Author: Mohamed Reehaan

Maldives Customs Service has revealed a total of MVR 31.7 million has been confiscated by the authority in the past six years under the Prevention of Money Laundering and Financing of Terrorism Act. Statistics from the authority further indicated the highest confiscation recorded in 2018. Former Minister of Defense Mariya Ahmed Didi provided the details in writing as response to the inquiry regarding the matter submitted by Central-Maafannu MP Ibrahim Rasheed in 2022. The MP had demanded statistical evidence of the money confiscated by Customs under the money laundering prevention law, which came into effect in 2014. The minister’s response…

Seasoned media professional, Heena Waleed, has been officially appointed as the Chief Executive Officer (CEO) of National Social Protection Agency (NSPA). NSPA is the government agency providing financial aid for medical and other essential needs of the public. Heena previously served as the Political Director of the Ministry of Foreign Affairs during former President Abdulla Yameen’s presidency. She rose to fame, and garnered popularity from her extended career as a television presenter at PSM. Heena was the Executive Editor of the state-run media until her departure. Currently she is abroad for medical treatment.

Ahmed Niyaz, a prominent figure during the inception era of Maldives Tourism Development Corporation (MTDC) has been appointed as its new Managing Director. With an extensive history at the MTDC, and a Master’s Degree in Business Administration from the UK, Niyaz is both educated and experienced to helm the tourism body. Until his recent appointment as the MD this Tuesday, Niyaz had been the organization’s Deputy Managing Director since 2016. Previously he had been a Board Director and an Operations and Development Manager of MTDC as well. Besides this, Niyaz had chaired several state-owned enterprises (SOEs) as well. His tenure…

The Chief Operation Officer of Island Aviation has been appointed as its new Managing Director. Island Aviation Services (IAS) runs the national airline of the island nation; Maldivian. Ibrahim Iyas, has been serving as the COO of IAS since 2019 until his recent promotion. He first joined the company in 2008 as a Safety and Quality Manager. Iyas has been employed at the company for 15 years, and has since served in several managerial positions of the company. Iyas had previously held the Engineering Head position at the department overseeing flight operations of IAS for three years as well. The…

The newly appointed Managing Director of State Electric Company (STELCO), Hussain Fahmy was quick to move forward with his responsibilities, as on Tuesday, November 28, he initiated work on removing the transformer placed on Maaveyo Magu in the central district of Male’ City, that was blocking part of the road. STELCO reported that the utility company’s new MD visited the site where the transformer was placed on Tuesday afternoon, and apologized to the public for the inconvenience caused by the transformer. Fahmy assured that work on removing the transformer would be completed before the end of 2023. Since 1998, Fahmy…

Former parliament member of Madaveli constituency (from 2014 to 2019), Muaz Mohamed Rasheed, has been appointed as the new Managing Director of Fenaka Corporation. Before he began his political career in prominent roles in various political parties in the Maldives, Muaz worked as a Project Officer at the then Construction and Infrastructure Ministry. The new Fenaka Corporation honcho completed higher studies in architecture, and worked in a private capacity as an architect before venturing into politics. During the recent presidential elections, Muaz acted as the assistant campaign manager of President Dr. Mohamed Muizzu. Fenaka Corporation, a state-owned enterprise (SOE) is…

State Trading Organization (STO) appoints Shimad Ibrahim as the corporation’s new Chief Executive Officer (CEO) and Managing Director. Shimad has been appointed to lead the largest state-owned enterprise (SOE) in the Maldives through the approval of the Board of Directors. He is taking over following the dismissal of Abdulla Saeed, who previously held the position. STO confirmed the appointment of Shimad as the company’s new frontman on X on November 28, Tuesday, adding that he will be taking charge effective on the same date.

MedTech has disbursed MVR 2 million in its debut Sukuk payout. Earlier in 2023, MedTech Diagnostic sold Sukuk to interested investors in a bid to increase the company’s capital, which it aimed to redirect towards the development of a health and rehabilitation center in Hulhumale’. The company sold MVR 30 million in Musharaka Sukuks to raise the funds required for the facility. First National Finance Corporation (FNFC) the Sukuk’s arranger, said the periodic profits have already been deposited to investor accounts on Monday, November 27. MedTech, a local medical equipment and consumables supplier in the Maldives, listed its debut Sukuk…

Minister of Economic Development and Trade Mohamed Saeed on Monday, November 27, said that work will commence within the first 100 days of the current administration on building commercial ports in both Haa Alifu atoll and Laamu atoll. The minister via X said that work on constructing a commercial port near Laamu atoll Gaadhoo, an integrated commercial port and logistics facility under the Ihavandhippolhu Integrated Development Project Commercial Port, and the Male’ Commercial Port will be announced and commenced in the near future. Maldives President Dr. Mohamed Muizzu had also pledged to establish a transshipment harbor with bunkering services at…

Maldives has signed on a trade and economic agreement with Türkiye. The “Agreement on Trade and Economic Cooperation Between the Government of the Republic of Maldives and the Government of the Republic of Türkiye” was signed during President Dr. Mohamed Muizzu’s official visit to Türkiye, during his meeting with the Turkish President Recep Tayyip Erdoğan. The agreement was signed by Minister of Economic Development Mohamed Saeed on behalf of the Maldivian government and Professor Dr. Omer Bolat, the Minister of Trade on behalf of Turkish government, in the presence of Presidents Muizzu and Erdoğan. Both leaders met for official talks,…