Author: Mohamed Reehaan

Maldives Transport and Contracting Company (MTCC) on Monday, 05th July, confirmed progress on Kaafu atoll Dhoonidhoo harbor redevelopment and reclamation project. According to the contractor, they are executing the sheet piling required for the construction of the quay wall under the project. Moreover, MTCC confirmed the overall project has observed 85% progress. The harbor redevelopment and reclamation project consists of dredging and excavation operations of 4.61 acres and reclamation of 3.75 acres. Additional aspects of the project include construction of a breakwater, revetment and the quay wall spanning 370 meters, 620 meters and 250 meters respectively. Furthermore, MTCC will develop…

Following visible setbacks to the tourism and hospitality industry for the most parts of 2020, the industry has observed significant improvement as of May 2021. In the most recent ‘Economic Updates’ from Maldives Monetary Authority (MMA) it was reported that tourist arrivals and bednights had increased during May 2021 after recording “marked growths” in April as well. Moreover, the annual increase in tourist arrivals has reflected “the base effect of the significant drop in arrivals in May 2020” after the country’s government implemented an international border closure on 27 March 2020 in a bid to curb the Covid-19 pandemic. Meanwhile,…

Maldives Monetary Authority (MMA) revealed in one of their latest publication updates, a significant decline of the country’s Gross Domestic Product (GDP). According to Maldives central bank the real GDP declined by 30.5% in the final quarter of 2020, which was reported under the latest Economic Updates of the bank. However, it was still an improvement over the 44.2% drop observed during the third quarter of 2020. MMA notes the moderation evident during the review quarter is reflective of peak-tourism season as well as the easement of lockdown measures in Greater Male’ Region. This was still not able to offset…

Maldives government has spent MVR3,533 million towards Covid-19 related efforts, reported Ministry of Finance. The ministry in their latest ‘Weekly Covid-19 Spending Report’ stated the total health and social spending as of 24 June 2021 reached MVR1,789.6 million which is just a 0.1% increase from the week before. During the review period, from the total health and social spending only 41.1% had been committed-spending. On the other hand, the total economic response spending as of the review week stood at MVR1,743.4 million, indicating that there had been no change in the spending in comparison with the week before. Moreover, during…

MTCC on Sunday, 04th July revealed details on Shaviyani atoll Lhaimagu harbor development project. According to the contractor, they are currently executing the dredging works which has already observed 88% completion. The project scope entails dredging and excavation operations of 31,000 cubic meters along with the construction of a breakwater, quay wall and revetment spanning 350-meters, 276-meters and 500-meters respectively. Other components include installation of a 1,380 square meter pavement along with the installation of navigation and street lights. The project total is MVR56.3 million.

Maldives Transport and Contracting Company (MTCC) on Sunday, 04th July revealed their progress of Baa atoll Fulhadhoo harbor development project. According to MTCC, the work on build and design of the harbor project at the island is currently well underway with an overall 87% progress. Moreover, MTCC on Sunday confirmed they are currently constructing the breakwater under the project, which had officially commenced on 28th June 2021. Additionally, the contractor is installing the harbor pavement as well. Scope of work for the project includes dredging operations spanning 51,861.5 cubic meters along with the construction of a 223-meter quay wall and…

The latest updates from Maldives Monetary Authority (MIRA) reveal the official reserves of the island nation, or Gross International Reserve (GIR) has reached USD926.1 million as of May 2021 end. MMA, in their latest ‘Economic Update’ revealed that the country’s reserved stood at USD878.0 million by the end of April, while the increment was observed by the time it reached May end. Moreover, this increment is an 11% growth in comparison with the corresponding period of 2020. Furthermore, this also marks the first time in recent months with such a significant improvement in the country’s reserves. Earlier, the peak in…

Maldives High Court in a recent ruling declared to include weekends in calculating the appeal period on tax related issues. Adding more to this, High Court stated the appellation period for cases concluded at Tax Appeal Tribunal earlier incorporated a 30-day period excluding all weekends. However, under the new ruling, the tax appeal period has been revised to include the weekends. Earlier, Maldives Supreme Court had revoked the provision under the Tax Appeal regulations with the 30-day appeal period, amending it to a 10-day appeal period. However, following the amendment on Tax Administration Act in 2019, the appeal period was…

Maldives Transport and Contracting Company (MTCC) on Saturday, 03rd July confirmed on their progress of Alif Dhaal Hangnaameedhoo harbor development project. According to the contractor they have commenced the construction of the breakwater along the harbor site, while they are executing dredging operations to create berthing zone for vessels within the harbor. The project scope includes dredging and excavation operations spanning 6,363.1 cubic meters along with the construction of the 204-meters long breakwater of which MTCC has commenced work. Additional components under the project include development of a 266-meter quay wall along with a 160-meter revetment. The contractor is expected…

Maldives Transport and Contracting Company (MTCC) on Thursday, 01st July revealed their progress of Isdhoo harbor development project. According to the contractor, the work on design and build of the island’s harbor has observed an overall 90% progress. MTCC had also attested on completing the concrete works for the harbor’s walkway bridge the previous day, 30 June. Meanwhile, MTCC is installing the harbor pavement which itself has observed 72% completion. The project components include dredging and excavation operations of 27,129 cubic meters along with the construction of a quay wall measuring 230 meters and a breakwater measuring 208 meters. Among…