Author: Mohamed Reehaan
The Maldives government has signed a USD40 million (MVR614 million) agreement with Saudi Arabia on establishing a small-to-medium (SME) impact fund. The memorandum of understanding (MoU) between the Maldives government and the Islamic Development Bank (IsDB) was held at the sidelines of its ongoing annual assembly. A delegation from the Maldives is participating in the assembly. Maldives Minister of Finance Ibrahim Ameer signed on the agreement on behalf of the government, while the bank’s Chairman and President Dr. Muhammad Al Jasser signed on behalf of IsDB. The IsDB President had congratulated the Maldives for its strong recovery from the Covid-19…
Maldives government files a lawsuit against India’s MM Export for failing to pay a fine of MVR 110 million despite eight years of attempts to secure compensation. In 2015, a barge operated by MM Export capsized on Kaafu atoll Fushidhiggaru reef. Following the incident, the local courts ordered the company to pay a fine of MVR 110 million. However, after eight years since the court order, MM Export has failed to settle the fine with Maldives government. Following the company’s failure to settle the fine, Maldives government has filed a lawsuit against MM Export. MM Export, known for multiple marine…
Maldives government has announced installation of 20MWp solar PV systems in 20 inhabited islands in the Maldives under Public-Private Partnership model. The project is carried out with the support from Asian Development Bank (ADB), and is part of the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) Project; which will support capital intense investments (battery energy storage, grid upgrades, and energy management systems) to support renewable energy development. The Ministry of Finance has invited interested bidders to submit for the project. The ministry will conduct International Competitive Bidding (ICB) according to the Public Finance Regulations. Interested bidders are required to…
The State Trading Organization (STO) has integrated m-Faisaa digital payment option through STO People’s Choice, under the partnership with Ooredoo Maldives. According to STO, customers can now easily use m-Faisaa application to scan the QR code and make payments for their purchases from STO People’s Choice. Speaking about the partnership, STO Managing Director Abdulla Saeed said that the company is always seeking for innovative methods to improve customer service and increase customer satisfaction. He also said that the introduction of Ooredoo’s digital wallet will enhance STO’s commitment to improve customer convenience. Ooredoo Maldives Managing Director and Chief Executive Officer Khalid…
The Maldives nominal Gross Domestic Product (GDP) is expected to exceed MVR100 billion for the first time ever, said the Minister of Finance Ibrahim Ameer. The minister tweeted, stating that this was a “testament to the sound macroeconomic policies adopted by the government to achieve steady growth despite the multiple crises” the Maldives faced. He also noted that despite the challenges posed by the Russia-Ukraine war and the outbound travel restrictions by China due to the Covid-19 pandemic, tourist arrivals increased 26.7% in 2022 compared to 2021. Moreover, this represents a recovery of 98.4% of the pre-pandemic levels observed in…
Tourist arrivals to the Maldives has exceeded over 700,000 as of 10th May, according to the Ministry of Tourism. As per the latest updates from the ministry, total tourist arrivals in annual terms reached 731,783 indicating the arrivals were less than 300,000 shy from reaching 1 million. The Maldives government earlier announced an annual arrival target of 1.8 million for the year. Meanwhile, the Minister of Tourism Dr. Abdulla Mausoom said that this figure was likely to increase by 10% with the resumption of the Chinese tourist market. Chinese tourist market resumed arrivals earlier in January 2023, and is currently…
Regional Airports Company Limited (RACL) has announced that the first night landing test flight has successfully landed in Kulhudhuffushi Airport. According to RACL, it had installed a night landing system before the test flight. The company added that with the system, the airport will now transition into a 24-hours operational venue. The company further said that this new service introduction was part of RACL’s objectives to expand the services of Kulhudhuffushi Airport. RACL further highlighted that with the introduction of night landing in Kulhudhuffushi Airport, the locals of the island and surrounding islands will greatly benefit from it. The company…
Maldives Transport and Contracting Company (MTCC) reported an annual income of MVR2.47 billion in 2022. With a 26% increment compared to the annual income of MVR1.97 billion in 2021, MTCC reported that this is the highest-ever it had generated. MTCC further said that construction and dredging segment recorded a significant revenue boost with the increase in the number of construction projects carried during the year. Core Business Activities Contracting and Dredging: 82.54% | MVR2.04 billion Trading: 12.04% | MVR297 million Transport: 4.43% | MVR110 million Other: 0.99% | MVR24 million Operating Profit MTCC reported a 1.5% increment in their operating…
The Maldives government has signed key agreements with Serbian government. The agreements signed between the two countries include; Agreement on Trade, Investment, and Economic Cooperation Air Services Agreement MoU on cooperation in the field Diplomatic Education MoU in the field of sports The conclusion of the agreement today will boost cooperation between the Maldives and Serbia in the areas such as sports, trade, and people to people connection.
EyeCare Opticals has announced a special promotion commemorating International Children’s Day, that falls on 10th May. As part of the promotion, EyeCare will be offering up to 25% discount on spectacle frames and sunglasses for children below the age of 18. The promotion is available in all EyeCare outlets. EyeCare said that this one-day event is aimed to allow parents to purchase gifts for their children on International Children’s day. EyeCare is also regarded as one of the major optical service providers in the Maldives, and provides a wide array of frames, sunglasses and other accessories to customers of all…