Author: Mohamed Reehaan
Maldives Transport and Contracting Company (MTCC) has announced a dividend payout of MVR 3 per share. This was announced at MTCC’s Annual General Meeting (AGM) for 2023 at Umar Zahir Building on Wednesday evening. The board’s dividend payout decision was approved with 99.6% votes from the shareholders. A total of 374 shareholders attended this event. MTCC added that the shareholders who registered before June 23, 2024 will be eligible for the dividend. The company generated an annual revenue of MVR 3.2 billion in 2023, which is a 30% decline from MTCC’s earnings in 2022. MTCC’s profit-after-tax was recorded at MVR…
Parliament’s Public Accounts Committee on Wednesday voted in favor of recommending the removal of Maldives Governor Ali Hashim. The embattled Maldives Governor has been under parliament scrutiny since Deputy Speaker and Dhiggaru MP Ahmed Nazim submitted a no-confidence motion against him, citing incompetency. Notice to appear before the committee was sent on three separate occasions to the Governor, but had failed to comply while citing it was due to health-related issues. After he failed to appear initially during last week’s meeting, he was granted an additional chance on Tuesday while the final notice was sent on Wednesday, July 17. Nazim…
Emerald Maldives Resort & Spa has welcomed its newest General Manager Rohit Chhettri. The announcement was made on Tuesday, July 15 by The Emerald Collection’s Partner and Managing Director Aldo Scarapicchia. “We are delighted to welcome Mr. Chhettri,” said Scarapicchia. “We are confident that his extraordinary knowledge, expertise, and leadership will be invaluable to the organization as we continue to grow and compete in the luxury hospitality market.” Chhettri has a diverse and rich background with more than a decade of international luxury hospitality experience, including positions at Rosewood Hotels and Resorts, Soneva Group, Hyatt Hotels Corporation and Hilton. “I…
The exchange rate of US dollar in the Maldivian black market has lifted above MVR 18, according to recent findings. US dollar is currently exchanged between MVR 18.10 and MVR 18.30 in the black market, and has been the case for some time. According to local vendors and suppliers, this exchange rate hike will negatively reflect on the prices of goods; with inflation on consumer items expected. The exchange rate of US dollar had observed a limbo at MVR 18 level earlier this year as well, but was expected to drop below this. Following the announcement made by Maldives Ports…
Tourist arrivals to the Maldives so far in July has reached over 76,000 according to Ministry of Tourism’s statistics. The arrival figure from July 1 to 15, is an 11.8% increment compared to the same period in 2023. Arrivals for the same period in 2022 reached 66,830 while in the said period of last year, arrivals stood at 68,723. So far, Maldives has welcomed a total of 1,092,366 tourists from January 1 to July 15; which is a 9.4% increment compared to the corresponding period in 2023. Arrivals for the same period in 2022 and 2023, stood at 880,049 and…
Maldives broad money declined in May 2024, registering a total of MVR 58.9 billion according Maldives Monetary Authority (MMA). As per the central bank statistics, broad money’s lowest level was recorded in May whereas it had generally remained at MVR 60 billion level in the months before that. The peak was in April, with broad money total reaching MVR 60.86 billion. Broad money is the total money supply available in the country. This includes banknotes, coins and money in form that can easily be converted into case – meaning they are highly liquid. Broad money is also the sum of…
Veteran industry expert Athif Shakoor on Monday has nominated his name for the Chief Executive Officer position of Maldives Industries Fisheries Company (MIFCO) – the state-owned fisheries corporation. Privatization and Corporatization Board (PCB) – the regulatory body of state-owned enterprises (SOEs) – announced vacancy of the financially ailing MIFCO’s chief executive position in June 26. The deadline for application submission expired at 14:00hrs on Monday. PCB, in its June 26 announcement said both local and foreigners who fit the criteria were eligible. The announcement further specified a remuneration between USD 9,500 and USD 12,000 (MVR 146,775 – MVR 185,400) for…
Minister of Construction and Infrastructure Dr. Abdulla Muththalib on Monday said that they are now working to secure funds for the bridge to connect Addu City Hithadhoo with Hulhumeedhoo. The minister said the physical works of the project will mobilize once funds are arranged. Minister Muththalib made the remarks while speaking at Monday’s parliament sitting, where he was summoned for questioning, and in response to a question presented by Central-Hithadhoo MP Ahmed Azan. He stressed the bridge project is among the top priorities in infrastructure development initiatives carried out by the current administration. Government contracted Egypt’s “The Arab Contractors” to…
Fushifaru Maldives has announced renowned Portuguese footballer Candido Costa, will be visiting the property to host an exclusive football camp. The event is scheduled from July 17 to 24, providing guests and aspiring players a unique opportunity to train with one of the sport’s most esteemed figures. Costa currently serves as the Head of PR for the Portugal national team, during the recently concluded UEFA Euro 2024. The former footballer will host the football camp for hotel guests and a team building class for the resort’s staff.
Pullman Maldives Maamutaa and Mercure Maldives Kooddoo welcomes its new Cluster General Manager Riaan Drever, effective July 1, 2024. Drever has been actively part of the hospitality community in the Maldives for 11 years. He has held several pivotal roles, from overseeing luxurious resorts to driving innovative hospitality initiatives. “I look forward to continue my contribution in the Maldives Hospitality Sector together with the local team and Accor to ensure all our guests fulfill their dream experiences,” Drever said.