Author: Mohamed Reehaan

The International Islamic Trade Financing Corporation (ITFC) has signed with State Trading Organization (STO) to extend a credit facility worth MVR2.6 billion (USD175 million). The agreement was signed at the sidelines of the ongoing annual meeting of Islamic Development Bank (ISDB), held at Egypt. Mr. Hussain Amru, the Chief Executive Officer of STO signed on the agreement on behalf of the state-owned enterprise while Mr. Hani Halim, the Chief Executive of ITFC signed on behalf of the creditor. Moreover, the signing ceremony was graced by the Minister of Finance Mr. Ibrahim Ameer as well. The credit facility extended by ITFC,…

Bank of Maldives (BML) opens application for proposal submission under its Community Fund, marking the second phase of the fund for 2022. Under the Community Fund initiative, locally registered NGOs can access up to MVR50,000 to execute projects in the areas of education, sports, environment and community development. Moreover, the bank confirms that registered NGOs can send their proposals with supporting documents to [email protected] before 23:59hrs on 18th June 2022. BML initiated its Community Fund program to assist local NGOs to contribute towards their communities through sustainable projects. Meanwhile, the bank has assisted with a total of 65 community-centric projects…

Maldives Marketing and Public Relations Corporation (MMPRC) is showcasing the Maldivian tourism industry at one of the largest MICE fairs targeting European market – IMEX Frankfurt 2022. At the event, MMPRC along with industry partners are promoting the island nation, and how it “seamlessly merges business with leisure.” The event started off on 31st May, Tuesday and will run until 02nd June, Thursday. IMEX is the largest MICE fair held in Germany which targets businesses from Europe looking for new and exciting venues, and ways to host meetings and events. Reportedly the 2022 edition of the IMEX has attracted more…

Maldives Monetary Authority (MMA) confirms in its latest statistics that the real Gross Domestic Product (GDP) growth rate in 2022 is currently at 12.0%. According to the central bank of Maldives, the nominal GDP of the country is currently valued at MVR87,498.2 million (USD5,674.3 million). In 2021, the real GDP growth rate in annual terms was observed at 31.6% and in 2020 it had reached to negative 33.5%. Furthermore, MMA reported that the cumulative total of revenue in the Maldivian fiscal sector is currently at MVR24,279.9 million while the cumulative expenditure has reached MVR34,101.8 million. The overall balance so far…

Maldives Marketing and Public Relations Corporation (MMPRC) has signed an advertising and branded content agreement with CNN International Commercial for a new marketing campaign. Moreover, the campaign will run from June 2022 until the end of October 2022. Following two successful global campaigns with CNN, MMPRC is continuing the professional partnership to promote Maldivian tourism through local talents. The agreement was signed during a special ceremony held at MMPRC headquarters on 25th May 2022 by Chief Executive Officer and Managing Director of the tourism promoter Mr. Thoyyib Mohamed and Mr. Abhijeet Dhar, Director of Sales, South Asia, CNN International Commercial.…

The Managing Director of State Trading Organization (STO), Mr. Hussain Amru revealed the company’s plan to establish oil storage units and an international oil bunkering operation at the northern tip of the country. According to the largest state-owned enterprise’s MD, the international oil bunker operation will be established on the island of Haa Alif Ihavandhippolhu. Mr. Amru noted that the island lay closest to the route taken by international freight liners, cargo ships and other vessels. He estimated that over 300 vessels traveled through the area on a daily basis. Speaking about the importance of introducing a bunker operation, Mr.…

State Trading Organization (STO) on Monday evening announced that the company’s dividend payouts will be at MVR65 per share. The announcement was made at the company’s annual general meeting held on Monday evening at the CROSSROADS Maldives. The annual general meeting was attended by a total of 157 shareholders directly and another 686 shareholders via proxies, making it the most attended AGM event by shareholders in STO’s history. Furthermore, the company reported a profit-after-tax of MVR478 million for 2021, which was a 33% improvement from the financial performance in 2020. On Monday evening’s agenda, the company appointed one Mr. Abdulla…

According to the latest travel updates from Ministry of Tourism, the total tourist arrivals to the country is inching close to 700,000 arrivals in annual terms. Moreover, the ministry revealed that the exact total stood at 680,846 as of 25th May 2022, indicating a 52.8% increment in annual terms. During the same period in 2021, the total tourist arrivals to the country reached 445,560 whereas in 2020 it had reached just 382,775. However, tourist arrivals in the review period of 2022 is still 6.8% below pre-pandemic levels in 2019 where it had reached 730,753. Meanwhile, tourist arrivals from 01st to…

Bank of Maldives (BML) shareholders have approved a total dividend payout of MVR258 million with MVR48 per share. The decision was confirmed and declared at the bank’s Annual General Meeting held at JEN Maldives by Shangri-La on Sunday evening, 29th May 2022. Furthermore, the bank also claims that this is the highest dividend payout till date indicating the bank’s best ever performance in history. Speaking about this development, Mr. Tim Sawyer the CEO of BML said, “Earlier this year, an interim dividend of MVR13 per share was paid. Shareholders have tonight approved a total dividend of MVR48 per share.” Moreover,…

Bank of Maldives (BML) Chief Executive Officer Mr. Timothy Sawyer has confirmed that the national bank of the country has expectedly paid MVR543 million in taxes. According to the Chief Executive of BML, apart from taxes, the bank has paid a total of MVR131 million as dividends to the state. Mr. Sawyer, while addressing the robust financial performance of the previous year, which had regarded as reaching the strongest levels ever to date, said that the profits in 2021 increased over 470% to MVR1.9 billion after tax deduction. In 2019, BML had paid a total of MVR423 million in taxes…