanco announced the completion of reclaiming Area B which measures 39.6 hectares, and added that preparations are underway for the reclamation of Area A. The Phase II reclamation is divided into three areas; A, B, and C. The land reclamation for Area A is scheduled for completion by February 2024, which covers 71.5 hectares. The entire reclamation project covers 151 hectares, though project costs have not been disclosed by Urbanco. The area is earmarked for development as a industrial hub in…

Maldives government budgets MVR 600 million for the revised subsidy policy based on the economic conditions of individual citizens. The subsidy policy has been revised to a direct transfer system instead of allocating it for electricity, staple foods, fuel, and sewerage. The proposed budget highlights this would save MVR 2.5 billion per annum from expenditure. Government is aiming to completely stop indirect subsidies, with the only indirect subsidy being allocated for local fisheries by 2025. The Chief Budget Executive of the Ministry of Finance Ahmed Saruvash Adam said the direct transfer system will extend subsidies to 50% of Maldivian households…