Author: Mohamed Reehaan
The Maldives government has initiated preparations to distribute land plots in the Greater Male’ region. The Ministry of National Planning, Housing and Infrastructure announced that the list of recipients for the Binveriyaa and Gedhoruveriyaa schemes under the Gedhoruverin program will be made public in March. The ministry accepted applications for the scheme from June until September 2022. The government will distribute 4,000 housing units under the Gedhoruveriyaa scheme, and 5,000 land plots under the Binveriyaa scheme; including 1,000 land plots in Hulhumale’, 2,000 plots in Gulhifalhu, and 2,000 plots in Giraavaru. According to the ministry, it received over 20,000 applications…
As part of its strategy to expand banking services to support local communities, the Bank of Maldives (BML) has introduced a self-service banking ATM center Alif Alif Rasdhoo. The new center is housed at the newly relocated Rasdhoo branch. The center will support individuals and businesses to withdraw, deposit, and transfer money on a 24/7 basis. In addition to the newly introduced self-service banking center and branch in Rasdhoo, the bank now has self-service banking facilities in three islands of the atoll; Thoddoo, Ukulhas, and Mathiveri. The bank now has 35 branches across 20 atolls, 84 self-service banking centers, 142…
The Maldives Monetary Authority (MMA) has reported an expansion in activity in all sectors from 25th December 2022 to 11th January 2023. According to the central bank’s “Quarterly Business Survey”, businesses in all the economic sectors saw notable improvements. However, construction and transport and communication sectors reported moderation. Employment levels rose for businesses in all the surveyed sectors in Q4-2022, MMA reported. Tourism sector registered the most notable increase for the second consecutive quarter. With the continuation of the tourism peak season in Q1-2023, the respondents from tourism sector remained optimistic about the future activity. Despite a positive outlook, businesses…
The Maldives government is seeking interested bidders for the development of an Elderly Village in Addu City. The Ministry of Finance on behalf of the Ministry of Gender, Family, and Social Services confirmed annulling the bidding process on the invitation for bids for its earlier announcement, on 19th December 2022, seeking interested developers. The ministry has re-invited sealed bids for eligible and qualified bidders for the project once again. Moreover, the ministry is seeking bidders under the “Design, Build, Finance and Operate Public Private Partnership Model”. The ministry has provided detailed Terms of Reference (TOR) for the project, already available…
State Electric Company (STELCO) announced shifting its Hulhumale’ customer service center to a new location. STELCO previously ran its customer service center in Hulhumale’ at the Housing Development Corporation (HDC) building. The center has been shifted to Apollo Towers. The utility provider powers the Greater Male’ region which includes Male’ City, Hulhumale’, and Vilimale’. STELCO earlier launched its Greater Male’ interconnectivity grid which saw the islands connected under the same electricity network; a project created to reduce power cuts and other malfunctions in providing electricity. Additionally, STELCO Managing Director Ahmed Shareef said the company was committed to enhancing its standards…
State Trading Organization (STO) generated an annual total of MVR18.2 billion in revenues for 2022, the company had earned just MVR10.2 billion in 2021. According to the most recent statistics from STO, the company earned an annual operating profit of MVR1 billion; compared to only MVR0.6 billion in 2021. The annual net profit of the company for 2022 is MVR742 million; compared to MVR486 million in 2021. Meanwhile, the largest state-owned enterprise (SOE) earned MVR4.59 billion of quarterly revenue for Q4-2022. The company had generated MVR4.63 billion in the preceding quarter last year. Additionally, STO had generated MVR3.29 billion of…
The Ritz Carlton, Fari Island has paid the highest service charge for January 2023. According to Hala Maldif, which provides exclusive updates of service charge disbursements from all tourist resorts in the Maldives, the property paid USD4,508.74 (MVR69,524.77) in service charges to each of its employees. Top 10 Resorts (in terms of service charge disbursement in Jan-2023) The Ritz Carlton, Fari Islands: USD4,508.74 (MVR69,524.77) Cheval Blanc Randheli: USD3,540.31 (MVR54,591.58) Waldorf Astoria Ithaafushi: USD3,302.09 (MVR50,918.23) One & Only Reethi Rah: USD3,054 (MVR47,092.68) Four Season Resort at Landaa Giraavaru: USD3,026.10 (MVR46,662.46) Joali Maldives: USD3,017 (MVR46,522.14) Anantara Kihavah: USD1,899.14 (MVR29,284.74) Gili Lankanfushi: USD1,532…
Bank of Maldives (BML) announced changes to its personal unsecured loan and financing products on Wednesday, 25th January. The bank said this move will simplify its lending portfolio while increasing the financial limit to MVR1.2 million. BML will have a single “BML Lui Loan” to cater to all personal borrowing requirements, the bank said. Additionally, BML Islamic Personal Financing will also offer customers Sharia’h compliant financing up to MVR1.2 million which can be used to purchase products or as cash financing. The bank will now consider salary and any other income for Lui Loan and Personal Financing as eligibility prerequisites.…
The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA). The review for the review quarter increased by 25.1% when compared with the corresponding quarter of 2021. Additionally, this was a 53.9% improvement from initial projections for the quarter as well. Moreover, the highest increment in the quarterly revenue when compared with the same quarter of 2021 was recorded from; Lease Period Extension Fee Income Tax Goods and Services Tax (GST) Airport Taxes and Fees Additionally, the tourist arrivals from September to November 2022 exceeded tourist arrivals for the same period in…
The Maldives government announced 14 uninhabited islands for tourist resort development. Investors are invited to submit their bids before 21st March, according to the Ministry of Tourism. The highest acquisition costs are set for the lagoons of K. Kaashidhoo and F. Nilandhoo. The ministry allocated 10 hectares from each of these lagoons, with an acquisition cost starting at USD2.2 million (MVR34 million) for each. Acquisition costs for the islands allocated from HA. Medhufushi, Th. Olhufushi, and GDh. Fereythavilingili were significantly lower compared to Kaashidhoo and Nilandhoo. The ministry set an acquisition cost of USD875,000 (MVR13.5 million) for HA. Medhufushi, and…