Author: Mohamed Reehaan

One of the most prominent airlines originating from the Middle-East, Qatar Airways, has increased their flight operations to Maldives. According to the airline, they will be operating four flights to Maldives on a daily basis ahead of Summer 2021. The airline further commented their decision was to meet the demand of expected increase in tourist arrivals to Maldives during the period. Recently it was reported that the airways had operated a total of 974 flight landings in Maldives since the border reopening in 2020 up until 30 June 2021. Moreover, Qatar Airways have flown a total of 80,250 tourists to…

Housing Development Corporation (HDC) on Thursday, 08th July, had announced their plans to sell plots of land from Second-Phase of Hulhumale’. Moreover, the corporation, under which the infrastructural development of the satellite town falls, notified that the sale of land will be carried at a rate of MVR4,800 per square-foot. HDC had earlier sold plots of land from the Second-Phase during 2017, which also  marks the last time the corporation had done so. Plots were sold on the basis of bids with the proprietor decided based on highest bids. Furthermore, during the earlier land-sale phase, HDC had made 92 plots…

Raysut Maldives Cement, the joint venture between State Trading Organization (STO) and Oman’s largest cement manufacturer, Raysut Cement Company (RCC) reports 55% growth of cement uptake in the first quarter of 2021. Moreover, the JV which had replaced LaFarge Cement Group in Maldives earlier, confirmed that the parent company recently became recipient to two European Union standard certifications; the CE and NF certifications. According to the company, the cement manufacturer received these credentials validating their adherence to the EU standards in cement production. Raysut Maldives further commented on observing a record sales peak in January and April in 2021. Moreover,…

The fiscal balance for the month of May 2021, weighing the state expenditure against state revenue, gives an overall deficit of MVR1,180.2 million (MVR1.2 billion). According to the latest Monthly Fiscal Developments from Ministry of Finance the state revenue inclusive of grants reached MVR996.5 million in May 2021, which is a 241.3% increment from the same month last year. Moreover, the ministry reported the revenue bump came majorly due to the improved performance of Goods and Services Tax (GST). The revenue composition further revealed that TGST took up 36.6% of the total state revenue share making it the strongest revenue…

The state revenue exclusive of foreign grants registered an increment of 131% in April 2021, reports Maldives Monetary Authority (MMA). According to the country’s central bank, in April the total revenue of state increased to MVR870.7 million in comparison with the same month of 2020 – owing to the surge in tax revenue following by the bump of collections from non-tax revenue. Moreover, tax revenue increased by MVR708.7 million while non-tax revenue increased by MVR161.7 million. On the other hand, total expenditure exclusive of amortization increased by 8% in the review month which translates to MVR161.2 million, when compared with…

In the most recent developments in economic updates, Maldives Monetary of Authority (MMA) revealed the country’s inflation decelerated to 2.7% in May 2021. The rate of inflation, as measured by the annual percentage change in the national Consumer Price Index (CPI) stood at 3.3% in April. Moreover, the reports from Maldives central bank attest that the inflation rate deceleration mainly stemmed from the drop in the price of information and communication services, which itself was due to the reduction in telecommunication prices. On the other hand, decline of prices in vegetables and “certain types of fruits” contributed towards the downward…

The Covid-19 viral pandemic has brought out several unprecedented changes across the global economy – Maldives is one such example where the economy took the worst recorded brunt in recent history following the viral outbreak. But perhaps there were no other businesses that tasted the bitterness of an economic recession unlike the small to medium tier ventures constantly struggling and striving in the island nation against larger corporations. In 2020, the island nation was struck with the Covid-19 outbreak which saw the country’s commercially busiest zone coming to a relative standstill after positive cases were discovered in the mainland of…

Road construction project of Haa Dhaal atoll Hanimaadhoo is currently at ongoing capacity, with a reported 80% progress. The latest developments under the project were revealed by MTCC on Tuesday, 06th July further notifying that installation of sidewalks have reached 91% completion. According to the contractor the project includes installation of road sidewalks which will have a collective area of 16,518 square meters along with the development of a carriageway spanning 38,916 square meters. Additionally, MTCC will install road markings in a 19,679.7 square meter area. The project valuation is a total of mVR46.7 million.

Maldives Transport and Contracting Company (MTCC) on Tuesday, 06th July, has reported the recent progress of Dhaal atoll Hulhudheli harbor development project. According to the contractor, they are currently executing the breakwater construction required under the project components which has progressed towards 68% completion. The scope of work for the project includes dredging and excavation operations spanning 49,612 cubic meters. Other components of the project include the construction of a quay wall and revetment spanning 432 meters and 252 meters respectively. The breakwater, which is currently at ongoing capacity will span 337 meters upon completion. Additionally, MTCC is expected to…

Maldivian tourism industry witnessed quite the drivel in 2020 when the country was included in the long list of Covid-19 targets. Earlier in March 2020, the island nation reported its first instances of Covid-19 positive cases. As the cases started mounting, the country’s state was forced to take stringent measures which resulted in the international border closure on 27 March. This resulted in an abrupt cessation of major tourism markets to Maldives as well as a significant plummet in the tourism industry activities. As many as 11,000 resort workers were reportedly let go on a no-pay basis while several of…