Author: Mohamed Reehaan

Maldives Marketing and Public Relations Corporation (MMPRC) has conducted a webinar for travel agents and tour operators from USA under the title “High-end Adventures – the Maldives Awaits.” According to MMPRC, the purpose of the webinar held on Tuesday, 17th May, was to train US travel agents and tour operators to promote the high-end adventures in the Maldives for enthusiastic travelers. The webinar also marks the first such session conducted in 2022 so far to strengthen the Maldivian tourism brand across the North American market. MMPRC was joined in the hour-long session by Yacht Maldives, Movenpick Resort Kuredhivaru Maldives, and…

Maldives Marketing and Public Relations Corporation (MMPRC) is taking part in the SATTE 2022 in a bid to enhance brand visibility in the Indian market. The travel trade fair which launched on Wednesday, 18th May will run until Friday, 20th May 2022 in Delhi. The premier tourism promoter of the Maldives is taking part in the event alongside 33 industry partners. SATTE, considered South Asia’s leading business-to-business exhibition held for the travel and tourism trade professionals that provide one of the largest platforms for exhibitors and visitors including international and domestic buyers to network, connect and seek prospective investment opportunities.…

According to the latest update from Ministry of Finance the cumulative total of state expenditures as of 12th May 2022 stood at MVR12,325.0 million (MVR12.3 billion). On the other hand, state revenues inclusive of grants are currently at MVR10,294.7 million (MVR10.3 billion). The expenditure composition shows 75% of the total budget has been spent on recurrent expenses and the remaining 25% were spent on capital expenses. Meanwhile, state earned 71% of its revenues from tax sources and the remaining 29% from non tax sources. Meanwhile, the overall balance for the period gives a deficit of MVR2,030.3 million (MVR2.03 billion). So…

The Managing Director of State Electric Company Limited (STELCO), Mr. Ahmed Shareef has disclosed the corporation’s plan to manufacture bottled water in a large-scale capacity. While being interviewed on a broadcast program, the STELCO front man noted that the company will no longer train focus on generating income exclusively from power services. Moreover, Shareef had commented on active business development plans to seek other feasible revenue streams for the utility provider. Shareef further noted that the 50-megaWatt power generator at Hulhumale’ powerhouse was capable to produce distilled water and use for manufacturing purposes. The utility provider MD had noted on…

The Minister of National Planning, Housing and Infrastructure Mr. Mohamed Aslam has affirmed that the planned land reclamation project at Addu City will proceed according to schedule. Moreover, the minister confirmed regarding this while responding to a queries posed by Maradhoo constituency lawmaker Mr. Ibrahim Shareef during Tuesday’s parliament sitting. The minister affirmed that the reclamation project is expected to kick off in June 2022, while project mobilization is currently underway. The state has contracted Netherland’s offshore construction company Van Oord for the project, for which signing took place earlier on 27th March 2022. Meanwhile, reportedly an expenditure of MVR1.3…

Maldives Transport and Contracting Company (MTCC) has been contracted to implement access improvement platforms at six islands in zone 1 under the Raajje-Transport Link (RTL) high-speed ferry network. Ministry of National Planning, Housing and Infrastructure contracted the project to MTCC on Monday, 16th May 2022. The signing took place between Ms. Zeeniya Ahmed Hameed, the Permanent Secretary of the ministry and Mr. Adam Azim of MTCC during a special ceremony held on Monday. Under the project, MTCC will be developing access improvement platforms at three islands of Haa Alif atoll which include Hoarafushi, Dhihdhoo and Kelaa and three islands from…

State Trading Organization (STO) has reported an annual gross profit of MVR1,917 million (MVR1.9 billion) for the fiscal year of 2021. Moreover, the largest state-owned enterprise has reported its operating profit for previous year stood at MVR451 million, while the company made net profit of MVR186 million. STO had generated a total gross revenue of MVR11,236 million (MVR11.2 billion) in 2021, which observed a growth of 32% while the company’s net profit had increased by 47% on annual terms last year. The enterprise reported a net revenue of MVR3,067 million (MVR3.07 billion) in 2021 from its trading segment, whereas in…

According to the latest updates from Ministry of Tourism, the total number of tourists arriving in Maldives was recorded at 628,709 as of 11th May 2022. Moreover, this annual arrival total indicates a 47.1% improvement in tourist arrivals compared to the corresponding period in 2021 during which it had reached just 481,579. However, the arrivals observed in 2019 for the same period stood at 687,491 indicating that tourist arrivals in 2022 was still 8.6% below pre-pandemic levels. The tourist arrivals stood at 51,919 for the period of 01st to 11th May which indicated an 80.2% improvement compared to the same…

According to Maldives Inland Revenue Authority (MIRA) the total revenue collected during the month of April 2022 increased by 14.7%, reaching a monthly total of MVR1.63 billion. Furthermore, the revenue collected for the month was up by 45.8% from initial projections. MIRA reported that the notable improvement in the revenue collection to the state was due to the receipt of Lease Period Extension Fee as well as the increment of tourism related taxes. Moreover, the revenue collection saw significant improvement compared to initial projections due to the increment in tourism related taxes, owing to stronger tourist arrivals in March 2022,…

Maldives Inland Revenue Authority (MIRA) reports a 65% increment in the national collection of Zakat-Al-Mal. According to the authority, it has collected a total of MVR38 million in Zakat-Al-Mal by the end of April 2022. Furthermore, the revenue and taxation authority noted that the total Zakat-Al-Mal collected by the corresponding period in 2021 had reached only MVR23 million. Meanwhile, the Ministry of Islamic Affairs had revised the nisab for Zakat-Al-Mal, setting it at MVR7,241.15 whereas the nisab for the Zakat was at MVR6,878.20 during August 2021. Furthermore the annual total of Zakat-Al-Mal collected in 2021 stood at MVR90 million, which…