Author: Mohamed Reehaan

Solar power streetlights have been installed in Sh. Maaungoodhoo through the Community Fund initiative of Bank of Maldives (BML). The project was implemented by the local NGO; Society for Maaungoodhoo Youth Linkage. Under the project, a total of 25 streetlights powered by solar energy, were installed along the main roads of the island. Mohamed Zahir, speaking on behalf of the NGO said, “Prior to this project, there were no streetlights in the area and the community faced a lot of difficulties. We hope that with the installation of solar powered streetlights, we can make the island a safe space for…

After registering significant decline in business activities in the tourism sector during second quarter 2022, activities are expected to bump up amid third quarter. According to Maldives Monetary Authority (MMA), the seasonally unadjusted indices for both total revenue and resort bookings turned negative and fell to -100 and -92 respectively during the review quarter. Total revenue index fell sharply by 200 points owing decline in business activities. Resort bookings index dipped 183 points during review quarter. A total of 96% of businesses report the drop in bookings. Employment index plunged by 114 points to -41 during the quarter. Wages and…

Maldives achieves its millionth tourist arrival mark for 2022. Ms. Daniela Kilnarova, 29, from Czech Republic flew in to the tourism-centric Maldives on Friday morning, 12th August via Qatar Airways. Ms. Kilnarova with her partner will be holidaying at Robinson Club Noonu. This year marks Ms. Kilnarova’s third visit to the Maldives; which she claims is her favorite destination to relax and spend her vacation. She addressed her delight on becoming the millionth tourist arrival her favorite holiday destination. Ms. Kilnarova first came to the Maldives 10 years back to spend holidays. She stayed at Kuredu Resort during her first…

Maldives Marketing and Public Relations Corporation (MMPRC) showcases “All Things Maldives” at the NATAS Holidays 2022, in Singapore. The fair launched on 12th August will last until Sunday, 14th August at the EXPO Hall 5 in Singapore. Launched in 1987, NATAS Travel Fair is a biannual fair featuring tourism products. Since inception, NATAS has accumulated over 2.4 million visitors; and is considered one of the most popular travel fairs among Singaporeans. NATAS Holidays showcase members’ latest products, trends and destinations. This year’s run, much like previous editions, report attracting over 100,000 visitors. A total of 23 participants from 12 various…

State Trading Organization (STO) on Thursday, 11th August introduces a new line of product to local consumers. STO introduced the special Nippon Matex; specifically aimed to construction agents of the state-owned enterprise. The CEO and Managing Director of STO Mr. Hussain Amru and the Senior Manager, Business Development and Exports, Nippon Paints Mr. Henry Ang introduced the product. Features of the paint include; Convenient size container: 7 x 20 meters Instant-use paint Applies on hard surfaces easily, including cement, concrete, ceilings and plaster walls Matte finish Water-based Do not include lead and mercury STO made introduction of “Shades of White”…

Reserve money saw an annual decline of 4% at the end of June 2022, reports Maldives Monetary Authority (MMA). This decline comes after registering a growth of 9% at the end of May 2022. The decline is resultant of combined effects of both sizeable drop in net domestic assets, and a slowdown in net foreign assets growth during the period. On the other hand, the annual broad money growth went up to 27% by the end of June, from 20% in May. The annual growth in broad money, primarily came from the increment in quasi money. The growth came mainly…

Maldives state revenue went up by 311.8% in July 2022 in comparison with the same month last year. According to Maldives Inland Revenue Authority (MIRA), heavy contributors to revenue include; Income Tax (mainly Corporate Income Tax and Bank Income Tax) GST and Green Tax Lease period extension fee Taxes related to tourism The most recent update confirms state made a total revenue of MVR2.65 billion. With 79.60 million of the total coming from US Dollars. In addition to the significant improvement of revenue in review month, in comparison with July 2021, revenue went up 84.1% against initial projection. Revenue contribution…

Maldives expects to welcome the year’s one millionth tourist visitor on Friday, 12th August 2022. Speaking about the decisive achievement, the Chief Executive Officer of Maldives Marketing and Public Relations Corporation (MMPRC) Mr. Thoyyib Mohamed commended the efforts of tourism industry professionals, and stakeholders. He also praised efforts by the industry as a whole for the achievement. Mr. Thoyyib commended the efforts despite numerous challenges. “This is a joyous occasion, to be able to welcome 1 million tourists to our shores despite the hurdles we are facing,” Mr. Mohamed commented. He further added, “This is a combined effort of government…

Radisson Blu Resort Maldives will reportedly bring travelers a multi-dimensional experience in the 2022 edition of the Maldives Music Festival, the resort claims. The top-end tourist property will host a week-long festival from 12th to 19th November 2022. The festival will mix “rich culinary flavors and great music, surrounded by the most breathtaking scenery on the planet, promising a feast for the senses.” Radisson Blu’s Maldives Music Festival will feature live performances by internationally acclaimed DJs and other performers. The festival will once again feature Facundo Mohrr in the second edition. Mohrr’s was the main act from “All Day I…

The rate of inflation, measured by the annual percentage change in the national Consumer Price Index (CPI) went up to 5.2% in June 2022, reports Maldives Monetary Authority (MMA). The rate of inflation went up from 2.5% in May, according to the central bank data. Largest contributions to the annual rate of inflation during June 2022 came from electricity, followed by water supply and then petrol for transport equipment, fish, meat, medicines, mobile communication services, vegetables and internet access provision. On the  other hand, the monthly percentage change in the national CPI decelerated to 0.45% in the review month from…