Author: Mohamed Reehaan
The State Trading Organization (STO) has announced its 2022 Annual General Meeting date. The largest state-owned enterprise in the Maldives will be hosting its AGM on 31st May, 20:30hrs at Hulhumale’ Central Park. All registered shareholders for the event can attend in person or online via Microsoft Teams Live Events – the meeting link will be shared with the registered shareholders. STO said that all shareholders registered in the company’s shareholders list before 24th April will be allowed to participate in the AGM. All eligible shareholders must register for the AGM through STO’s online portal before 20:30hrs of 30th May.…
Maldives Ports Limited (MPL) has listed a bond on the private equity market. MPL listed its bond on the Private Securities Segment of the Maldives Stock Exchange (MSE), “Viyana” platform. The bond is worth MVR200 million and has a one year borrowing period. The company is seeking to raise MVR50 million in equity through this bond listing, while borrowers will receive a 7% annual profit. MPL’s Chief Executive Officer Shahid Ali said that the company listed the bond to raise capital for its business expansion in light of economic growth. He also assured that the bond investors will receive their…
Addu City Council on Monday, 15th May, announced that the physical works for the city’s mega-scale land reclamation project will begin in June. The council said this, via a Facebook post, noting that the majority of the boundary wall installation for the planned reclamation zones has been completed. It added that the installation of the dredger pipelines in the zones is currently ongoing. “Physical works of dredging and land reclamation will commence in June”, the council said. The project was awarded to Netherlands’ Van Oord, and the company had already mobilized machinery and equipment to the project site in December…
Regional Airports Company Limited (RACL) has revealed on Monday, 15th May, of commencing installation of night landing systems in Hoarafushi and Maavarulu airports. The company expects completion of the system installation within a month while night aviation in both venues are expected to kick-off immediately after. RACL has begun installation of the systems in Hoarafushi and Maavarulu, a week after the successful landing of a night flight in Kulhudhuffushi City where they installed the system most recently. Meanwhile, official night flight schedule for Kulhudhuffushi City is expected to launch soon. RACL further said this introduction of night aviation in the…
The Maldives government has signed a USD40 million (MVR614 million) agreement with Saudi Arabia on establishing a small-to-medium (SME) impact fund. The memorandum of understanding (MoU) between the Maldives government and the Islamic Development Bank (IsDB) was held at the sidelines of its ongoing annual assembly. A delegation from the Maldives is participating in the assembly. Maldives Minister of Finance Ibrahim Ameer signed on the agreement on behalf of the government, while the bank’s Chairman and President Dr. Muhammad Al Jasser signed on behalf of IsDB. The IsDB President had congratulated the Maldives for its strong recovery from the Covid-19…
Maldives government files a lawsuit against India’s MM Export for failing to pay a fine of MVR 110 million despite eight years of attempts to secure compensation. In 2015, a barge operated by MM Export capsized on Kaafu atoll Fushidhiggaru reef. Following the incident, the local courts ordered the company to pay a fine of MVR 110 million. However, after eight years since the court order, MM Export has failed to settle the fine with Maldives government. Following the company’s failure to settle the fine, Maldives government has filed a lawsuit against MM Export. MM Export, known for multiple marine…
Maldives government has announced installation of 20MWp solar PV systems in 20 inhabited islands in the Maldives under Public-Private Partnership model. The project is carried out with the support from Asian Development Bank (ADB), and is part of the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) Project; which will support capital intense investments (battery energy storage, grid upgrades, and energy management systems) to support renewable energy development. The Ministry of Finance has invited interested bidders to submit for the project. The ministry will conduct International Competitive Bidding (ICB) according to the Public Finance Regulations. Interested bidders are required to…
The State Trading Organization (STO) has integrated m-Faisaa digital payment option through STO People’s Choice, under the partnership with Ooredoo Maldives. According to STO, customers can now easily use m-Faisaa application to scan the QR code and make payments for their purchases from STO People’s Choice. Speaking about the partnership, STO Managing Director Abdulla Saeed said that the company is always seeking for innovative methods to improve customer service and increase customer satisfaction. He also said that the introduction of Ooredoo’s digital wallet will enhance STO’s commitment to improve customer convenience. Ooredoo Maldives Managing Director and Chief Executive Officer Khalid…
The Maldives nominal Gross Domestic Product (GDP) is expected to exceed MVR100 billion for the first time ever, said the Minister of Finance Ibrahim Ameer. The minister tweeted, stating that this was a “testament to the sound macroeconomic policies adopted by the government to achieve steady growth despite the multiple crises” the Maldives faced. He also noted that despite the challenges posed by the Russia-Ukraine war and the outbound travel restrictions by China due to the Covid-19 pandemic, tourist arrivals increased 26.7% in 2022 compared to 2021. Moreover, this represents a recovery of 98.4% of the pre-pandemic levels observed in…
Tourist arrivals to the Maldives has exceeded over 700,000 as of 10th May, according to the Ministry of Tourism. As per the latest updates from the ministry, total tourist arrivals in annual terms reached 731,783 indicating the arrivals were less than 300,000 shy from reaching 1 million. The Maldives government earlier announced an annual arrival target of 1.8 million for the year. Meanwhile, the Minister of Tourism Dr. Abdulla Mausoom said that this figure was likely to increase by 10% with the resumption of the Chinese tourist market. Chinese tourist market resumed arrivals earlier in January 2023, and is currently…