Author: Mohamed Reehaan

The Minister of Finance Dr. Mohamed Shafeeq met with the Acting Director General of the Islamic Development Bank Institute (IDBI) Dr. Sami Al-Suwailem on Sunday. Besides the Minister of Finance, the Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed was in the meeting as well. During this meeting, the ministers discussed on the development of the Islamic finance sector in the Maldives. Dr. Al-Suwailem underscored the importance of human capacity development and the engagement of youth. Minister Shafeeq was accompanied by Hussain Sham Adam, Deputy Minister of Finance along with other senior officials of the ministry.

The government of Maldives confirmed on Sunday, the Flat Committee’s works will conclude before the development of the housing flats complete in Hulhumale’ Phase II. This was confirmed by the Chief Spokesperson of the President’s Office Heena Waleed during a press conference, where she responded to media questions about the social housing scheme that is currently sluggish. She noted that some of these flats and towers are still under development, Heena said the committee’s works are expected to conclude soon. “We noticed several issues from the feedback provided by ACC. Work on the flats have not concluded, but the committee’s…

The first ‘Go Ahead’ nod under the Special Economic Zone (SEZ) Act has been provided to the development of a floating solar panel system in the Greater Male’ region. The initiative was approved during Ministry of Economic Development and Trade’s Board of Investment’s third meeting, held on Wednesday, April 24th, 2024. According to the ministry, the project was awarded to Canada’s Abraxas Power Corp, which will execute the initiative in partnership with Sungrow Power Supply Co Limited. Under the initiative, a 150-megawatt floating photovoltaic (PV) power plant and supporting infrastructure would be developed. Moreover, the ministry said additional finance will…

Housing Development Corporation (HDC) on Wednesday, has awarded the contract to a foreign company towards the development of a smart and sustainable warehouse complex in Hulhumale’. HDC signed the agreement with Rotime Engineering and Technology Co Limited for the development project, under which a smart warehouse complex will be developed to provide sufficient storage space for local small to medium enterprises. HDC Managing Director Ibrahim Fazul Rasheed signed the contract on behalf of the client and Rotime’s Managing Director Zhou Weidong signed on behalf of the contractor. The project, a contractor basic-financed initiative, will be completed within two years, HDC…

Maldives Customs Service reports a significant 64% export decline for the month of March 2024. According to Customs in its most recent statistics, exports for March 2024 reached MVR 124 million compared to an MVR 344 million in the same month last year. Imports, inclusive of fuel, rose 4% registering a total of MVR 4.4 billion, but excluding fuel, imports saw a decline of 4%, registering MVR 3.4 billion. The month is not favorable for Customs in terms of revenue as well, since it observed a 3% decline; reaching MVR 320 million compared to the MVR 330 million in the…

After failing to secure sufficient land in the southern city, Business Center Corporation (BCC) has once again launched efforts to develop a garment factory in Addu City, said Minister of Economic Development and Trade Mohamed Saeed. While speaking about the government’s economic policy and agenda on a ‘Sangu TV’ program, Saeed said the plot required for the factory has been assigned now. He added BCC management has begun efforts to launch the development project already. BCC previously attempted to establish the factory in Addu, but was not able to proceed since it failed to get the land needed for the…

HighRise Maldives has announced the 5th edition of Vacations Expo is scheduled for late April this year. The organizer confirms this year’s Vacations Expo will be held from April 25 to 27 at the Central Park, Hulhumale’. The expo will be open for visitors from 16:00hrs to 18:00hrs and then again from 20:00hrs to 23:00hrs on the event dates. This year, Maldives Immigration, Japanese Embassy, Saudi Arabian Embassy, as well as Melsta Hospitals, Bangkok Hospital, Whale Submarine Maldives, and Crossroads Maldives are among the exhibitor highlights. Ace Travels Maldives earlier signed on as the event’s main sponsor, while Inner Maldives,…

Fenaka Corporation on Tuesday, April 23, reported that it had imported two generators to Kulhudhuffushi City to solve the power interruption issues. Fenaka confirmed via X that it had procured, commissioned and mobilized two 600-kilowatt generators to Kulhudhuffushi City for installation at the city’s powerhouse. With the two new generators added, Fenaka hopes the city’s persisting electricity outages since last Ramadan gets resolved permanently. Earlier, the city faced regular blackouts after the control modules of three out of the seven active generators fried due to a transformer malfunction. Fenaka regularly cut power from various locations of the city for one…

Minister of Fisheries and Ocean Resources Ahmed Shiyam has met with the Chairman of Dongfang Electric Li Jianhua and a senior delegation to discuss the work program on the recently signed memorandum of understanding (MoU). The Maldives government and Dongfang Electric signed the agreement with the aim to develop processing plants in Lh. Felivaru, Dh. Maadheli, and GDh. Fiyoari. During the meeting, Minister Shiyam emphasized the need for project designs that “focus on innovation, automation, and green energy”. The plans need to adhere to these to ensure the Maldives fisheries activities remain the “cleanest and greenest fishery” globally, the ministry…

In celebration of its 6th anniversary, Tree Top Hospital carried out a successful internal blood donation drive from April 21 to 22, 2024. The initiative, part of the hospital’s ongoing commitment to social responsibility, saw a strong turnout from team members, including senior management members. The aim of the initiative was to directly benefit the communities and people who receive treatment at the Tree Top Hospital by increasing the blood stocks. The initiative also ensures that blood is readily available for patients requiring transfusions. Tree Top Hospital also said any surplus blood collected beyond the immediate requirements will be donated…