Author: Mohamed Reehaan
Bank of Maldives (BML) appoints new Chief Executive Officer. The national bank of the island nation has appointed a South African national, Mr. Karl Stumke as the bank’s newest chief. Speaking about the new chief, the bank claims Mr. Stumke brings over 36 years of experience from leading banks at Executive and Board level in the Middle East, Africa, Indian Oceans and the UK. Mr. Stumke is an associate of the Chartered Institute of Banks, South Africa. He had completed Bachelors in Accounting Science, at the University of South Africa. Prior to his appointment as the new BML CEO, Mr.…
According to Maldives Inland Revenue Authority (MIRA), state collected a total revenue of MVR1.41 billion for the month of September 2022. Out of the total, it had collected 59.12 million in US Dollars. The collection for September was a 29.0% drop in comparison with the same month last year. MIRA claims this decrement came due to the drop in the collection of Income Tax and Tourism Land Rent. Moreover, deadline for the submission of the first interim tax payment for 2021 was deferred to September last year. However, such a deadline extension was not granted this year. Moreover, tourism land…
The council of Vaavu Atoll and Lewini Hotels & Resorts have signed an agreement to develop the first floating resort in the Maldives. The ambitious new project will be set at Vaavu atoll. The agreement was signed between Ali Shujau, the president of Vaavu Atoll Council and Dr. Varissa Limsakul, the vice president and Abdulla Rasheed, the managing director, both from Lewini Hotels. The floating resort property will be 6,038 square-meters, and will be developed in a lagoon near Vaavu Rakeedhoo. According to Lewini Hotels, this will be a forty-room property, which allows guests to enjoy the stunning underwater beauty…
State expenditure in annual terms reached MVR27.7 billion as of 29th September. Meanwhile, revenues inclusive of foreign grants, for the same review period, reached an annual total of MVR20.3 billion. Owing to higher spending against earnings, the overall balance for the period is a deficit of MVR7.37 billion. The annual total of tax revenues by the review date is MVR14.9 billion, whereas for the same period last year it stood at MVR10.7 billion. On the other hand, the annual total of non-tax revenue for the review period is MVR5.3 billion, while for the corresponding period in 2021, this was at…
State Trading Organization (STO) launches Diploma in Radiography. Speaking about this unique initiative, STO identified the importance radiography in the Maldivian health sector. Radiography is an imaging technique that uses radiation to produce scans of internal body organs. Radiography techniques include X-Ray, CT-Scan, MRI, Ultrasound Scans and Mammograms. It allows doctors to assess the body’s internal organs and check for the presence of diseases. STO claims that a survey conducted indicated few radiographers in the Maldives. More precisely, locals who specialized in radiography were scarce; and only in two islands including Male’ City and Addu Equatorial Hospital. The largest state-owned…
The new seaplane terminal at Velana International Airport (VIA) officially opens. Maldives Vice President Faisal Naseem opened the new establishment during a special inaugural ceremony on 06th October, Thursday. Development of the new terminal cost USD 55 million. With designs highlighting the Maldivian azure nature, the terminal comes with a VIP segment and 42 lounges. Out of the these only two will be operated by MACL, with the rest rented out to local tourist resorts. Maldives Airports Company Limited (MACL) recognizes the need for a more modern seaplane terminal. The country operates the largest seaplane fleet in the world. Moreover,…
Maldives economy expects robust improvement, however its debt may surge further according to a recent World Bank report. World Bank in its South Asian Economic Focus made several observations of the island nation’s economy. According to the bank, driven by its robust tourism growth, the Maldivian economy is projected to grow in real terms by 12.4% and 8.2% in 2022 and 2023 respectively. The bank confirms this is supported by the greater capacity in the tourism sector due to completion of Velana International Airport (VIA), and new resort openings. Other indicators include the expected return of Chinese tourists, which had…
President of Maldives Ibrahim Mohamed Solih and First Lady Fazna Ahmed concluded their official state visit to the Kingdom of Bahrain on Saturday, 08th October. The presidential couple visited the kingdom on the official invitation of King Hamad bin Isa Al Khalifa. Upon arrival on 05th October, President and the First Lady inspected a guard of honor accorded to them by the Bahrain Defense Force. The following day, the presidential couple were received by Bahrain’s king H.M. Al Khalifa at Al-Qudaibiya Palace, where the two leaders engaged in bilateral discussions. Moreover, President Solih held discussions with Prince Salman bin Hamad…
Personal Computers launch a T1 distributorship for Swedish technological manufacturer, Logitech. The distributorship was launched at the Corporate Maldives Business Expo 2022. This marks the first time a Maldivian company achieved the T1 category distribution rights for an international brand. The brand is coveted for revolutionizing the industry space, holding its foot as one of the most innovative brands. With the T1 distributorship right, Personal Computers will render the same international warranty terms Logitech provides, here in the Maldives. Warranty replacement and services will be made available through Personal Computers’ nationwide reseller network – which is expected to kick-off in…
Villa Mart stores have extended businesses hours to 24-hour basis, confirms its parent group. According to Villa, all three of its Villa Marts have become 24-hour operational to enhance shopping experience of customers. With this, Villa aims to promote convenience for shoppers. The modern day super-marts provide retail shopping from a wide variety of products. The products range from food and cosmetics to household items. Earlier, Villa launched an application for online shopping experience. Customers can check for item availability via the application or Villa’s website. Villa operates two of its marts in Male’ City and one more at Hulhumale’.