Author: Mohamed Reehaan
State Trading Organization (STO) on Thursday, 10th February 2022, announced on officially kick starting their “Ramadan Bazaar” for the year. The sale, which kicked off in February will last until 30th April 2022, well into the Islamic sacred month of Ramadan. This year, the religiously auspicious month where Muslims all over the world observe fasting, coincides with early April. STO revealed their “Ramadan Bazaar” will offer exciting discounts on products similar to previous years. The promotional event will be reflective from STO Home Improvement and other regional outlets of the state-owned enterprise’s general trading arm. For the first time since…
The Bank of Maldives (BML) announced the appointment of its new director to the Islamic Banking wing. According to the national bank of the island nation, the bank appointed Mr. Hassan Kalaam, a notable financial auteur with more than ten years of experience in the financial and banking industry. Mr. Kalaam first joined the ranks of BML back in 2013 and had been one of the notable pioneers behind the bank’s recent success and growth; especially the steady journey of growth of its Islamic Banking wing. Before becoming the new Director of BML Islamic, Mr. Kalaam was the Interim In-charge…
The Maldives Ministry of Tourism announce on debuting their latest tourism related show, “Tourism Upbeat Talk Show” on 17th February 2022. The talk show falls under myriad of activities planned out by the government institution for the current year in commemoration of the country’s Golden Jubilee of Tourism – which falls precisely on October. Meanwhile, it has been announced by the ministry that the panelists of the debut show of the series will include notable tourism pioneers of the Maldives. According to the ministry, the panelists include Chairman of Maldives Association of Tourism Industry (MATI) Mr. Mohamed Umar Manik, Minister…
Ministry of Finance announces seeking interested parties to purchase T-bill worth MVR1.5 billion in a bid to recuperate state expenditure. Maldives government, via the ministry’s website on Tuesday, 08th February made the announcement confirming the sale of four T-bills on coming Saturday, 12th February 2022. As such, state is slated to sell; T-bill worth MVR674 million (with a 3.5% interest) – 28-day repayment period, 14th March 2022 T-bill worth MVR188 million (with a 3.87% interest) – 98-day repayment period, 23th May 2022 T-bill worth MVR205 million (with 4.23% interest) – 182-day repayment period, 15th August 2022 T-bill worth MVR466.3 million…
Maldives Transport and Contracting Company (MTCC) has signed an agreement with the Ministry of National Planning, Housing and Infrastructure (MNPHI) for the implementation of a new shore protection project. Under the agreement, MTCC is contracted towards the shore protection project at Haa Dhaal Kulhudhuffushi airport site. The agreement was signed on Tuesday afternoon, while MTCC CEO Adam Azim signed on behalf of the contracted party while Ms. Fathimath Shaana Farooq, signed on behalf of the ministry. According to MTCC, the project scope includes the construction of an 882-meters revetment and a 30-meters groyne. The value of the project is reported…
The latest update from the Ministry of Tourism confirms that the total tourist arrivals as of 02nd February 2022 reached 139,555. According to the latest statistics, tourist arrivals to the Maldives so far observed a 43.7% increment when compared with the same period in 2021, during which the arrival total stood at just 97,089. However, when compared with the corresponding period of 2020 the tourist arrivals in 2022 was 27.68% below since the total number of tourist arrivals recorded for the period in 2020 reached 184,398. In addition to this, tourist arrivals for the review period was 15.90% below when…
Maldives President Ibrahim Mohamed Solih has officially inaugurated a special memorial enacted as a tribute to the former chairman of State Electric Company Limited (STELCO), the late Mr. Mohamed Rasheed. The special memorial for the former chairman, who had served in the utility sector for more than fifty years, was opened on Tuesday morning during a special ceremony held at STELCO headquarters. In his condolence message, the Maldives head of state noted on the numerous efforts, commitments and achievements made by the late Mr. Mohamed Rasheed in fostering and expanding electricity and utility services across the Maldives. Furthermore, President Solih…
Under the Japan Grant Assistant for Grassroot Human Security Project, the country’s government has signed with the Maldives government towards the grant of multiple ambulances. The signing between the state dignitaries took place on Monday afternoon, and under the agreement, the Japanese government will grant a total of eight ambulances to the Maldives. During the signing ceremony held at the premises of Ministry of Health, the agreement was signed by Minister of State for Health Dr. Shah Abdulla Mahir on behalf of the Maldives government and the Japanese Ambassador to the Maldives Mr. Takeuchi Midori signed on behalf of the…
Fairmont Maldives Sirru Fen Fushi unveils their latest, a series of pioneering environmental projects dubbed ‘The Sustainability Lab.’ The lab, which is a first of its kind in the Maldivian tourism scene is described as a hub of “eco-education” and will be responsible for turning plastic waste into “bespoke souvenirs and unique products, educate guests and empower local communities.” Moreover, Fairmont Maldives further stated that with the launch of the new sustainability initiative the resort aims to be as close to zero waste as it can with current and future technology improvements. The ribbon-cutting ceremony was graced by Minister of…
According to the latest updates from Ministry of Finance, the cumulative total of state expenditure has reached MVR1,430.6 million (MVR1.4 billion) as of 27th January 2022. Meanwhile, the cumulative total of revenues earned by the state inclusive of foreign grants for the same review period has reached a total of MVR987.1 million. Expenditure composition confirms 77% of the total concentrated towards recurrent spending and 23% of the total focused on capital expenses. On the other hand, revenue composition confirms 80% of the total earnings made through tax sources and the remaining 20% from non-tax sources. Both GST components (TGST and…