Author: Mohamed Reehaan

Conrad Maldives Rangali Island, one of the most coveted luxury resorts in the island nation, has unveiled its new look after an extensive multi-year and multimillion-dollar renovation. The major makeover has resulted in 50 refreshed overwater villas, revamped overwater spa, elevating dining experiences in three of the resort’s restaurants and bars. In addition to this, the resort unveiled a brand new gym facility as well as an entirely new teens’ club, and a major upgrade on its kids’ club. Upgraded water villas were given new interiors and larger window-panes to maximize light and reflect the scenery while providing a better…

State Electric Company Limited (STELCO) affirmed on Monday, 14th March, that the upgrade of the electricity distribution network of Alif Dhaal atoll Hangnaameedhoo was drawing close to completion. Moreover, the utility provider confirmed that the upgrading project will conclude sometime within March 2022. STELCO will be installing a total of 2,950 meters of cables out of which 2,900 meters of cables have already been installed. Earlier, STELCO’s designated workshop; STEWO, commissioned its trademark generator for Hangnaameedhoo powerhouse unit. STEWO assembled its STW300 class generator which holds 300kVA capacity.

Tourist arrivals to the Maldives have exceeded 324,000 as of 09th March 2022, according to the latest updates from the Ministry of Tourism. The most recent figures from the authority confirm that the total number of tourist arrivals by the review date reached 324,743, indicating an annual growth of 48.6% when compared with the same period in 2021. On the other hand, the tourist arrivals exclusively for March (so far), showed a total of 43,971 indicating a 49.1% increment when compared with the same period last year. The daily arrival average on annual terms stood at 4,776 whereas in March…

The award-winning luxury tourist resort Anantara Kihavah Maldives Villas has earned a gold win, being voted as the “Best Luxury Hotel in the Maldives” in the 2022 DestinAsian Readers’ Choice Awards. The results came through the magazine’s annual poll for the 16th edition of Readers’ Choice Awards that took place between September and December 2021. Speaking about the win, the resort’s General Manager Ross Sanders said, “we are honored and grateful for this prestigious recognition. This is another milestone in our journey and fantastic acknowledgment of our efforts in maintaining the highest level of guest satisfaction.” The top-tier tourist resort…

The wholesale and retail trade sector grow strongly during the last two quarters of 2021 and registered notable expansions of trade activity in Q4-2021. According to Maldives Monetary Authority (MMA), the sector observed growth mainly due to the surge of activities in the tourism sector and the overall increment of domestic demand. Private sector imports (inclusive of tourism sector imports) grew by 73% in annual terms, while commercial bank credit increased by 5% during the review quarter. In addition to this, the sales index and the volume of orders index in the economic sector increased by 8 points and 17…

The total revenue collected to the Maldives state increased by 126.0% in the last quarter of 2021 when compared with the same quarter of 2020, according to Maldives Inland Revenue Authority (MIRA). The authority confirmed that the total revenue to the state during the review quarter’s end reached MVR4.28 billion. Additionally, the figure indicated a 47.4% increment from the initial projects as well. As per the taxation and revenue authority, tax sources such as TGST, GGST, and Green Tax were strong collection sources to the state while non-tax sources such as Tourism Land Rent had contributed heavily during the quarter.…

The newly appointed Managing Director of State Electric Company Limited (STELCO) Mr. Ahmed Shareef assures that the consumers will not experience a surge in utility prices. Moreover, he had claimed that the incumbent President of the Republic of Maldives Mr. Ibrahim Mohamed Solih’s policy ensures that necessary services such as utilities (electricity, water, and even internet) will remain under fixed price ranges. While responding to queries from local media regarding the possibility of a price hike in electricity in light of the price inflation of crude oil in the global market, Mr. Shareef assured that STELCO will remain dedicated to…

According to the latest updates from the Ministry of Finance the cumulative total of state expenditures has reached MVR5,002.4 million (MVR5.0 billion). Meanwhile, the cumulative total of state revenues inclusive of foreign grants reached MVR4,671.8 million as of 03rd March 2022. The Maldives state has spent 78% of its budget on recurrent expenses and the remaining 22% on capital expenses. On the other hand, the state has earned 84% of its total revenue from tax sources and the remaining 16% from nontax sources. As of 03rd March, the cumulative total of tax revenues reached MVR3,908.0 million. In 2021 the cumulative…

Maldives Marketing and Public Relations Corporation (MMPRC) has exhibited the island nation in Travmedia’s International Media Marketplace, held in Germany on 08th March 2022. According to MMPRC, the main purpose of participating in the event was to “promote the Maldives as a top of the mind destination” and to update the German, Austrian, and Swiss travel trade with the latest information and travel guidelines about the island nation. MMPRC had showcased the geographical advantages of the island nation allowing natural social distancing, which makes the Maldives one of the safest destinations for tourists. In addition to this, MMPRC had marketed…

According to the latest update from Maldives Inland Revenue Authority (MIRA), state revenues observed an increment of 40.1% in February 2022 when compared with the same month last year. The latest report from MIRA indicates that the government collected total revenue of MVR1.41 billion in the review month. Furthermore, MIRA confirmed that revenues in the review month increased when compared with the corresponding month in 2021 due to stronger earnings observed from TGST, GGST, Income Tax, and Green Tax. In addition to this, the revenues earned to state was 17.6% higher than initial forecasts, which was due to the increment…