Author: Mohamed Reehaan

State Electric Company Limited (STELCO) honors its promise of completing the installation of electricity in K. Kudagiri, the designated picnic destination for Male’ atoll. Earlier, it was announced that the picnic island will have a grand unveiling on 26th July. Prior to its opening, STELCO was contracted with the installation of electricity and street lights to illuminate the island. As per the contractual terms, STELCO has completely installed the electrical network across the island. In addition to street lights, the utility provider had installed ornamental garden lights. The project included installation of electrical cables spanning 3,000 meters across the island…

Oil prices rose on Friday, 15th July after a United States official had reported to Reuters an immediate Saudi oil output boost is not expected. On the other hand, there was indication that the US central bank may likely bump interest rates less aggressively than earlier expected, which had also contributed to crude support. Brent crude futures for September delivery surged from USD2.10 or 2.12% to USD101.2 a barrel while WTI crude hiked from USD2.18 or 2.28% to USD97.96. Meanwhile, US Federal Reserve’s policymakers on Thursday, 14th July, claimed of favoring a rate increase of 75 basis points at its…

The most recent update from Ministry of Finance on their Weekly Fiscal Development confirms the cumulative state expenditure reached MVR17,839.1 million (MVR17.8 billion) as of 30th June 2022. On the other hand, the cumulative revenues earned to the state inclusive of foreign grants reached MVR13,120.9 million (MVR13.1 billion). So far, the state has spent 76% of its budget on recurrent expenses and the remaining 24% on capital expenditure. Meanwhile, the state earned 73% of its earnings from tax sources and the other 27% from non-tax sources. The higher expenditure compared to the revenues earned meant the budget deficit expanded to…

The total revenue collection recorded for June 2022 observed an increment of 95.1% compared to the same month last year, reports Maldives Inland Revenue Authority (MIRA). The authority confirms the total revenue collection for the review month stood at MVR2.32 billion out of which 81.45 million were collected in US dollars. According to MIRA, this significant bump in the collections come due to the increment in tax collection; mainly from Bank Income Tax and Corporate Income in the review month compared to the corresponding month of 2021. In addition to this, the revenue collection to the state observed an increment…

Maldives Marketing and Public Relations Corporation (MMPRC) is promoting the island nation at the MILT Congress 2022. Held at the JW Marriott Mumbai, Juhu the MICE India & Luxury Travel (MILT) Congress which kicked off on Wednesday, 13th July will lasting until Thursday, 14th July is regarded as one of the largest MICE related tourism events in India. Informing about the event, MMPRC stated that the MILT Congress was the “perfect opportunity for potential destinations and tourism service providers to market their products to India.” The South Asian giant reportedly has a USD93 billion outbound business travel market and a…

The Euro (EUR) has reached parity with US Dollar (USD) for the first time in 20 years; meaning that the two currencies currently hold the same worth in value. On Tuesday, 12th July, trade news outlets report the Euro had hit an exchange of USD1, down about 12% since the beginning of 2022 over fears of recession in the continent coupled with high inflation predictions and energy supply uncertainty owing to the Russia-Ukraine conflict. The European Union (EU), which receives roughly 40% of its gas through Russian pipelines before the war, is currently attempting reduce its dependence on Russian oil…

Maldives Marketing and Public Relations Corporation (MMPRC) is maintaining the destination momentum in the largest single-country source market to the island nation in 2022; India. The premier tourism promoter has ensured sustaining the momentum of the island nation’s brand presence and popularity in the Indian market through a wide variety of activities and participation in some of the most prominent fairs and exhibitions. Among the events in which MMPRC had taken part in India to boost the island nation’s popularity in the market include the OTM 2022, SATTE 2022, and most recently the TTF 2022. Other activities had included an…

Oil in the global market has been observing some volatile behavior in recent weeks. On Tuesday, 12th July, it was reported that oil posted a sharp decline as US trading commenced. This new drop in oil prices may be attached to concerns about a global economic slowdown. Meanwhile, West Texas Intermediate lost as much as 6.9% to slip under USD97 a barrel while Wall Street trader lower while the dollar rose. Oil in the US trading market shows bearish sentiment over rising virus cases in China and a possible and impending US inflation data stoke concerns about demand. “Crude trading…

Foreign delegates have begun arriving in the Maldives for the 54th Asian Bodybuilding and Physique Sports Championship 2022, which will reportedly kick off on 15th July. Meanwhile, a total of 30 international athletes from the Asian region are expected to compete alongside 20 local athletes in multiple categories in the event, while its host; the Bodybuilding Association of Maldives (BBAM) claims that this will be the biggest sporting event ever held in the island nation so far. Among the notable arrivals for the event include the President of Asian Bodybuilding Federation Datuk Paul Chua and the Chairman of the federation’s…

The tourist arrivals to the Maldives continue with its steady trajectory, as it was reported that the annual total of guests flocking to the island nation has crossed over 838,000 by the end of the first week of July 2022. Ministry of Tourism, the mandated government body on tourism industry and tourist movement reported a total count of 838,225 holidaymakers visiting the Indian Ocean archipelago by 06th July 2022. Tourist arrivals in annual terms has recorded a 59.3% increment, in comparison with the same period in 2021 during which tourist arrivals were recorded at a total of 526,080. Despite this,…