Author: Mohamed Reehaan

Visit Maldives commences on a month-long digital marketing campaign with one of the leading tech firms in the world, Invibes. Moreover, the digital marketing campaign commences on October and will reach a “highly targeted and engaged travel audience of honeymooners, couples and families.” The campaign aims to increase the tourist arrivals to the Maldives from the French market. Invibes is a globally recognized technology firm with a rich portfolio of innovative advertising and is known for their transformative approaches in consumer interaction with brands; with the utilization of creative and engaging in-feed ad formats. Moreover, with Invibes joining hands with…

The Capital Market Development Authority (CMDA) will carry out awareness activities during the first week of October to celebrate the ‘World Investor Week.’ The World Investor Week has been celebrated since 2017 by the International Organization of Securities Commission, in order to raise awareness on saving, investment and the protection of the rights of investors. CMDA held a ceremony to launch the ‘World Investor Week’ activities, with the authority’s Chief Executive Officer Mr. Mohamed Hussain Manik gracing it as the chief guest. Moreover, several local financial institutions will be participating in the World Investor Week which includes Maldives Monetary Authority…

The Japanese government has extended a grant aid of 400 million Japanese Yen (approximately USD3 million) to the government of Maldives in a bid to promote economic and social development. Moreover, the grant exchange of notes were signed between the Japanese ambassador to Maldives, Ms. Keiko Yanai and the Minister of State for Foreign Affairs, Mr. Ahmed Khaleel at a special ceremony held on Monday afternoon, 04th October, at the premises of the Ministry of Foreign Affairs. The grant from Japan’s government will be used towards strengthening the health sector in Maldives. As such, the grant will be used for…

According to Ministry of Finance, the state’s spending towards Covid-19 efforts reach MVR3,895.3 million (MVR3.9 billion) as of 30th September 2021. The state’s spending on Covid-19 related efforts have significantly slowed down in the current year, while the total health and social spending which stood at MVR2,121.9 million (MVR2.1 billion) had increased only by 0.6% from the previous week. Meanwhile, in terms of week-on-week spending, Ministry of Health registered the highest spending compared to its peers. During the review week, 33.2% of the total health and social spending has been committed-spending. Though health and social spending registered a slight increment,…

Maldives President Mr. Ibrahim Mohamed Solih on Sunday evening, 03rd October, officially declared the National Tourism Day. As such, the National Tourism Day of the island nation will be commemorated every year on 03rd October. Moreover, the statesman made the declaration while delivering his remarks at a ceremony held in Kurumba Maldives on Sunday evening. The event was hosted in order to officially launch the one-year countdown to the 50th anniversary of the Maldives tourism industry. The island nation’s tourism industry officially started with the opening of its very first resort; Kurumba Maldives on 03rd October 1972. While the island…

Maldives Transport and Contracting Company (MTCC) reports the development of a new harbor structure in the upper northern island of Haa Alif atoll Ihavandhoo, observes 66% progress. Moreover, the contractor that remains engaged in multiple infrastructure projects across the country, delivered the final shipment of precast concrete blocks for the quay wall construction to project site on 02nd October, Saturday. The harbor development project in the upper northern island includes dredging and excavation operations of 30,509 cubic meters. In addition to this, the contractor will construct harbor structures including a quay wall, breakwater and revetment. In addition to this, the…

Telecommunication and internet service provider, Dhiraagu has commenced providing their high-speed fiber-broadband connectivity and DhiraaguTV services to the new social housing units at Hulhumale’. The social housing units, dubbed ‘Hiyaa Flats’ are the most recently opened accommodation blocks for the public. The infrastructure was developed at the second-phase of the satellite town; the phase was completed after reclaiming land from the north end of Hulhumale’. Moreover, Dhiraagu commenced their services by integrating it through the open access network of Housing Development Corporation (HDC). During a special ceremony held on Sunday afternoon, the agreement was signed by CEO Ismail Rasheed on…

The Gross Valued Added of tourism sector for the second quarter of 2021 is MVR3,198 million (MVR3.2 billion), marking a growth of 2,212.7% in comparison with the corresponding quarter of 2020. The Gross Valued Added is commonly termed as an “economic productivity metric” that is used to measure the contribution of corporate subsidiaries, companies or municipalities towards an economy, producer or sector or even a region. Investopedia excerpt of GVA is described as “the output of the country less the intermediate consumption, which is the difference between gross output and net output.” The massive expansion in the GVA of the…

The second quarter’s real Quarterly Gross Domestic Product (QGDP) in 2021 reached MVR15,421 million (MVR15.4 billion) at market prices. Moreover, according to the Maldives Bureau of Statistics, the quarterly GDP observed a growth of 75.3% during the review quarter when compared with the corresponding quarter in 2020. While the recovery was strong in terms of quarterly GDP during the first quarter, where the total at market price stood at MVR17,374 million (MVR17.4 billion), the country’s economy “hit a soft patch” during the second quarter. Furthermore, the growth in the quarterly GDP is mainly reflected by the positive contribution in the…

According to Maldives Monetary Authority (MMA) the national reserves of the country increased by USD17.2 million by the end of August 2021. Furthermore, the central bank of Maldives informed that the gross national reserves of the country reached a total of USD874.3 million by the end of the review period. Earlier, the reserve total stood at USD857.1 million by the end of July 2021. The national reserve observed a significant improvement in the current year, as MMA reported that the reserve total stood at USD569.8 million during August in 2020, which was driven down due to the Covid-19 global impact.…