Author: Mohamed Reehaan

The SME Development Finance Corporation (SDFC) has disbursed over MVR 1.6 billion of loans in the past four years. According to the state-initiated financial institution, it has issued a total of MVR 1,672,733,086 in collective loans to a total of 1,387 parties. Breakdown of Loans Startups: MVR 296,869,791 to 402 parties Assets: MVR 475,275,010 to 241 parties Business Expansion: MVR 266,000,358 to 218 parties Business Support/Aid: MVR 159,522,917 to 215 parties Local Tourism: MVR 395,705,472 to 183 parties Agriculture: MVR 10,524,135 to 35 parties Marine: MVR 1,295,000 Covid Stimulus Package: MVR 54,541,017 to 82 parties The financial institution also provides…

Fuel Supplies Maldives (FSM) is gearing up to add two new barges to its fuel supply operations. According to the company’s Managing Director Mohamed Gasam, the addition of two new vessels to its fuel supply operations will improve its services and enhance faster supply of fuel to customers. In 2019, FSM had entered an agreement with an Egyptian firm to develop four fuel supply barges. Two out of the four were brought to the Maldives and added to FSM’s fleet last year, while the last two have traversed across Suez Canal and were enroute to the Maldives. The recent two…

Maldives State Shipping (MSS) has appointed Captain Mohamed Nazim as the company’s new Managing Director. He has been appointed to the top managerial position after its previous Managing Director Abdulla Saeed was appointed as the new front man of the State Trading Organization (STO). Prior to his appointment, Nazim was the Executive Director of MSS and previously filled the company’s General Manager’s designation as well. Nazim has worked as the Second and Third Officer at Olendorff Carriers for six years, and worked as the Chief Officer at Netherlands’ Wilhemsen Holding ASA. He also worked as a First Officer at Hong…

The Maldives government has decided to sell the shares it owned in various tourist resort properties across the country, confirmed the Minister of Tourism Dr. Abdulla Mausoom. The Ministry of Finance recently had announced that the state was looking to sell shares it owned in three islands designated for tourist resort development. The islands are; V. Bodumohoraa Investment Private Limited Sh. Naainfaru Holdings Private Private Limited Sh. Hurasfaru Holdings The ministry meanwhile, is seeking interested parties to valuate its shares. Dr. Mausoom said that the state decided on selling its shares owing to lack of profitability from the three properties,…

The year-to-date total of government expenditure reached MVR12.8 billion as of 13th April 2023, reported the Ministry of Finance. According to the ministry, the cumulative total of revenues by the same review date reached MVR9.8 billion; 75% of the revenues collected to the state came from tax-sources. The overall balance for the period is a deficit of MVR2.98 billion. The year-to-date tax-revenue total by the review date stood at MVR7.3 billion, which is an approximate 1.5 billion improvement from the corresponding period in 2022; during which tax-revenues stood at 5.8 billion. Non-tax revenue total as of 13th April stood at…

The demand for locally popular chili produced in Thaa atoll Kandoodhoo drops as Ramadan heads to a wind up. With nearly two or three left of the Islamic holy month, food preparation or the culinary requirements both in the personal and commercial spaces have begun to fizzle out. The loss in demand, coupled with its naturally shorter shelf life against the now longer hours the produce spends on shelves or isles mean that vendors and businesses have begun discarding large quantities of chilis that have wilted or gone bad. The chili was traded between MVR 80 and MVR 90 per…

The Regional Airports Company Limited (RACL) announced leasing plots near the airport in Gaafu Dhaalu Faresmaathoda for the development of tourist properties. RACL will be announcing lease of 18 plots from the airport vicinity, and said interested parties can submit tenders before 14:00hrs of April 26, 2023. Proponents seeking tender document details will receive the information upon inquiry, said RACL. Guesthouse properties will either provide temporary lodging for transit guests, and full local-tourism experience for budget tourists. The airport venue is located away from the island’s settlement, making the establishment of a local tourism scene close the port an ideal…

The Maldives government has contracted Heavy Force Private Limited with the shore protection project in K. Thulusdhoo. The project launched to alleviate continued soil erosion of the island is mounted on a total cost of MVR 36.1 million. Heavy Force is contracted to complete the project under four months. The Director General of the Ministry of National Planning, Housing and Infrastructure Fathimath Shaana Farooq signed on behalf of the state while the Managing Director of Heavy Force Ibrahim Zameer signed on behalf of the contractor. Project scope; 06 rock-boulder breakwaters: 70 meters each 02 rock-boulder Y-groynes: 50 meters each Rock-boulder…

Maldives State Shipping (MSS) has announced it was preparing to launch shipping operations to Kulhudhuffushi and Addu cities. The state shipping corporation, a subsidiary under State Trading Organization (STO) is now seeking a vessel to launch operations for the new routes. MSS had previously operated a shipping vessel between Addu and Tuticorin, India, launched in October 2020. The operation came to a halt in March 2022 owing to lack of local industry support. During the operational period between Addu and Tuticorin, MSS operated a 4,000-ton capacity vessel whereas the combined total of imports by Addu City entrepreneurs did not exceed…

Tourist arrivals to the Maldives on a year-to-date basis has reached a total of 611,570 as of 16th April 2023, reported the Ministry of Tourism. According to the ministry’s recent statistics, tourist arrivals in annual terms has observed a 19.1% increment compared to the corresponding period in 2022 during which arrivals stood at 513,412. Tourist arrivals reached a total of 172,499 in January; a 30.9% increment compared to the same month last year, in February the arrivals stood at 177,915; a 19.4% increment from February 2022, and in March total arrivals reached 173,514; a 15.1% increment. Meanwhile, tourist arrivals from…