Author: Mohamed Reehaan
Maldives Customs Service has opened their North Regional Office at Haa Dhaal atoll Kulhudhuffushi City. Moreover, during a special function held on Friday, the regional office was officially opened by Minister of Defense Ms. Mariya Ahmed Didi. As per the minister, under the state’s decentralization efforts the new regional office at Kulhudhuffushi City will reduce time consumed in cargo clearance. Furthermore, the minister also noted on possible drop on logistical charges which would allow customers to receive imported goods at their best rates. “This will provide ease for entrepreneurs while it would reduce the traffic in Male’ Commercial Harbor accordingly…
Thursday, 16th September – Maldives Transport and Contracting Company (MTCC) has reported on the latest progress of the harbor development project at Haa Dhaal atoll Nellaidhoo. As per the contractor, the work on design and build of the harbor is underway with an overall 87% progress. Moreover, the project scope entails dredging and reclamation operations spanning 62,863 cubic meters along with the construction of a breakwater, quay wall and revetment measuring 331 meters, 204 meters and 50 meters respectively. In addition to this, MTCC will construct a 2,102 square meter paved area along with the installation of navigation and street…
Thursday, 16th September – Maldives Transport and Contracting Company (MTCC) has delivered the rock boulder shipment to Haa Dhaal atoll Hanimaadhoo project site. As per the contractor, the rock boulders will be used in the construction of the groynes structure which falls under the harbor development project. MTCC further confirmed on delivering the shipment on 14th September, Tuesday. The project scope includes new harbor’s basin dredging which spans 53,522.50 cubic meters as well as the dredging of the harbor’s entrance channel to a volume of 31,575.50 cubic meters. In addition to this, MTCC will construct a breakwater, revetment and a…
The cumulative total of state expenditure has reached MVR19,326.7 million (MVR19.3 billion) as of 09th September 2021, according to Ministry of Finance. Moreover, the state body in their latest Weekly Fiscal Developments revealed that the cumulative total of state revenue has reached MVR12,208.0 million (MVR12.2 billion), inclusive of foreign grants. As for the compositions, 78% of the total expenditure was concentrated to recurrent needs and the remaining 22% on capital expenses. On the other hand, 73% of the total revenues came through tax sources and the remaining 27% came from non-tax sources. The overall balance for the period is a…
The Maldives Ministry of Finance reveals that the planned state budget for the upcoming 2022 has been fixed at MVR37 billion. Moreover, the state body made the revelation in their fiscal debt strategy, adding that the expected revenue to the state in the next year is MVR23.6 billion. In addition to this, Maldives state expects MVR22 billion in foreign grants. According to the state body, the expected revenue contributors include MVR14 billion from taxes and a non-tax revenue total of MVR5 billion. Meanwhile, state expects a total revenue of MVR1.3 billion from planned income streams and sources for the next…
The latest tourist arrival updates from Ministry of Tourism reveal an arrival total exceeding 800,000 so far in 2021. Moreover, as per the ministry this marks a 104.4% increment in the total arrival in annual terms when compared with the corresponding period in 2020. The statistics indicate that tourist arrivals from 01st January until 13th September has reached 809,764. Meanwhile, during the same period in 2020 the arrival total had reached just 396,129 – owing to the severity of the Covid-19 global pandemic. Furthermore, the highest influx of tourists in September was observed on 12th, Sunday with a total of…
Wednesday, 15th September – Maldives Transport and Contracting Company reports on the latest progress of Haa Alif atoll Dhihdhoo shore protection project. As per the contractor, the design and build of the shore protection structures of the island is at ongoing capacity with an overall 73% project progress. Moreover, the project scope includes backfilling of 7,750 cubic meters of sand, 1,926 cubic meters of sand for geo-bag filling and the construction of a 310 meter geo-bag revetment to prevent coastal erosion. The project value is reported at a total of MVR10.02 million.
Wednesday, 15th September – Maldives Transport and Contracting Company (MTCC) confirms on delivering the second shipment of rock boulders to Vaavu atoll Fulidhoo project site. Moreover, MTCC reports that the rock boulders will be utilized in the coastal protection project executed at the island. The project scope includes dredging and backfilling as well as beach filling of 12,127.50 cubic meters of sand. In addition to this, MTCC will construct a groynes stretching 210 meters and a 270 meter breakwater. Furthermore, MTCC reports the project value is a total of MVR16.94 million.
Housing Development Finance Corporation (HDFC) has opened the sale of Sukuks for the fourth time. Moreover, as per HDFC the Sukuk transactions are aimed towards individuals acquiring finances for housing or repair of buildings, adding the sale window will remain effective until 30th September. Meanwhile, the corporation confirmed it will be selling Sukuks at a value of MVR1,000 per Sukuk. Furthermore, HDFC revealed that 65% of the profits from the Sukuk investment will be credited to the purchaser while the corporation will retain 35% of the remaining profits. HDFC will credit the profit from Sukuks from the date of ‘allotment’…
The Ministry of Tourism has confirmed on just four tourist resort openings so far in 2021. As per the state body, the four tourist resort properties that opened so far in the current year include Patina Maldives – Fari Islands, Ritz-Carlton Maldives, Kuda Vilingili and Le Meridien Maldives Resort and Spa. Most of the properties have received lease and operational rights prior, while the most high-profile resort openings in 2021 include the Ritz-Carlton Maldives opened at Fari Islands. Earlier, Maldives government had affirmed on a total of 18 new resort openings in 2021. Meanwhile, President Ibrahim Mohamed Solih during the…