Author: Mohamed Reehaan

State Trading Organization (STO) has the strongest record of corporate governance compliance among companies listed on the Maldives Stock Exchange, according to the 2025 Corporate Governance Review that the Capital Market Development Authority (CMDA) released. STO scored a compliance rate of 97.5% in the review. CMDA prepared the report on companies that published their 2025 annual reports and audited financial statements by 30 June 2026. The companies in the review averaged a compliance rate of 93%. CMDA highlighted several areas where STO showed a high level of transparency. The review noted that STO’s directors completed training programmes in 2025, with…

Maldives Business Chambers (MBC) has described the Rasmale’ project as a golden opportunity to grow the country’s small and medium-sized enterprises (SMEs) and speed up economic growth. The association made the remarks in a statement on the Rasmale’ Waterfront and Marina project. MBC’s statement puts the project’s investment value at around USD 20 billion (about MVR 308 billion) and calls it a historic chance to expand the Maldivian economy beyond its traditional sectors. The statement listed several expected benefits: More than USD 30 billion in foreign investment over the life of the project Over 54,000 direct and indirect jobs More…

A senior delegation representing several institutions in the Maldivian health sector will be traveling to China’s Sichuan Province to study how China runs its health sector. This knowledge and skills enrichment trip, is led by the Minister of State for Health, Family and Welfare Mohamed Mahir. The delegation also includes senior officials from the ministry, the Maldives Medical and Dental Council (MMDC), the Maldives Nursing and Midwifery Council (MNMC), IGMH, Hulhumale’ Hospital and the Maldives National University (MNU). Over the five-day visit, the delegation will tour Sichuan’s leading hospitals and medical schools, along with pharmaceutical manufacturers. The programme also includes…

The Maldives Transport and Contracting Company (MTCC) reveals it had a workforce of 6,700 even before its merger with Road Development Corporation (RDC). Chief Executive of MTCC, Ahmed Saudhee confirmed this during a televised programme, where he added that this included 2,500 permanent staff with the rest being contract employees. With this merger, Saudhee said, a significant portion of the 4,000-employee workforce of RDC will transition to MTCC. Saudhee said MTCC’s employees will be stationed in all the local islands following the merger. Saudhee previously said that the corporation’s board has permitted a maximum workforce of 7,500 employees. He adds…

Efforts are now underway to redevelop Hulhumale’ Synthetic Track to meet international standards. According to the Ministry of Youth Empowerment, Sports and Fitness, the track will get a complete makeover to meet the standards and requirements the main international athletics body demands. This includes transforming the running track to a polyurethane (PU) one. In September, the minister affirmed all necessary pre-development arrangements have already been made. He said the government has already completed the detailed drawings of the track and procured necessary material required for the upgrade. The Minister of Youth, Abdulla Rafiu further said that the records set by…

The Maldives Government has recently revealed that Eagle Hills, the developer attached to Rasmale’ development, will first begin constructing 5,000 housing units in Hulhumale’ Urban Isle. Minister of Infrastructure, Housing and Urban Development Abdulla Muththalib confirmed this. Information from the government suggests that Eagle Hills is required to undertake this development project in Hulhumale’ before it can engage with Rasmale’ development. The government further said the project will cost an estimate of USD 400 to USD 500 million. Eagle Hills will reportedly develop three-bedroom apartments. The government will fix the prices of these units based on the 10% revenue cut…

Vietnam’s low-cost airline VietJet announces it will begin Maldives route flights between Ho Chi Minh and Male’ City. The airline will reportedly run three weekly flights between the cities on Tuesdays, Thursdays and Saturdays. VietJet will use its A320 aircraft for the operation. The budget carrier will begin flight operations in December, amid the peak tourism season in the Maldives. Starting from December 5, VietJet will expand its Ho Chi Minh to Colombo route to Male’. The Maldives traditionally observes a notable surge in tourist arrivals from October until February, which happens to coincide with the winter season or colder…

Dhiraagu and Soneva Conservation and Sustainability Maldives (Soneva CSM) announce a strategic partnership to bolster cooperation and assistance in the “Dhirun Community Coral Regeneration Programme” in Baa Atoll Dharavandhoo. The primary objective of this partnership is to lend help and assistance to Dharavandhoo’s local NGO ‘Muraka Farm’. Soneva CSM will extend its experience and expertise towards the initiative. This initiative comes stacked with several components aimed at long-term environmental conservation. Soneva CSM will teach the technical skills necessary for coral reef resuscitation and restoration, training students, interested participants and the general public on restoration techniques using science and modern research.…

Housing Development Corporation (HDC) Managing Director Ali Zuhair has made a concerning statement regarding tenant behavior. According to the HDC chief, half of the tenants living across various social housing apartments have not been paying rent regularly. He made these remarks in a programme on state radio, noting that while HDC manages more than 12,000 flats in Hulhumale’, about 50 percent of the tenants have not been paying rent. “Looking at the rent receivables while we manage more than 12,000 flats, we have 50 percent of our tenants not paying their monthly rent dues owing to a range of issues,”…

The Minister of Economic Development, Transport and Trade Mohamed Saeed is confident the country can match the unprecedented import demands of the Maldives with a modernized harbor by 2028. He made the remarks at the inaugural ceremony of the Maldives Maritime Conference. The Maldives is an import-reliant country that observes a year-on-year increase in its import figures. Such is the country’s reliance on imported goods that statistics from the local customs authority reflect import figures currently tracking at previously unheard-of levels. Despite the surging import figures, the Maldives faces a significant economic setback: the lack of a modern and spacious…