Author: Mohamed Reehaan

State Trading Organization (STO) has reported a quarterly earning of MVR 3,782 million (MVR 3.8 billion) in the second quarter of 2023. According to the largest state-owned enterprise (SOE), the company’s quarterly total revenue is lower in comparison with the corresponding quarter in 2022. In Q2-2022, STO earned a total of MVR 4,949 million (MVR 4.9 billion). Despite this notable drop in quarterly earnings, STO’s net profit for the review quarter was an increment from the same quarter last year. The company reported a net profit of MVR 303 million for Q2-2023 compared to the MVR 155 million in Q2-2022.…

The state expenditure has observed a slow-down whereas the revenues have observed noticeable increment. According to the Ministry of Finance, the cumulative total of state expenditure has reached MVR 23,963.0 million (MVR 23.9 billion) as of July 20, 2023 while the cumulative total of state revenues inclusive of foreign grants reached MVR 18,567.7 million (MVR 18.6 billion) by the review date. A week earlier, the state expenditure stood at MVR 23,587.2 million (MVR 23.6 billion) while the revenues stood at MVR 16,967.0 million (MVR 16.9 billion). While the government expenditure increased only by MVR 300 million approximately, revenues saw an…

Tourist arrivals to the Maldives have exceeded 1.05 million as of July 26, according to the Ministry of Tourism. The ministry has reported a total year-to-date arrival of 1,050,661 by the review date, which is a 13.4% increment. The ministry also reports that Chinese tourist market is expected to secure third position in the top market list of Maldives in early August while it is currently fourth ranked. Russia, which slipped to second position has once again secured top spot with 123,731 annual arrivals, with India tailing closely behind with 121,046 arrivals in the second spot. The United Kingdom (UK)…

Maldives Marketing and Public Relations Corporation (MMPRC) has hosted successful roadshows in Lucknow, Jaipur, and Chandigarh, India. The event focused mainly on connecting with tour operators and travel agents from the Indian market to strengthen the trade relationships and maintain India as one of the top source markets for the Maldives. The roadshows also aimed to elevate individual products and experiences, aligned with MMPRC’s strategies for the Indian market. The roadshow first kicked off in Lucknow on July 17, which was followed by the second in the series at Jaipur on July 19, and the final show at Chandigarh on…

State Trading Organization (STO) has reported observing an increase in demand of pharmaceutical drugs in recent weeks. The largest state-owned enterprise (SOE) has said it continues importing pharmaceutical drugs and accessories with the instruction and guidance of relevant state bodies and ministries, with constant discussions. STO added that it imports medical supplies while ensuring the wastage is reduced. Amid the recent flu outbreak, of which multiple cases have already been reported across the Greater Male’ region already, STO assures that the necessary medical supplies will be available through dispensaries without interruption. Although the demand for the medicine related to the…

State Trading Organization (STO) has opened the first ever cashier-less smart store in the Maldives. STO redeveloped its retail outlet in Hulhumale’ Phase 1 into the smart store, which was officially opened by Maldives Vice President Faisal Naseem. The new outlet, earlier teased by STO’s Managing Director, was developed under the ‘grab and go’ concept, a popular retail shopping method in several foreign countries, which debuted to the world in 2016. All retail shopping process is carried with the usage of a digital application installed on the consumer’s smartphone, through which the customer can easily check out their items and…

SO/ Maldives, a sartorially-rooted retreated set on a private island surrounded by Emboodhoo Lagoon is eyeing for its debut in November 2023. The retreat lying just a 15-minute speedboat ride from Velana International Airport (VIA) harmoniously blends rare accessibility with exquisite privacy. Each of the 80 individually designed villas are nestled directly on its own white-sand beach or stilts above the lagoon. Created in collaboration with leading artists and fashion designers, the 80 over-water and beachfront villas embody inclusive luxury, perfectly suited to everyone from families to couples and traveler friend groups. The villa collection ranges from the 120 square…

Maldives Marketing and Public Relations Corporation (MMPRC) has announced a joint marketing campaign with TravelBag (DNATA UK), one of the world’s leading air and travel service providers. This partnership aims to promote the Maldives as the ultimate holiday destination among the target market, while targeting B2C audiences in the United Kingdom. The campaign which launched in May 2023 will be a year long affair, and will conclude in April 2024. The joint marketing campaign will reportedly leverage online, social media, and print channels to reach over 2.5 million unique impressions. TravelBag has over 40 years of experience and a reputation…

Consulting services provider FJS acquires membership of ‘Nexia’; a global network for independent accounting and consulting firms. Under the membership, FJS will be able to access sector-related knowledge and training from the network. FJS will be able to participate in discussions on various issues in the sector as well. Nexia is operated in more than 150 countries, and currently has over 270 member companies. Speaking about the partnership, FJS Managing Partner Fareeha Shareef said that the partnership will open up a range of opportunities, including acquiring global expertise of Nexia. “The Maldives is recognized as one of the world’s premium…

Maldives Monetary Authority (MMA) has acquired land from Hulhumale’ for MVR 211 million to develop its new office. Civil Court of the Maldives publicized the details of the transaction which proceeded through the court. Central bank has acquired a 43,400 square feet plot located near Hulhumale’ ferry terminal, and the authority is currently designing the building structure. According to an MMA media official, the decision to develop the office in Hulhumale’ was made to move away from crowded buildings in Male’ City. The official said this was aimed to enhance safety and security in the transfer of state funds and…