Author: Mohamed Reehaan
According to Housing Development Corporation (HDC), the company currently has an outstanding loan portfolio of USD776 million. Moreover, this was confirmed by Mr. Ahmed Sham, the Chief Financial Officer of the corporation during a parliament session on 24th September, Friday. As per Mr. Sham, these loans were acquired from a total of 15 different banks ranging from a total of four countries. During the previous state administration, the company’s loan portfolio observed surges owing to the reclamation of land from Hulhumale’ under the second phase. Furthermore, the spike in outstanding loans have presented financial predicaments for the corporation which was…
The EXIM Bank of India has come to a formal agreement with Fahi Dhiriulhun Corporation Limited (FDC) of Maldives to extend Buyers Credit to develop 4,000 social housing units in Hulhumale’ Phase-2. Moreover, the Buyers Credit from the bank is reported at an approximate total of USD227 million. Reports also attest that the construction of the social housing units will be carried out by National Buildings Construction Company (NBCC) and JMC Projects (India) Ltd. Both companies boast with valued experience in real estate development and civil construction projects at India and abroad. Earlier, both the companies signed on with FDC…
Visit Maldives participates at the International Luxury Travel Market (ILTM) North America 2021, held at Riviera Maya, Mexico. Moreover, the event commenced on 20th September and will run until 23rd September, Thursday. The ILTM North America is an invitation-only annual event where top producing agents and advisors from the USA, Canada and Mexico meet with the world’s most “exclusive travel experiences.” Furthermore, it was reported on the official site of Visit Maldives that a total 60 worldwide exhibitors and North American buyers from over 153 cities will be partaking in the event. According to Visit Maldives, exhibiting at the event…
The Bank of Maldives (BML) introduces Islamic Home Improvement Financing services aimed to individuals requiring financial assistance in completing apartments awarded through social housing projects. Moreover, the bank confirms that their latest finance facility is interest-free and will assist individuals in buying necessary household items including furniture or appliances. Furthermore, the facility is applicable for anyone who has been awarded housing under social housing projects across any atoll or islands in the Maldives. In addition to this, as per the Interim in Charge of BML Islamic Banking Division notifies that the customers requesting the financing facility to include an additional…
The largest telecommunication and internet service provider in Maldives, Dhiraagu launches their high speed fiber-broadband connectivity services in Gaaf Dhaal atoll Rathafandhoo. Moreover, in their commitment to expand their fiber-broadband connectivity across the country, Dhiraagu has enabled the island community to improve and enhance their digital experience. “We remain committed to further expanding high-speed connectivity and providing a quality stable connection to new communities. This is part of our continuous efforts to empower digital communities across the nation,” comments Mr. Mohamed Mirshan Hassan, the Senior Manager, Brand and Marketing Communications of Dhiraagu. Furthermore, the continued efforts by Dhiraagu have ensured…
Wednesday, 22nd September – Maldives Transport and Contracting Company (MTCC) has delivered the fourth shipment of precast concrete blocks to Addu City Hulhudhoo. Moreover, the concrete blocks will be used in the construction of the quay wall structure which falls under the harbor development project carried out by the contractor in the island. MTCC has reported on delivering the shipment to the site on 21st September, Tuesday. Meanwhile, MTCC further reports that the installation of precast concrete blocks for the quay wall construction is currently ongoing with 56% completion. The Hulhudhoo harbor development project entails dredging and excavation operations of…
The cumulative total of state expenditure has reached MVR20,219.4 million (MVR20.2 billion) as of 16th September, reports Ministry of Finance. Moreover, the state body confirms that the cumulative total of state revenues inclusive of grants have reached MVR12,535.2 million (MVR12.5 billion) by the review period. The expenditure composition confirms 76% of the total spending were concentrated towards recurrent expenses and the remaining 24% on capital expenses. On the other hand, revenue composition reveals that 73% of the total came from tax sources and the remaining 27% from non-tax sources. Furthermore, the overall balance for the review period is a deficit…
Housing Development Corporation (HDC) has inaugurated their Community Urban Farming Project at Hulhumale’. Moreover, the project was inaugurated by HDC on Tuesday, 21st September after handing the land plots to selected candidates of the project. The project was officiated by Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed. The event was also graced by Japanese Ambassador in the Maldives and the UNDP’s Resident Representative to the island nation, who took part in the inauguration as well. Executed as part of the sustainable economic employment for the development of MSMC, the project covers a total of 19,877.26 square-feet, distributed…
Ministry of Finance confirms that the government of Maldives has spent MVR3,882.1 million (MVR3.88 billion) on Covid-19 related efforts so far. Moreover, as per the state body the total health and social spending as of 16th September stood at MVR2,108.7 million (MVR2.1 billion), which observed just a 0.09% increase from the week before. During the review period, 34.1% of the total health and social spending has been committed-spending. In terms of week-on-week spending, Hulhumale’ Hospital registered the highest spending compared to its peers. On the other hand, the total economic response spending, as in total disbursements made to Economic Response…
The Minimum Wage Board confirms on announcing an official minimum wage for employees, during their next meeting scheduled for coming Wednesday, 22nd September. Moreover, the Secretary General of the board, Mr. Mauroof Zahir had commented stating they will decide on the minimum wage and inform their decision to Ministry of Economic Development. According to Maldives Employment Act, the minimum wage should be decided by the Minister of Economic Development based on the official input from the Minimum Wage Board. Furthermore, the incumbent administration had earlier announced an expected minimum wage range between MVR6,700 to MVR8,900. The minimum wage will be…