Author: Mohamed Reehaan
Imports to the Maldives increased by 27% in December 2022, reports the Maldives Customs Service. Maldives imported MVR5.6 billion worth of commodities in the review month. In addition to this, imports excluding fuel rose by 24%; which is MVR4.6 billion worth of goods. Exports from the country also saw a notable 35% increase in the review month. The country exported MVR299 million worth of commodities in December. Major Import Categories Fuel (marine gas oil; diesel, petrol, aviation gas): MVR1.1 billion Food items (excluding pork, alcohol, tobacco): MVR1 billion Vessels, aircraft and parts thereof: MVR848 million Machinery and mechanical appliance; electrical:…
The Bank of Maldives (BML) reports a net profit of MVR211 million in the final quarter of 2022. Its annual net profit reached MVR1.49 billion. The bank reported a net profit of MVR367.5 million in Q3-2022. BML’s gross income for the review quarter stood at MVR995 million whereas it stood at MVR1.0 billion in Q3-2022; indicating a slight decline. The bank reported an annual gross income of MVR3.89 billion; which is the unaudited total. The operating income for Q4-2022 stood at MVR747 million and reached MVR3.07 billion annually. The operating profit of the bank reached MVR488.7 million in the review…
Maldives Fund Management Corporation (MFMC) has launched the Hankede Integrated Tourism Project; an extensive tourism development project in Addu City. Under the project 1,041 rooms with various accommodation options will be developed; each with a unique design. MFMC said the project will revitalize Addu and enhance the tourism experience in the city. The project is also expected to boost career opportunities for the city’s residents as well as others, said MFMC. The Hankede Integrated Tourism Project will be included as part of the government’s bid to bring 8,000 tourism beds to Addu. Hankede is a tourism-centric region in Addu that…
The Maldives government has initiated preparations to distribute land plots in the Greater Male’ region. The Ministry of National Planning, Housing and Infrastructure announced that the list of recipients for the Binveriyaa and Gedhoruveriyaa schemes under the Gedhoruverin program will be made public in March. The ministry accepted applications for the scheme from June until September 2022. The government will distribute 4,000 housing units under the Gedhoruveriyaa scheme, and 5,000 land plots under the Binveriyaa scheme; including 1,000 land plots in Hulhumale’, 2,000 plots in Gulhifalhu, and 2,000 plots in Giraavaru. According to the ministry, it received over 20,000 applications…
As part of its strategy to expand banking services to support local communities, the Bank of Maldives (BML) has introduced a self-service banking ATM center Alif Alif Rasdhoo. The new center is housed at the newly relocated Rasdhoo branch. The center will support individuals and businesses to withdraw, deposit, and transfer money on a 24/7 basis. In addition to the newly introduced self-service banking center and branch in Rasdhoo, the bank now has self-service banking facilities in three islands of the atoll; Thoddoo, Ukulhas, and Mathiveri. The bank now has 35 branches across 20 atolls, 84 self-service banking centers, 142…
The Maldives Monetary Authority (MMA) has reported an expansion in activity in all sectors from 25th December 2022 to 11th January 2023. According to the central bank’s “Quarterly Business Survey”, businesses in all the economic sectors saw notable improvements. However, construction and transport and communication sectors reported moderation. Employment levels rose for businesses in all the surveyed sectors in Q4-2022, MMA reported. Tourism sector registered the most notable increase for the second consecutive quarter. With the continuation of the tourism peak season in Q1-2023, the respondents from tourism sector remained optimistic about the future activity. Despite a positive outlook, businesses…
The Maldives government is seeking interested bidders for the development of an Elderly Village in Addu City. The Ministry of Finance on behalf of the Ministry of Gender, Family, and Social Services confirmed annulling the bidding process on the invitation for bids for its earlier announcement, on 19th December 2022, seeking interested developers. The ministry has re-invited sealed bids for eligible and qualified bidders for the project once again. Moreover, the ministry is seeking bidders under the “Design, Build, Finance and Operate Public Private Partnership Model”. The ministry has provided detailed Terms of Reference (TOR) for the project, already available…
State Electric Company (STELCO) announced shifting its Hulhumale’ customer service center to a new location. STELCO previously ran its customer service center in Hulhumale’ at the Housing Development Corporation (HDC) building. The center has been shifted to Apollo Towers. The utility provider powers the Greater Male’ region which includes Male’ City, Hulhumale’, and Vilimale’. STELCO earlier launched its Greater Male’ interconnectivity grid which saw the islands connected under the same electricity network; a project created to reduce power cuts and other malfunctions in providing electricity. Additionally, STELCO Managing Director Ahmed Shareef said the company was committed to enhancing its standards…
State Trading Organization (STO) generated an annual total of MVR18.2 billion in revenues for 2022, the company had earned just MVR10.2 billion in 2021. According to the most recent statistics from STO, the company earned an annual operating profit of MVR1 billion; compared to only MVR0.6 billion in 2021. The annual net profit of the company for 2022 is MVR742 million; compared to MVR486 million in 2021. Meanwhile, the largest state-owned enterprise (SOE) earned MVR4.59 billion of quarterly revenue for Q4-2022. The company had generated MVR4.63 billion in the preceding quarter last year. Additionally, STO had generated MVR3.29 billion of…
The Ritz Carlton, Fari Island has paid the highest service charge for January 2023. According to Hala Maldif, which provides exclusive updates of service charge disbursements from all tourist resorts in the Maldives, the property paid USD4,508.74 (MVR69,524.77) in service charges to each of its employees. Top 10 Resorts (in terms of service charge disbursement in Jan-2023) The Ritz Carlton, Fari Islands: USD4,508.74 (MVR69,524.77) Cheval Blanc Randheli: USD3,540.31 (MVR54,591.58) Waldorf Astoria Ithaafushi: USD3,302.09 (MVR50,918.23) One & Only Reethi Rah: USD3,054 (MVR47,092.68) Four Season Resort at Landaa Giraavaru: USD3,026.10 (MVR46,662.46) Joali Maldives: USD3,017 (MVR46,522.14) Anantara Kihavah: USD1,899.14 (MVR29,284.74) Gili Lankanfushi: USD1,532…