Author: Mohamed Reehaan

A group of prominent journalists from France has arrived in the Maldives as part of the tourism familiarization trip. The group arrived in the tourism heavy island nation on a direct invitation from Maldives Marketing and Public Relations Corporation (MMPRC) – the country’s top tourism promoter – and will stay in the country from 30th April until 05th May 2022. The team includes reporters from notable publications such as Desire de Voyages, Le Boomeuses, Infrarouge and the National Geographic. MMPRC attests that the team will be hosted at Sun Siyam Irufushi and The Westin Maldives Miriandhoo Resort during their stay.…

A group of prominent Indian social media influencers have concluded their recent familiarization trip in the Maldives earlier in April. The team consisting of some of the most followed social media influencers had arrived in the Maldives for the tourism familiarization trip from 07th to 11th April under the direct invitation of Maldives Marketing and Public Relations Corporation (MMPRC). Furthermore, MMPRC confirms that the team was hosted at Sun Island Resort & Spa as well as at the Le Meridien Resort & Spa during their stay. The team that consisted of influencers like Ashi Kanna, Shruti Sinha, Mehak Ghai and…

The most recent tourist statistics from Ministry of Tourism confirm total arrivals of holidaymakers to the Maldives as of 27th April reached 560,996. Furthermore, the arrival total in year-to-date terms is a 47.1% increase when compared with the same period in 2021, during which the arrival total had reached 381,426. However, total arrivals were still 11.0% below pre-pandemic levels in 2019 during which it had reached 630,015 by the corresponding period. Meanwhile, the daily arrival average to the Maldives in annual terms is 4,795 while the average duration of stay in annual terms is currently 8.5 days. United Kingdom leads…

Bank of Maldives (BML) reports significant financial improvements for the first quarter of 2022. As per the national bank of the island nation, its profit after tax for the review quarter reached MVR554 million which is an 18% increment compared to the previous Q4-2021, and another 55% increment when compared with the corresponding quarter of Q1-2021. On the other hand, the bank’s operating profits for Q1-2022 reached MVR612 million, which is a 10% increment when compared with the preceding quarter. Furthermore, operating profits of the bank had increased by 14% when compared with the corresponding quarter of the previous year.

State Trading Organization (STO) reports a quarterly net profit of MVR150 million for the first quarter of 2022. According to the largest state-owned enterprise (SOE) in the country, net profit earning of STO indicates a 13.5% increase from the previous quarter during which net profits were held at MVR131 million. Moreover, during the review quarter the enterprise earned a total revenue of MVR4.0 billion, which is a 24.0% bump in total earnings compared to the preceding Q4-2021 during which revenues had reached MVR3.3 billion. Meanwhile, STO spent a total of MVR278 million on expenditures during the review quarter, which indicates…

Maldives Transport and Contracting Company (MTCC) reports a 21% increment in its profit after tax for the year 2021. The company’s profit after tax for the previous year was recorded at MVR232 million, which was driven mainly by the notable contribution from construction and dredging activities. Though MTCC reports an increment in its profit after tax from MVR191 million in 2020, the gross profit margin however, fell by 20% and the net profit margin fell by 12% in the review year, owing to the increased material prices reflective from the hiked logistical and freight charges on importation. Furthermore, MTCC reported…

The Bank of Maldives (BML) on Thursday, 28th April, confirmed on appointing its new Chief Internal Auditor; Mr. Bishwajit Mazumder. Noting Mr. Mazumder’s experience and work portfolio, the bank comments that he brings over “35 years of experience in internal auditing, business operations and strategic planning.” Mr. Mazumder in his long held career in the financial industry, has previously held chief auditor positions in Afghanistan International Bank, State Bank of Mauritius, and ING Bank Ltd., Bangalore. In addition to this he also held chief internal auditor position in Central Bank of Oman and the most recently, at Ghazanfar Bank, Kabul.…

Maldives Marketing and Public Relations Corporation (MMPRC) and industry affiliates have concluded the WTM LATAM 2022. The WTM LATAM event included several meetings, networking sessions, and over 1,500 visitors to the Maldives’ stand at the fair. The event was held from 05th to 07th April in Sao Paulo, Brazil. WTM Latin America is one of the major business-to-business travel and tourism events that offers excellent business opportunities with access to travel and tourism industry affiliates, buyers and other professionals. It was reported that a total of 565 exhibitors from 40 countries took part in the event to showcase their respective…

A team of media professionals from Netherlands depart for home country after concluding their tourism familiarization trip in the Maldives. The team visited the island nation on an invitation from Maldives Marketing and Public Relations Corporation (MMPRC). The media professionals stayed in various hotels from 06th April to 13th April during their stay. Furthermore, MMPRC confirms that the team was hosted at Joali Being, Grand Park Kodhipparu Maldives and the CROSSROADS Maldives during their trip. The familiarization trip provided Maldives with the ample opportunity to promote its tourism industry as a safe haven for travelers, which can be relayed more…

The latest update from Ministry of Finance reveals that the cumulative total of state revenues inclusive of foreign grants have reached MVR8,509.0 million (MVR8.5 billion) as of 21st April. Moreover, the cumulative total of state expenditure as of the review period reached MVR10,530.4 million (MVR10.5 billion). Expense composition attests that the government has spent 73% of its budget on recurrent expenditure with the remaining 27% directed towards capital expenses. Meanwhile, the revenues earned to state confirm that 69% came from tax sources while the remaining 31% came from non tax sources. The cumulative total of tax revenues as of 21st…