Author: Mohamed Reehaan

State Electric Company (STELCO) has expressed concerns over Male’ City Council’s non-cooperation. According to the utility provider, it has requested the council to provide them with land to install electricity transformers for three substations. The council, however, has not responded to STELCO’s multiple requests. STELCO is seeking to add transformers to the substations in the empty plot in Sinamale’ 2, the parking zone in front of Majeediya School, and the parking zone in front of the ‘Viyafaariveringe’ Mosque. The utility provider has also claimed the 630 kV transformer at Sinamale’ 2 plot is already malfunctioning with overload issues. STELCO said…

Maldives Transport and Contracting Company (MTCC) has provided updates on two urban development projects. According to MTCC, the breakwater and quay wall construction project in B. Hithadhoo is well underway. The contractor has confirmed existing harbor operations and the construction of the concrete jetty is currently ongoing, with 57% and 32% progress respectively. Scope of work for the project includes 14,929 cubic meters of dredging and excavation operations, 4,101 cubic meters of entrance channel dredging, construction of a 22-meter groyne, a 495-meter breakwater, a 90-meter revetment, and a 350-meter quay wall repair. Additionally, the project includes the construction of a…

Cinnamon Hakuraa Huraa Maldives was recognized as one of the Top 100 Global Hotels for 2023 by TUI Group. The luxury hideaway was recognized among the 100 best properties by TUI for its high visitor satisfaction score. TUI Group is one of the world’s leading tourism groups, with the group umbrella consisting of strong tour operators, 1,200 travel agencies, leading online portals, five airlines with around 130 aircraft, over 400 hotels, and 16 cruise liners. “We are delighted and honored to be recognized among TUI Group’s Top 100 list of this year. We take pride in ourselves in offering exceptional…

Under the vision of empowering the youth of Maldives to reach new heights, Maldives Airports Company Limited (MACL) launched a new apprenticeship program. The apprenticeship program was launched by MACL in partnership with the Ministry of Youth, Sports and Community Empowerment. MACL signed with the ministry at a special ceremony held on Wednesday, 01st February. The signing was held at Hulhule Island Hotel (HIH). MACL Deputy Managing Director Ibrahim Thoha signed on behalf of the airports company and the ministry’s State Minister Hussain Ismail signed on behalf of the state. The program will train 75 people in the skills they…

State Electric Company (STELCO) announced it will be reducing electricity rates from establishments that run NGOs or other social service agencies. The utility provider will be introducing a new ‘Social Category’ under electricity tariff to provide electricity at lower rates. STELCO Managing Director Ahmed Shareef said the company currently provided lower electricity rates for such establishments under the business tariff. Business tariff rates are comparatively higher than resident tariff. According to Shareef, mosques or football pitches are social environments that do not generate income, and thus, requires leniency. He also argued that treating these places in the same category as…

Bank of Maldives (BML) announced lifting the USD ATM withdrawal limit on Wednesday, 01st February 2023. The bank had imposed dollar withdrawal restrictions earlier in 2020 following the Covid-19 pandemic. Effective from 01st February, the monthly limit of USD 2,000 will be lifted. Customers will now be able to withdraw USD 1,600 daily from BML’s USD ATMs. BML has dollar ATMs at H. Marine Dream, Velana International Airport (VIA), and Renaatus Ithaa Muiy apartment complex at Hulhumale’. Customers with USD primary accounts can make daily international transactions of up to USD 3,000 from their debit cards. Dollar accounts can also…

The cumulative total of state expenditure reached MVR2.1 billion as of 26th January 2023, reports the Ministry of Finance. According to the ministry’s most recent update, the cumulative total of state revenues inclusive of foreign grants reached MVR2.06 billion by the review date. The state has spent 71% of its budget on recurrent needs. The remaining 29% was spent on capital expenditure. Meanwhile, the state earned 88% of its revenues from tax sources. The remaining 12% came from non-tax sources. The overall balance for the period is a deficit of just MVR44.3 million. The recurrent expenditure by the review date…

Imports to the Maldives increased by 27% in December 2022, reports the Maldives Customs Service. Maldives imported MVR5.6 billion worth of commodities in the review month. In addition to this, imports excluding fuel rose by 24%; which is MVR4.6 billion worth of goods. Exports from the country also saw a notable 35% increase in the review month. The country exported MVR299 million worth of commodities in December. Major Import Categories Fuel (marine gas oil; diesel, petrol, aviation gas): MVR1.1 billion Food items (excluding pork, alcohol, tobacco): MVR1 billion Vessels, aircraft and parts thereof: MVR848 million Machinery and mechanical appliance; electrical:…

The Bank of Maldives (BML) reports a net profit of MVR211 million in the final quarter of 2022. Its annual net profit reached MVR1.49 billion. The bank reported a net profit of MVR367.5 million in Q3-2022. BML’s gross income for the review quarter stood at MVR995 million whereas it stood at MVR1.0 billion in Q3-2022; indicating a slight decline. The bank reported an annual gross income of MVR3.89 billion; which is the unaudited total. The operating income for Q4-2022 stood at MVR747 million and reached MVR3.07 billion annually. The operating profit of the bank reached MVR488.7 million in the review…

Maldives Fund Management Corporation (MFMC) has launched the Hankede Integrated Tourism Project; an extensive tourism development project in Addu City. Under the project 1,041 rooms with various accommodation options will be developed; each with a unique design. MFMC said the project will revitalize Addu and enhance the tourism experience in the city. The project is also expected to boost career opportunities for the city’s residents as well as others, said MFMC. The Hankede Integrated Tourism Project will be included as part of the government’s bid to bring 8,000 tourism beds to Addu. Hankede is a tourism-centric region in Addu that…