Author: Mohamed Reehaan

Maldives Marketing and Public Relations Corporation (MMPRC) has signed an advertising and branded content agreement with CNN International Commercial for a new marketing campaign. Moreover, the campaign will run from June 2022 until the end of October 2022. Following two successful global campaigns with CNN, MMPRC is continuing the professional partnership to promote Maldivian tourism through local talents. The agreement was signed during a special ceremony held at MMPRC headquarters on 25th May 2022 by Chief Executive Officer and Managing Director of the tourism promoter Mr. Thoyyib Mohamed and Mr. Abhijeet Dhar, Director of Sales, South Asia, CNN International Commercial.…

The Managing Director of State Trading Organization (STO), Mr. Hussain Amru revealed the company’s plan to establish oil storage units and an international oil bunkering operation at the northern tip of the country. According to the largest state-owned enterprise’s MD, the international oil bunker operation will be established on the island of Haa Alif Ihavandhippolhu. Mr. Amru noted that the island lay closest to the route taken by international freight liners, cargo ships and other vessels. He estimated that over 300 vessels traveled through the area on a daily basis. Speaking about the importance of introducing a bunker operation, Mr.…

State Trading Organization (STO) on Monday evening announced that the company’s dividend payouts will be at MVR65 per share. The announcement was made at the company’s annual general meeting held on Monday evening at the CROSSROADS Maldives. The annual general meeting was attended by a total of 157 shareholders directly and another 686 shareholders via proxies, making it the most attended AGM event by shareholders in STO’s history. Furthermore, the company reported a profit-after-tax of MVR478 million for 2021, which was a 33% improvement from the financial performance in 2020. On Monday evening’s agenda, the company appointed one Mr. Abdulla…

According to the latest travel updates from Ministry of Tourism, the total tourist arrivals to the country is inching close to 700,000 arrivals in annual terms. Moreover, the ministry revealed that the exact total stood at 680,846 as of 25th May 2022, indicating a 52.8% increment in annual terms. During the same period in 2021, the total tourist arrivals to the country reached 445,560 whereas in 2020 it had reached just 382,775. However, tourist arrivals in the review period of 2022 is still 6.8% below pre-pandemic levels in 2019 where it had reached 730,753. Meanwhile, tourist arrivals from 01st to…

Bank of Maldives (BML) shareholders have approved a total dividend payout of MVR258 million with MVR48 per share. The decision was confirmed and declared at the bank’s Annual General Meeting held at JEN Maldives by Shangri-La on Sunday evening, 29th May 2022. Furthermore, the bank also claims that this is the highest dividend payout till date indicating the bank’s best ever performance in history. Speaking about this development, Mr. Tim Sawyer the CEO of BML said, “Earlier this year, an interim dividend of MVR13 per share was paid. Shareholders have tonight approved a total dividend of MVR48 per share.” Moreover,…

Bank of Maldives (BML) Chief Executive Officer Mr. Timothy Sawyer has confirmed that the national bank of the country has expectedly paid MVR543 million in taxes. According to the Chief Executive of BML, apart from taxes, the bank has paid a total of MVR131 million as dividends to the state. Mr. Sawyer, while addressing the robust financial performance of the previous year, which had regarded as reaching the strongest levels ever to date, said that the profits in 2021 increased over 470% to MVR1.9 billion after tax deduction. In 2019, BML had paid a total of MVR423 million in taxes…

India’s full-service carrier Vistara Airline announces daily schedule flights from Mumbai to Male’. The airline, a joint venture between Tata Group and Singapore Airlines is India’s highest rated airline on Skytrax and TripAdvisor. In addition to being one of the best aviation service providers hailing from India, Vistara Airline is also a proud recipient of multiple aviation accolades including several “Best Airline” wins. With the introduction of Vistara’s scheduled landings in Velana International Airport (VIA), India will have a total of four airlines operating to the Maldives.

Maldives Inland Revenue Authority (MIRA) confirms that the Attorney General’s Office must prosecute the resort properties, or its proprietors for the offense of long outstanding rents. Recently the inland revenue authority released its “Name and Shame” list which disclosed information of tourist properties with long overdue rents. A total of 12 resorts were listed in the document with a collective total of MVR665 million in outstanding rent payments. Furthermore, an official from MIRA noted that the existing law dictates that entities and individuals refusing of settling rent or lease payments to the state must be prosecuted by the Attorney General.…

State Electric Company Limited (STELCO) has commenced installation of the electrical network in Kudagiri of Male’ atoll. The island, which comes as the fruition of President Ibrahim Mohamed Solih’s fulfillment of campaign pledge of developing a picnic island for the locals, will have facilities and utilities relevant for locals to enjoy during their picnic trips. STELCO will be installing street lights and the electrical distribution network as part of the project, while the utility provider is expected to install cables spanning 3,000 meters in total to achieve this. Furthermore, the utility provider affirms of committing to complete the project within…

Housing Development Corporation (HDC) is seeking interested real estate developers to construct multiple housing units in Hulhumale’ Phase II. Titled “Marine View Apartments”, the housing complex will include a total of 549 housing units, constructed within three main high-rises. Furthermore, HDC notifies that the housing development will run as a commercial project with the most eligible enterprises receiving the opportunity to construct the structures. According the corporation responsible for the urbanization of Hulhumale’, the new housing units are multi-class accommodation blocks suitable for all. Moreover, the accommodation blocks will be accompanied by commercial units. HDC has confirmed that the total…