Author: Mohamed Reehaan
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…
Grand Park Kodhipparu Maldives’ proprietor, CES Park Kodhipparu has recently made a donation of medical supplies to the Ministry of Health in support of the efforts made to curb the Covid-19 pandemic. During a special ceremony held on 02nd September, Thursday, representatives of Grand Park Kodhipparu donated over 40,000 latex gloves, 10,000 N95 respirator masks along with 10,000 of 500ml bottles of hand sanitizers to the Deputy Director of Health Protection Agency (HPA) Mr. Hassan Mohamed, Head of Operations of Health Emergency Operations Center Mr. Ibrahim Ashraf, Assistant Director Administrative Division Mr. Mohamed Shahim and Program Assistant Administrative Division Mr.…
The ongoing protests by Island Aviation pilots have come to cease after receiving assurance of a salary increment before the coming January 2022. Moreover, the strike had earlier intensified due to Island Aviation’s decision to continue paying the reduced salary to its pilots following the financial detriment they faced in 2020 over the Covid-19 pandemic. As per local reports and news outlets, pilots of Island Aviation expressed their frustration over Island Aviation paying the reduced salary despite the company currently making financial progress. Furthermore, a pilot attached to Island Aviation commented that the company’s Managing Director Mr. Mohamed Mihadh assured…
Monday, 13th September – Bank of Maldives (BML) signs a Memorandum of Understanding (MoU) with both Mastercard and Maldives Transport and Construction Company (MTCC) to implement digital payment solutions. The agreement will see the implementation of an integrated transport management and automatic fare collection system for the public transport service operated by MTCC. Furthermore, project falls under Mastercard’s “Smart Cities” initiative that will aim to introduce “urban mobility solutions” in order to transform the transport experiences in cities. The initiative focuses on creating contactless and digital payments that will be introduced to bus and ferry networks. Speaking about this initiative,…
The total revenue collection to Maldives state in August 2021 stood at MVR1.27 billion, inclusive of the USD collection, reports Maldives Inland Revenue Authority (MIRA). Moreover, as per the taxation and revenue authority the state earned a total of 36.92 million in United States Dollar. As per the revenue collected to state exclusively in August, MIRA reported a decrement of 25.4% in the review month when compared with the same month in 2020. Furthermore, MIRA claims this decline is due to drop in the collection of Income Tax. The Covid-19 impact in 2020 had dwindled the reported profitability for the…
Latest reports from local travel news outlets and tabloids confirm the Cora Cora Maldives is set to open in the coming month of October. Furthermore, several travel news websites have claimed the luxury holiday destination will debut on 01st October. The 100-villa luxury slip lies roughly 45 minutes via seaplane away from Velana International Airport (VIA), and is situated at Raa atoll Maamigili. Moreover, the resort will offer culinary experiences from four of its in-house restaurants and cafeterias. Meanwhile, the resort will reportedly house a museum showcasing the historic values and traditions of the Maldivian culture. In addition to this,…
Travel Trade Maldives (TTM) opens registration window for fair exhibitors and visitors via TTM Connect at connect.traveltrademaldives.com. According to the organizer, one of the largest travel-oriented fair of the island nation is slated for late 2021, more precisely from 28th to 30th November. The fair will run as a mix of both in-person and online events. Furthermore, the organizers expect to attract over 300 hoteliers, suppliers, businesses from affiliated industries as well as travel industry professionals and key stakeholders from Maldives and abroad to visit and exhibit in the TTM fair for networking and assessing lucrative opportunities. Moreover, this year’s…
According to the latest updates from Ministry of Tourism, India has taken over Russia to become the top source market to Maldives as of 08th September 2021. Moreover, the state body in their latest statistical update confirmed that the total number of arrivals from India reached 172,104 so far which is 21.8% of the total arrivals to Maldives. Meanwhile, the cumulative arrival total from Russia is at 162,801 which is 20.6% of the total arrivals to the country. Furthermore, the total arrivals to Maldives as of 08th September has reached 788,846. So far the total arrivals from 01st until 08th…
State Trading Organization (STO) has requested formal permission from Maldives Monetary Authority (MMA) to initiate a digital bank in the country. Moreover, local reports confirmed the license form on behalf of the state owned enterprise was submitted by the company’s Managing Director Mr. Hussain Amr. Furthermore, while addressing the media STO’s Managing Director remained hopeful of clearing the application procedure and acquiring the official license in the next three-month period. Mr. Amr also notified that the digital bank will come to inception after following all regulatory protocols including official registration at Ministry of Economic Development and after acquiring the digital…