Author: Mohamed Reehaan
Cumulative state expenses in annual terms reach MVR18,425.9 million (MVR18.4 billion) as of 14th July 2022. Comparing with stronger state spending, revenues inclusive of foreign grants remain relatively sluggish. State earned a cumulative total of MVR13,777.9 million (MVR13.7 billion) in annual terms, reports Ministry of Finance. Owing to higher expenditure in comparison with revenues earned, overall budget deficit is currently at MVR4,648.0 million (MVR4.6 billion). State’s tax earnings is currently at MVR10,158.8 million (MVR10.2 billion), and non-tax earnings is at MVR3,540.4 million (MVR3.5 billion). Capital receipts of the state is at MVR10.2 million while foreign grants to the government is…
American multi-national private equity investors Carlyle Group is looking to sell the world’s largest seaplane operator; Trans Maldives Airways (TMA) to a potential new buyer, Bloomberg reported on Friday, 22nd July. The Maldives-based seaplane operator reportedly valued between USD500 million to USD700 million, is currently in consideration for a mega-sale. An anonymous source on Bloomberg claims Carlyle and co-investors King Street Capital Management and Davidson Kempner Capital Management held initial talks with potential advisors for the a possible TMA divestment. The seaplane operator, with the largest seaplane fleet in the world, faced heavily fiscal blows amid Covid-19 pandemic when the…
State Electric Company (STELCO) announces new housing initiative for its employees. The new initiative, announced by the company’s Managing Director Mr. Ahmed Shareef during the ceremony to announce rent prices of Hulhumale’ Phase II housing towers on Saturday evening, 23rd July, will be executed in Vilimale’. Mr. Shareef confirms that he was currently attempting to acquire permission from the company’s board for a go-ahead with the new initiative. Despite confirming the new initiative’s venue, he did not disclose further details about the housing project at Saturday evening’s ceremony.
State Electric Company (STELCO) announces the monthly rent of the apartments of its housing towers. The towers are currently apace with development, with majority of its construction components already concluded. Developed at Hulhumale’ Phase II, the housing towers will have single room and 3 room apartments. At a ceremony held at Thaajuddin School, the utility provider’s Managing Director Mr. Ahmed Shareef made announcement of the apartment rent values. STELCO will reportedly charge MVR5,622 and a maintenance fee of MVR1,000 from tenants receiving single room apartments, and a monthly rent between MVR10,353 to MVR10,652 and maintenance fee of MVR1,300 from tenants…
Family Room Coffee opens its new property in Hulhumale’ Phase II on Saturday evening, 23rd July 2022. Soft opening of the popular third space cafe’ was inaugurated by its loyal customer base with live music performances, and thank-you notes by Family Room’s founder Mr. Ahmed Afrah. The popular hotspot for local youths, remote workers, expatriates and even tourists, is owned by local specialty coffee brand Coffee Lab Roasters. Family Room is known as a cozy, atmospheric communal setting offering authentically brewed coffee with free Wi-Fi that seconds as a workspace for remote workers. “This brand stands on one word; that…
Maldives Customs Service report an increment of 44% in revenues for the month of June 2022. The authority made an earning of MVR1.4 million from royalties and MVR394 million from import duty and export revenues. Imports saw a 78% increase including fuel, which remains one of the major import commodities to the fuel-dependent country. On the other hand, imports excluding fuel bumped up by 65%. Imports including fuel stood at MVR5.2 billion and excluding fuel stood at MVR3.9 billion. Exports from the Maldives increased by 60%, with total valuation of export commodities at MVR247 million. Major import destinations include Oman…
The ultra-low-cost carrier originally from Hungary, Wizz Air, announces that its Abu Dhabi subsidiary will be expanding the flight network with new direct flight destinations. The United Arab Emirates (UAE) based Wizz Air subsidiary, on Thursday, 21st July announces the launch of two new routes from Abu Dhabi which includes the Maldives, as well as the airline’s fifth key destination in the Gulf, Kuwait. With the planned scheduled flight introduction to the Maldives by Wizz Air, this marks the first-ever ultra-low cost carrier slated to operate to the island nation. The new routes offer travelers with the opportunity to explore…
Maldives Marketing and Public Relations Corporation (MMPRC) launches a new visibility campaign in association with Travel Daily Media targeting the SEA Market. The new campaign will run from July until September 2022, with the objective of building high attention and visibility for the island nation, maintaining the Maldivian tourism brand presence, and raising brand awareness as well as representing the Maldives as a top of the mind destination. Travel Daily Media is an online platform specialized in disseminating travel and hospitality industry news, opinion and travel analysis for travel industry professionals. Moreover, the platform enjoys active subscriber bases extending to…
The entourage of US media outlets visiting the Maldives on the invitation Maldives Marketing and Public Relations Corporation (MMPRC) concludes their “High-End Adventures in the Maldives” themed familiarization trip. The team of US media representatives arrived in the Maldives on 13th July, and stayed in various tourist properties until 20th July, Wednesday. The team stayed in prominent properties such as Joali Maldives, Anantara Kihavah Resort and LUX* South Ari Atoll Resort, where they were made familiar with the high-end accommodation services and experiences, ranging from gastronomy and wellness to watersports.
President of the Republic of Maldives Mr. Ibrahim Mohamed Solih on Wednesday, July 20, ratifies the International Trade Controls on Endangered Species Act (Act No. 13/2022). The parliament passed the bill on the act during the 22nd sitting of the second session, Thursday, June 30, 2022. The law specifies procedures for trade and transfer of species and their parts, and also “guarantees protection from unsustainable international trade” which may lead to their endangerment and exploitation. One of the major objectives of the Act is to implement the “Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES),…