Author: Mohamed Reehaan
Maldives Monetary Authority (MMA) reports merchandize trade deficit widened from USD 669.3 million in Q1-2023 to USD 768.5 million in Q1-2024; owing to higher imports compared to exports. Compared to Q4-2023, the merchandize trade deficit in the review quarter saw a drop of only 6%. According to the Maldives central bank’s Quarterly Economic Bulletin, total merchandize exports – comprising of domestic exports and re-exports – saw an annual drop of 5% in the first quarter this year, registering a total of USD 131.3 million. This drop is due to a steep decline in domestic exports; which has been on the…
State Electric Company (STELCO) has come forward with a generous donation for the Palestinian cause. The country’s premier utility provider on Wednesday, extended a generous donation of a whopping MVR 500,000 at the Public Service Media (PSM)’s telethon, aired with the cause of raising funds to assist Palestine – with ongoing onslaught and military incursions against them by the Israeli armed forces. Besides this donation, senior officials, staff and management of STELCO have been extending donations to the fund box stationed at the utility provider’s headquarters in Male’ City. STELCO adds their donations reflect the utility provider and its employees’…
Maldives Transport and Contracting Company (MTCC) has reported an annual total revenue of MVR 3.2 billion for 2023, as per annual report. Its revenue for last year is a notable increment compared to the year before during which gross revenue had reached MVR 2.47 billion. Last year, MTCC reported a gross profit of MVR 217 million, observed after a deduction of MVR 2.98 billion in Cost of Sales. With the inclusion of MVR 513 million in ‘Other Income’, but after subsequent deductions in administrative, sales and marketing expenses, and impairment on financial loss/contract assets, MTCC reported an operating profit of…
Bank of Maldives (BML) on Monday, June 10, introduced its US dollar ATM service in K. Maafushi – known as a guesthouse hub in the Maldives. The new ATM installed at Maafushi branch will support individuals and businesses in withdrawing and depositing USD conveniently. This is the first USD ATM established outside Male’ City. “We are delighted to introduce the first USD ATM in Maafushi to cater to the growing need for USD deposits and withdrawals on the island. The Maafushi economy is thriving and as the nation’s biggest bank, we are here to support individuals and businesses with 24/7…
Maldives Industrial Fisheries Company (MIFCO) on Tuesday reveals MVR 80 million is still outstanding from the money to be paid to local fishers for the fish they sold. Out of the remaining total, a payment will be disbursed to fishers either Wednesday or the day after, MIFCO told local news outlet ‘Sun’. The last such payment was disbursed in April. MIFCO said it will pay the pending amount for May and June in their next disbursements. The mounting unsettled payments to local fishers had drawn their ire previously, with these frustrations often leading to protests, with one more recently held…
Tourist arrivals to the Maldives is now less than 75,000 short of hitting the one-million annual arrival mark, reports the Ministry of Tourism. According to the statistics updated by the ministry, annual arrivals to the Maldives as of June 09, 2024 stood at 925,241 – a 9.8% increment compared to the same period last year, during which arrivals in annual terms reached 842,908. Despite observing an annual growth in tourist arrivals, the visitor total for May 2024 saw a 0.9 decline while from June 01 to 09, arrivals saw a 2.0 decline. This decline could be attributed to a number…
ELE|NA Spa has been recognized by the Sustainable Wellness Organization, receiving the Gold Award for Sustainable Spa Operations at OZEN Reserve Bolifushi, OZEN Life Maadhoo, OBLU Nature Helengeli by Sentido, OBLU SELECT Sangeli, and VARU By Atmosphere. Additional to this, the ELE|NA Spa brand received a Silver Award for OBLU Select Lobigili and OBLU Xperience Ailafushi. The announcement coincides with the World Environment Day, a significant occasion “spearheaded by the UN Environment Programme, one of the Sustainable Wellness Partners. “This Gold Award is a testament to the unwavering dedication and tireless efforts of our team members across all properties. Each…
Qatar Airways Group and Malaysia Aviation Group have broadened their partnership with recent MoU. The memorandum of understanding (MoU) between Qatar Airways Cargo and MASkargo, the cargo subsidiary of Malaysian Aviation Group, aims to enhance the cargo service offerings and operational synergies. This alliance builds on the expanded codeshare agreement from 2022 between Qatar Airways and Malaysia Airlines. “Our new MoU with Malaysia Aviation Group is testament to our deepening relations with Malaysia and the integral APAC market, said Badr Mohammed Al-Meer, the Chief Executive of Qatar Airways Group. “This strategic cooperation with our oneworld partner will serve to link…
Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) has promoted the Maldivian tourism industry through a series of webinars hosted by the Japan Outbound Tourism Council (JOTC). JOTC, a cell of the Japan Association of Travel Agents (JATA) partnered with MMPRC for a total of four webinars aimed at promoting various travel destinations to the Japanese travel trade. JOTC is tasked with strengthening JATA’s communication and cooperation with international organizations, travel and tourism ministries, and Destination Marketing Organizations (DMOs). The webinars approximately target 300 travel professionals and trade media. Participation in them were free of charge, with each session 25…
Maldives President Dr. Mohamed Muizzu on Monday, met with the Indian President Droupadi Murmu. The meeting was held at the Indian Presidential palace, Rashtrapati Bhavan in capital New Delhi. President’s Office on X, said both leaders underscored the importance of working together for the development and progress of both countries. Maldives President with a high-level delegation departed to India last Saturday to attend Sunday evening’s swearing-in ceremony of Indian Prime Minister Narendra Modi, who secured the post for a third consecutive term. On the sidelines of his inauguration, PM Modi met with President Muizzu and other South East Asian leaders.