Author: Mohamed Reehaan
Land reclamation for Hulhumale’ Phase 3 officially commenced earlier on September 22, Friday. Urbanco, which manages Hulhumale’, confirmed reclamation of 63 hectares of land under the Phase 3 initiative. Land reclamation for Phase 3 would commence from the north-west end the bridge tunnel between Phase 1 and Phase 2, and extend to the entire lagoon up to the northern-tip of Phase 2; meaning the semi-reclaimed Farukolhufushi would be part of the new phase. Urbanco said that Phase 3 would solve prevailing housing difficulties of Male’ citizens and residents. According to Urbanco, the new phase is designated for various social housing…
Dhiraagu introduces two different packages for its fiber home internet service. The packages were introduced to allow customers at home to browse, stream and download games at faster speed. The two new packages include the 50M unlimited package available at MVR 1,490 and and the 100M unlimited package, available at MVR 2,800. Existing Dhiraagu broadband internet subscribers can easily upgrade their plan using the Dhiraagu App or Dhiraagu MyAccount. Interested customers in obtaining the new Dhiraagu Fiber Internet connection can apply through Dhiraagu website.
Bank of Maldives (BML) introduces a device management feature aimed at strengthening the security of the bank’s digital banking suite (internet and mobile banking services). The feature actively monitors ongoing sessions and automatically logs out devices that have access to internet and mobile banking. Customers will now be able to use this feature to review and log out from specific devices or all the devices as they see fit. The feature allows customers to closely track the most recent device access and login locations. “This feature is designed to thwart potential scams,” BML said. Speaking about the new feature introduction…
The Maldives’ most well-kept surprise opening, Ifuru Island Maldives, celebrated its official debut on September 23, 2023 with a special ribbon-cutting ceremony attended by the properties owners, the All-Star team and the first batch of guests. The independent new premium all-inclusive resort is also home to the first and only permanent skydiving dropzone in the Maldives. Speaking about the grand unveiling was Rochelle Kilgariff, the ‘Island Vibe Boss’ who said, “Surprise! We’re absolutely thrilled to celebrate the resort’s opening and start sharing the fun and magic experiences of our island with guests.” “We are all-beach, all-sunset and all-inclusive, and everything…
Chinese tourist market which resumed to the Maldives earlier in 2023 after a near three-year hiatus is the fastest growing market so far this year. After China reopened its borders for outbound travel earlier this year, tourists from the country began arriving in the Maldives marking the first time Chinese tourists visited the island nation following the 2020 border closure. While China debuted at the 10th spot of the Top 10 Markets of 2023, it quickly rose through the ranks and is currently the third strongest market with 133,962 annual arrivals as of September 20. The market is gaining momentum…
Ministry of National Planning, Housing and Infrastructure (MNPHI) has announced a new social housing initiative. The initiative consists of issuing 4,500 new land plots and 6,000 housing flats for eligible recipients. The flats would be issued from Hulhumale’, said State Minister of MNPHI Akram Kamaluddin. “We will announce very soon, where we would be giving these lands from. According to the pledge made by the president, housing opportunities will be made available for many people,” Akram said. According to Maldives President Ibrahim Mohamed Solih, who announced last week that the housing scheme will be announced soon and will be catered…
The government of Maldives has signed a Memorandum of Understanding on Political Consultation and a Visa Waiver Agreement with the government of Guyana. The agreement was signed between Hugh Hilton Todd, the Minister of Foreign Affairs and International Cooperation of Guyana and Ahmed Khaleel, the Minister of State for Foreign Affairs. The MoU aims to promote and encourage political consultation between the Maldives and Guyana to strengthen relations and enhance communication and coordination on important international issues. The Visa Waiver agreement will facilitate visa free travel of citizens of both countries. Immediately following the agreement signing, the two ministers engaged…
The Maldives Transport and Contracting Company (MTCC) has launched the “Hunavaru Welders” Development Program. The program will be held at the MTCC Shipyard in Thilafushi for a duration of three to six months. Interested applicants can apply for the program by scanning the QR code of MTCC’s relevant post on Twitter. MTCC also said the program includes an allowance of MVR8,000 for its participants.
Bank of Maldives (BML) on Tuesday, September 19, announced a new promotion for customers sending money overseas via its International Money Transfer service. Three grand price winners of the promotion will be awarded MVR 15,000 and will be chose by a draw conducted at the end of the promotion period. Additionally, weekly winners will be chosen by a draw every week during the promotional period with the winners standing to win; For transactions below USD 500 – three winners will receive a gift card of MVR 750 For transactions of USD 501 to USD 1,000 – three winners will receive…
Forex market manipulation refers to the illegal or unethical practices undertaken by individuals or entities to influence the foreign exchange (Forex) market, where such practices benefit them at the expense of other market participants. This manipulation can take various forms and can be executed by different market participants which include traders, financial institutions, or even governments sometimes. Here are some of the ways the forex market is known to experience manipulation; Price Fixing Collusion of traders with others to artificially fix exchange rates at specific levels. Traders or financial institutions may communicate with each other to coordinate their trades in…