Author: Mohamed Reehaan
Bank of Maldives (BML) on Tuesday, 06th December, announced the 10 winners of the third and fourth quarter of its Community Fund. The Winning Proposals Are; Outdoor Library at School – BandeyriStar Sports Club | HA. Maarandhoo Beach Picnic Area – SEED Association | N. Lhohi Harbor Waiting Area – Mundoo Zuvaanunge Jamiyya | L. Mundoo Picnic Area – Kissaru NGO | GA. Kondey Waiting Area at School – Maduvvaree Ijthimaaee Gulhun | M. Maduvvaree Upgrading School Computer Lab – Arula Sports Academy | Sh. Foakaidhoo Upgrading School Alimas Park – Milandhoo Sports Club | Sh. Milandhoo Digitization of Classroom…
State Trading Organization (STO) participates in the “Big 5” international construction fair. The fair is held in Dubai, United Arab Emirates (UAE). Commenced on 05th December, and will run until 08th December. STO is partaking under the title “STO Maldives”, as an exhibitor. The event is considered one of the most prominent and influential global construction industry related fair. At the fair, STO will be promoting various construction-related products which it retails or wholesales under their “STO Construction Solutions” wing. The products include aggregate, aggregate sand, iron and articles of iron, plywood, shuttering planks and woods as well as the…
International Maldives Travel Market (IMTM) officially launches the third edition of Sustainable Tourism Forum (STF) 2022, on 03rd December. The forum kicked off at the Manhattan Business Hotel, Male’. The forum is a platform, uniting stakeholders of the tourism sector and provide them the perfect ground for multi-sector dialogue on issues related to social, economic and environmental sustainability of Maldives tourism. The opening ceremony was attended by several high-profile invitees and esteemed guests from the government, official partners of STF 2022. Along with industry decision makers, local NGOs, associations, resorts, guesthouses, dive centers and students studying in travel and tourism…
Construction sector activities continued to expand during Q3-2022. This followed a 32.5% growth in the gross value added of the sector during Q2-2022. This was still 20.7% lower than the pre-pandemic levels of Q2-2019. Maldives Monetary Authority (MMA) reports the construction industry growth reflected the ease in labor shortages and supply chain disruptions. Import of construction-related items rose, registering an annual increment of 71%. On the other hand, commercial bank credit to the construction sector a 6% drop at the end of the review quarter. This decline was largely owed to the slip in the credit extended for the renovation…
Fenaka Corporation has demanded its employees complete their work during official working hours. The corporation also added that employees requiring work during overtime, must do so after acquiring special permissions for it granted by relevant managerial heads. The decision was announced to the corporation’s employees via a circular signed by its Managing Director Ahmed Saeed Mohamed. According to Saeed, this decision was to encourage employees on finishing their tasks on a timely basis. Fenaka Corporation operates from 08:00hrs until 15:00hrs on public workdays. The utility provider currently operates in a total of 154 islands, and has over 3,000 employees.
Maldives Monetary Authority (MMA) reports activities of fisheries sector observed mixed developments during Q3-2022. Fish purchases made by processing companies fell in annual terms, though the volume of fish exports increased during the third quarter. Gross value added of the fisheries sector saw growth of 27.7% during the second quarter, and exceeded pre-pandemic levels of 2019. Q3 Statistics Fish purchase: 14,452.0 metric tons (19% decline compared to Q3-2021) 53% decline in purchase of skipjack tuna purchase Fish purchase decline reflected limited purchases by fish processing companies, owing to limited storage capacity Average price of skipjack tuna rose marginally from MVR14.0…
According to Ministry of Tourism, tourist arrivals to the Maldives has inched close to 1.5 million as of 30th November 2022. The most recent statistics disclosed by the ministry confirmed total tourist arrivals by the review date has reached 1,491,236. This marked a 28.8% annual increment when compared with the corresponding period in 2021. As per statistics, arrivals for the same period last year stood at 1,157,653. Furthermore, tourist arrivals exclusively for the month of November was recorded at 146,879 which is a mild 1.5% increment when compared with the same month last year, during which arrivals reached 144,725. The…
Maldives Monetary Authority (MMA) project the country’s economic recovery trajectory will maintain traction in 2023, despite negative global impact. The Maldives central bank report’s the country’s domestic economy will grow by 12.3% by 2022 end. Domestic economy will reach pre-pandemic levels of output by the end of the current year. This growth comes from strong performance of tourism sector, with tourist bed nights registering 33% growth in first three quarters of 2022. The sector’s growth expects further growth in 2023. The country’s real Gross Domestic Product (GDP) growth of 7.6% is greater than the average growth rates registered by domestic…
Housing Development Corporation (HDC) announce a new integrated tourism project, dubbed the ‘Urban Isle’. The project was announced by HDC Managing Director Ahmed Athif at the 2022 edition of the Gold 100 Gala held at CROSSROADS Maldives. Speaking about the urbanization effort, situated at the northern-most end of Hulhumale’ Phase II, Athif said the large scale project was not “just for large investors but also for small and medium businesses as well”. The project covers 23 hectares of land area, with multiple accommodation options ranging from villas, service apartments along with different hotel categories. Investors have the option to propose…
United Nations Development Project (UNDP) Maldives conclude its first pilot program of women’s economic empowerment, focusing on Dhaalu atoll Women’s Development Committees and councils. The three-part training included full participation of Dhaalu atoll WDCs and council members. The main goal of the program was to empower elected women leaders to champion economic empowerment. Topics such as women’s development committees and the law, finding business ideas, setting business goals, risk management and business idea testing were discussed.