Author: Mohamed Reehaan

Tourist arrivals to the Maldives have reached close to hitting 400,000 as of 07th March 2023. According to the Ministry of Tourism, statistics indicate the total tourist arrivals stood at 393,839 as of the review date which is a 24.2% increment when compared with the corresponding period in 2022 during which arrivals stood at 317,111. While tourist arrivals stood at 172,499 in January and increased moderately to hit 177,914 in February, the arrivals from 01st to 07th March stood at 43,426. The arrivals in March so far are a 19.5% increment compared to the same duration last year during which…

The Consumer Price Index (CPI) of the Maldives has risen by 0.96% in January 2023 from December 2022. Food and non-alcoholic beverages observed a 1.26% increment in price while furnishing household equipment prices including carpets, and other floor coverings increased by 1.23%. Additionally, prices increased by 4.34% from restaurants and other accommodation services while recreation and sports observed a 1.11% increment, and health sector prices observed a 1.23% increment. Other notable price increases were observed in tobacco and areca nut prices by 4.34%; fish by 1.65%; transport sector by 1.03%, personal care, and social protection prices went up by 1.93%,…

State Electric Company (STELCO) Managing Director Ahmed Shareef said the company will propose an additional allowance to female employees applying for technical positions. According to Shareef, the company’s management will submit the proposal to its board of directors for a decision. Shareef made the announcement during the ceremony held to celebrate the International Women’s Day, welcoming the Islamic month of Ramadan, and the lucky draw event to award Hajj and Umrah trips to four of its employees. Speaking at the ceremony, Shareef highlighted the company had a higher number of male employees. Shareef said that the company currently employed over…

The Maldives government announced seeking consultancy services for the design and supervision of the 400 housing units at Hulhumale’. The initiative titled Affordable Housing Scheme Project is funded by the Saudi Fund for Development (SDF). The successful consultancy firm selected for the project will be required to prepare the tender documents, undertake and prepare Environmental Impact Assessment (EIA) report, review detailed design, and supervise contractors’ works. The firm will be selected according to the Quality and Cost-Based Selection (QCBS) policy of the Ministry of Finance, in accordance with the procedure specified by SDF’s “Guideline for the use of Consultants”.  The…

Hard Rock Hotel Maldives has launched the “Rock & Soul Month”; a full 31-day health and fitness festival. The health and fitness program launched on 09th March will run until 07th April 2023. The program features activities ranging from morning runs, beach yoga, self-defense to dance fitness, aqua gym, strength sessions, and nutrition and lifestyle classes. During the health and fitness month, the program can be personalized by the guests to fit their unique needs. In addition to a holistic fitness program running a month long, Hard Rock Hotel Maldives has also introduced a new spa package dubbed “Aloha Package”…

State Electric Company (STELCO) has offered trips to Saudi Arabia to four of its employees to perform the Islamic sacred acts of Hajj and Umrah. The winners were selected through a lucky draw on Wednesday evening, 08th March at Kudagiri Picnic Island, on the sidelines of celebrating International Women’s Day as well as welcoming the Islamic holy month of Ramadan. STELCO earlier announced the opportunity to all of its employees, and the utility provider announced 96 male employees and 22 female employees were eligible for Hajj. From the total applicants to the Umrah offer, STELCO reported 262 male employees and…

Coconut prices have increased in the Maldivian market. According to local market vendors, coconuts that went for MVR 300 per bag are now sold at MVR1,600 per bag. Meanwhile, the current market rate of a single coconut is between MVR 15 and MVR 35. Three months ago, coconut was sold between MVR 250 and MVR 300 per bag while a single coconut was sold between MVR 5 and MVR 15. Coconuts are usually brought from all across the country, with the highest contributions made from HA. Kelaa, AA. Thoddoo and K. Kaashidhoo with Laamu atoll and Addu City made notable…

Euro Marketing’s bonds sold out completely in two months, reported First National Finance Corporation; the retail venture’s lead agent. The local retailer announced its bond sale on 29th December 2022. This was the first time a private company announced the sale of bonds in the Maldives. Bonds are financial instruments generally used to raise capital for private and public companies. They are usually long-term financial loans or borrowings and unlike commercial bank loans, bonds may attract more than one investor. Euro Marketing announced the sale of MVR 25 million worth of bonds at a 7.5% interest rate, which is comparatively…

Velaa Private Island disbursed the highest service charge for February 2023. According to Resort Workers Maldives, a website that puts regular updates of service charge disbursements from Maldivian tourist resorts, Velaa Private Island paid a service charge of USD 2,431.67 (MVR 37,496.35) to each of its employees. Top 10 Service Charge Disbursements (by tourist properties) Velaa Private Island: USD2,431.67 | MVR37,496.35 The Ritz-Carlton Maldives, Fari Islands: USD2,407.83 | MVR37,128.74 Cheval Blanc Randheli: USD2,243.53 | MVR34,595.23 Waldorf Astoria Maldives Ithaafushi: USD2,005.67 | MVR30,927.43 One & Only Reethi Rah: USD1,556.00 | MVR23,993.52 Four Seasons Maldives: USD1,387.00 | MVR21,387.54 Riu Hotel & Resorts:…

The Maldives Marketing and Public Relations Corporation (MMPRC) and industry partners have flown to Berlin, Germany to take part in this year’s ITB Berlin 2023. This year, the convention’s motto is “Mastering Transformation”, and the event is regarded as one of the largest travel-trade fairs in the world. The Maldivian contingent reportedly consists of 233 travel trade professionals and representatives of various travel industry businesses. The contingent will be in Berlin from 07th to 09th March to partake in the three-day event, and marks the first time Maldives is participating in the fair since 2019. MMPRC expects high-profile visits including…