Author: Mohamed Reehaan

Housing Development Corporation (HDC) on Tuesday announced the lessees who have rented plots from Thilafushi Phase 1 and 2 for industrial purposes, can now apply for the ownership of these plots. HDC said interested lessees can now apply for proprietorship of the plots taken on rent, via writing. Earlier, HDC had announced on May 02, 2024 bid opportunities for 108 unsold plots from Zone A – Area B of Thilafushi, for industrial purposes. The plots were categorized into three types. Type 01: 2,500 to 4,999 square feet – 64 plots Type 02: 5,000 to 9,999 square feet – 42 plots…

Maldives Marketing and Public Relations Corporation (MMPRC) hosted a familiarization trip with Amilla Maldives for high-end Indian influencer, Niki Mehra from May 03 to 06, 2024. The familiarization trip was a a great opportunity for Mehra, a renowned Indian model, fashion, beauty, and travel content creator and social media influencer with over half a million followers. Her trip promoted the luxury and Sunny Side of Life of the Maldives through social media platforms of Mehra, while highlighting experiential itinerary offerings fo the Maldives. Mehra’s trip will also serve as fresh impetus for the Maldivian tourism board and industry to boost…

The government collected MVR 8.89 billion revenue in the first quarter of 2024, reports Maldives Inland Revenue Authority (MIRA); a 21.3% increase compared to the same quarter in 2023. Quarter Highlights Tourist arrival increment for the taxable period of Q1-2024 (from December 2023 to February 2024) by 13.1% compared to same quarter last year Taxable bed-nights subject to green tax reported via the green tax returns submitted for Q1-2024 increased by 7.5% compared to the same quarter in 2023 Departures from December 2023 to February 2024 increased by 7.4% when compared to corresponding quarter of 2023 Revenue Composition For the…

The United Nations Development (UNDP) and the Ministry of Economic Development and Trade are co-hosting the Asia-Pacific Blue Economy Forum in the Maldives, from May 13 to 14, 2024. The forum is convened by UNDP’s Climate Finance Network (CFN), generously supported by the Foreign, Commonwealth and Development Office (FCDO). This forum is part of CFN’s regional convenings to share knowledge and innovative practices to explore financing options for investments in the blue economy in Asia and the Pacific. The Asia-Pacific Blue Economy forum brings together government bodies, private sector representatives, civil society organizations, and practitioners from 15 countries to discuss…

According to the statistics updated by the Maldives Inland Revenue Authority (MIRA), the Maldives government collected MVR 2.11 billion in revenue in April 2024. Statistics showed the revenue collected in the review month is 13.6% up compared to the same month in 2023, which was due to the increment in the collection of GST, Airport Taxes and Fees, and Green Tax. Additionally, the total revenue collected is a 4.8% increment from initial projections, which is due to the increase in GST, Airport Taxes and Fees, and Green Tax collections. Tourist arrivals in March 2024 increased by 8.3% compared to the…

Bank of Maldives (BML) on Monday, announced the introduction of Weixin Pay, or WeChat Pay in overseas markets, as a payment method on its Point-of-Sale (POS) terminal network. This allows merchants to accept QR payments from the popular Chinese app, while the app was previously only available on BML Payment Gateway. “We have started the rollout of WeChat Pay at merchants at Velana International Airport’s duty-free shopping. By accepting WeChat Pay on the Bank’s POS network, we are paving the way for more than 1 billion active users of the Weixin and WeChat platform to make payments at merchants across…

The Indian government has extended USD 50 million in budget support to the Maldives government on Monday, May 13, 2024. Indian government’s support was in the form of a rollover of USD 50 million Treasury Bills (T-Bills), for an additional year, through the State Bank of India (SBI) Male’. Three T-Bills, each USD 50 million were subscribed by SBI during former President Ibrahim Mohamed Solih’s administration, with the rate of interest on each paid annually by the Indian government. While one of these bills matured in January 2024, the second bill will mature this May. For the third, SBI has…

The Maldives Association of Tourism Industry (MATI) has called out to all the relevant industry stakeholders, including those in tourism and construction sectors, to adhere to Environmental Protection Agency (EPA)’s order to halt ongoing land reclamation projects. EPA made the demand last Thursday, calling to stop all ongoing land reclamation initiatives until June 10, 2024. The agency said that this was to ensure no irrecoverable damages or harm were done to reefs during the now ongoing mass coral bleaching event. MATI said on Sunday, that it supported EPA’s demand, and implored stakeholders to respect the call. “We are confident that…

The Ministry of Economic Development and Trade and the International Free Zone Authority (IFZA) from Dubai signed a memorandum of understanding (MoU) towards the development of the special economic and financial services zone at Funadhoo and the Maldives Economic Gateway in Ihanvandhippolhu. The MoU was signed at a ceremony held at Meerumaa Hotel on Sunday, and was attended by high-level delegates of the Maldives government and IFZA. Minister of Economic Development and Trade Mohamed Saeed signed the agreement on behalf of the state, and Chairman of IFZA Martin Pedersen signed on behalf of the contractor. According to the ministry, the…

Canareef Resort Maldives has been crowned the winner of the prestigious TripAdvisor Travellers’ Choice Award 2024. This recent award win places Canareef among the top 10% of the hotels worldwide, as recognized by millions of TripAdvisor travelers. Every year, TripAdvisor gathers reviews and ratings from travelers across the globe to identify the most beloved businesses across multiple categories. Based on exceptional feedback from valued guests, Canareef Resort Maldives has earned its place other elite establishments. This award is a testament to the “unwavering dedication” of the Canareef team in providing exceptional service and creating unforgettable experiences to the guests, the…