Author: Mohamed Reehaan

Maldives Marketing and Public Relations Corporation (MMPRC) is maintaining the destination momentum in the largest single-country source market to the island nation in 2022; India. The premier tourism promoter has ensured sustaining the momentum of the island nation’s brand presence and popularity in the Indian market through a wide variety of activities and participation in some of the most prominent fairs and exhibitions. Among the events in which MMPRC had taken part in India to boost the island nation’s popularity in the market include the OTM 2022, SATTE 2022, and most recently the TTF 2022. Other activities had included an…

Oil in the global market has been observing some volatile behavior in recent weeks. On Tuesday, 12th July, it was reported that oil posted a sharp decline as US trading commenced. This new drop in oil prices may be attached to concerns about a global economic slowdown. Meanwhile, West Texas Intermediate lost as much as 6.9% to slip under USD97 a barrel while Wall Street trader lower while the dollar rose. Oil in the US trading market shows bearish sentiment over rising virus cases in China and a possible and impending US inflation data stoke concerns about demand. “Crude trading…

Foreign delegates have begun arriving in the Maldives for the 54th Asian Bodybuilding and Physique Sports Championship 2022, which will reportedly kick off on 15th July. Meanwhile, a total of 30 international athletes from the Asian region are expected to compete alongside 20 local athletes in multiple categories in the event, while its host; the Bodybuilding Association of Maldives (BBAM) claims that this will be the biggest sporting event ever held in the island nation so far. Among the notable arrivals for the event include the President of Asian Bodybuilding Federation Datuk Paul Chua and the Chairman of the federation’s…

The tourist arrivals to the Maldives continue with its steady trajectory, as it was reported that the annual total of guests flocking to the island nation has crossed over 838,000 by the end of the first week of July 2022. Ministry of Tourism, the mandated government body on tourism industry and tourist movement reported a total count of 838,225 holidaymakers visiting the Indian Ocean archipelago by 06th July 2022. Tourist arrivals in annual terms has recorded a 59.3% increment, in comparison with the same period in 2021 during which tourist arrivals were recorded at a total of 526,080. Despite this,…

According to the Maldives Monetary Authority (MMA) tourist arrivals increased by 94% in May 2022. The authority, in its most recent Economic Update highlighted that apart from tourist arrivals, tourist bed-nights observed a significant improvement by 43% in the review month, in comparison with the corresponding month in 2021. Tourist arrivals exclusively for the month of May was recorded at 125,552, which is an increment of 22% when compared with May 2019. The annual increment in tourist arrivals reflected the surge in arrivals from prominent markets such as India as well as bump from European market. The highest number of…

The Ministry of National Planning, Housing and Infrastructure (MNPHI) reports of receiving over 4,000 applications for the Greater Male’ Region housing and land plot scheme. According to the ministry, since the date of announcement until now, it had received a total of 4,061 such applications via the “Gedhoruveriya” online portal. Under the scheme, the ministry will be issuing 1,000 plots from Hulhumale’ and 2,000 plots from the Gulhifalhu; which is achieved through a land reclamation project that is currently in progress. In addition to this, the ministry announced housing flats of 4,000 units from Hulhumale’ Phase II as well. The…

Minister of Finance Mr. Ibrahim Ameer has noted that seeking foreign aid to supplement a budget support will be challenging amid the ongoing geopolitical conflict between Russia-Ukraine. The ongoing conflict between the two nations have been putting several dents on the global economy, which in turn as a ripple effect has been felt across various economic sectors of the Maldives as well. During the press conference on Monday, 5th July, the minister highlighted on the restrictions Maldives has a developing economy in seeking low-interest foreign loans. “Foreign countries and international financial institutions will be providing grants and loans for development…

According to Minister of Finance Mr. Ibrahim Ameer, the planned hike in Goods and Services Tax (GST) will push the country’s inflation rate upwards in 2023. Though the inflation rate in terms of Maldives Consumer Price Index (CPI) are expected to increase, it will bump by just 1% according to the minister. Minister Ameer, during the press conference held on Tuesday afternoon at the President’s Office confirmed of strong impetus by the state to revitalize the fiscal strength of the country. The ministry was engaged in discussions with both International Monetary Fund (IMF) and World Bank to seek solutions for…

The government of Maldives on Tuesday, 5th July, announced its decision of bumping taxi fare rates in Greater Male’ Region. According to Maldives Ministry of Transport, this change will be effective from Wednesday, 6th July onwards. The changes to taxi fare rates include; Inland travel (in Male’ and Hulhumale’) – MVR30 (previously for MVR25) Male’ to Hulhumale’ Phase I – MVR85 (previously for MVR75) Male’ to Hulhumale’ Phase II – MVR100 Male’ to Hulhule’ – MVR70 Hulhumale’ Phase I to Hulhule’ – MVR80 Hulhumale’ Phase II to Hulhule’ – MVR85 Hulhumale’ Phase I to Hulhumale’ Phase II, and vice-versa -…

Maldives Airports Company Limited (MACL) reports of growing demand for jet fuel from airlines. The company which had facilitated 10,000 liters of jet fuel to airlines on a daily basis has been refueling 40,000 liters of jet fuel to planes daily, according to MACL’s Deputy Managing Director Mr. Ibrahim Thoha. Thoha had further highlighted on the expected challenges MACL may face in providing fuel to airlines at such conditions. “All return flights from Sri Lanka are landing here [VIA] for refueling while some of these planes are refueling at extensive capacities. The demand has exponentially rise, which is a challenge…