Author: Mohamed Reehaan
Coinbase, the largest cryptocurrency exchange in the United States, recently received approval to offer crypto derivates. This gives investors a regulated, US-based platform to conduct some of the most popular trades in the crypto market. The approval strongly indicates US regulators recognizing the importance of bringing the crypto market under their oversight, and enable firms to offer a wide range of products in a more transparent way. “This is the first crypto-first platform to offer regulated and leveraged crypto futures alongside traditional spot trading (in the U.S.),” explained Aaron Arnold of Altcoin Daily. “The way Americans have dealt with this…
Effective from August 20, Maldivians traveling to Kyrgyz Republic will be exempted from visa for a 30-day stay. The Ministry of Foreign Affairs on Sunday, confirmed that the visa exemption will allow Maldivians holding valid Diplomatic, Official and Ordinary passports to enter and stay in Kyrgyz Republic for a maximum period of 30 days from the date of their entry. This visa exemption comes in accordance with the agreement signed between the two countries on September 23, 2022.
The governments of Maldives and Mongolia have signed a Visa Exemption Agreement. The agreement will allow Maldivians to travel to Mongolia on a 30-day visa free basis. The Ministry of Foreign Affairs will issue a separate notification of the entry into force of the agreement once internal procedures in both countries are completed. The agreement was signed on behalf of Maldives government by the High Commissioner of Maldives to India Ibrahim Shaheeb and the Ambassador of Mongolia to Maldives Ganbold Dambajav. The signing was held in New Delhi, at the Embassy of Mongolia. During the discussions at the ceremony, Shaheeb…
Maldives Ports Limited (MPL) has partnered up with Maldives Hajj Corporation to launch the “Muazzafunge Scheme” (Employees’ Scheme). The memorandum of undersrtanding (MoU) was signed between the corporations to facilitate MPL employees and their dependents to attend Hajj and Umrah pilgrimages. Signed at MPL headquarters, the MoU was signed between MPL CEO Shahid Ali and Hajj Corporation CEO Najeel Ahmed. Under the scheme, employees can opt for a specific sum to be deducted from their monthly salary that will be accumulated for their pilgrimage fund. The deductible amount is at the discretion of the individual employees.
The cumulative total of state expenditure reached MVR 26.9 billion as of August 10, reports Ministry of Finance. State’s revenues inclusive of foreign grants by the same date reached MVR 21.0 billion, indicating a deficit of MVR 5.9 billion. Expenses of the government include 69% recurrent spending and 31% capital spending. Revenues to the state include 77% tax revenues and 23% non-tax revenues. State collected MVR 16.1 billion in tax revenues as of the review date, and MVR 4.7 billion in non-tax revenues. Capital receipts of the state stands at just MVR 3 million, while grants currently stand at MVR…
As third quarter of 2023 is halfway through, the Maldivian tourism momentum remains impressively strong as of August 16. The country has attracted 1,165,337 tourists as of the review date which is a 13.8% increment in annual terms. Annual tourist arrivals for the same period in 2022 stood at 1,023,729. Tourist Arrivals – Monthly January: 172,499 February: 177,915 March: 173,514 April: 164,357 May: 120,959 June: 120,363 July: 145,629 August (1st to 16th): 90,101 While tourist arrivals saw a 13.8% annually, arrivals from 1st to 16th August saw a 17.1% increment in 2023 compared to the same period in 2022. In…
State Trading Organization (STO) has opened its Staff Gym for all the employees of the STO Group of Companies. STO Managing Director Abdulla Saeed inaugurated the facility which is located at the STO Staff Quarters. The gym features some of the latest and state-of-the-art equipment and machinery, and provides a spacious venue for the staff to come and exercise. While inaugurating the staff gym, STO honcho assured that the employees of all STO Group of Companies can access the facility free of charge. The opening ceremony was attended by senior officials of all the companies under STO umbrella. Besides the…
Preparations are underway for the reclamation of Hulhumale’ 2 lagoon which will be the venue for the state to issue lands under the “Binveriya” scheme. Urbanco on Thursday, instructed the vessels berthed in the lagoon in Hulhumale’ 2 to vacate. Physical works of the reclamation project will reportedly commence in September, the large portion of the reclaimed area will be allocated to issue lands under the scheme. The area was however, planned for a marina development previously by the preceding government. Reports also claim 700 plots will be issued from the reclaimed area while draws for plot allocation have been…
Mohan Mutha Group, parent company of India’s MM Exports, is planning to develop a USD 30 million resort in the Maldives. Mohan Mutha’s Executive Director Suresh Mutha said to The Hindu’s Businessline that the company is trying to obtain the permits to build a “wellness” resort in the Maldives. He added that the funding for the resort will be secured through a loan from a Maldivian bank. Reportedly the resort will exclusively offer vegan and vegetarian cuisine. The resort will also not serve any form of alcohol.
Addu City Council has decided to issue plots to all eligible applicants who earlier applied for land from Addu. The city’s mayor Ali Nizar spoke with local news Sun Online on Wednesday, August 16, noting that the eligible applicants include unmarried youth as well. Nizar also noted that only few applicants were deemed ineligible. The recipients list will be released on Thursday, August 17, according to Nizar. Plots will be issued from existing land and from the land currently being reclaimed. Earlier, Maldives government launched one of the largest reclamation projects in Maldivian history focused with reclaiming 193 hectares in…