Author: Mohamed Reehaan
Maldives President Dr. Mohamed Muizzu has revealed the government’s plans to adopt a reform policy to improve the state’s finances and bring debt and fiscal conditions to sustainable standards. President Muizzu made the remarks during his Presidential Address at the inaugural session of the People’s Majilis (Maldives Parliament) for 2024. In his address, President Muizzu announced the current administration was taking steps on reducing expenditure. The government has started replenishing the sovereign fund with US dollars amidst this plan, and are now exploring new avenues to retain foreign currency within the Maldives. The government further decided to limit the appointment…
The latest tourist arrival update posted by the Ministry of Tourism reflects a similar observation of the pre-Covid era as China takes helm as the top tourist market to the Maldives. The market, which resumed to the Maldives on January 1, 2023 failed to reach to the top two positions throughout last year; however, the resumption of Hong Kong direct arrivals to the Maldives earlier in 2024 has boosted the overall Chinese tourist arrivals to the Maldives. As such, the market has landed in the top spot with a total of 23,972 arrivals as of February 4, 2024; which is…
Maldives President Dr. Mohamed Muizzu has established the Maldives Fisheries and Ocean Resources Marketing and Promotion Limited (MFORMPL) on February 4, 2024. The new government-owned company, fully vested with 100% of the state’s stake, carries fixed liabilities, reports the President’s Office. President Dr. Muizzu set up the company per the authority granted to him under Section 15 of the Companies Act (7/2023), and the announcement was made by the President in the decree (Decree No. 03/2024). The Maldives President established the new company with the primary objective of expanding the Maldivian fishing industry, and enhancing the social benefits by promoting…
Regional Airports Company Limited (RACL) has announced the appointment of a new Executive Director to its board. RACL on Tuesday, January 30, 2024 announced the appointment its Deputy Managing Director Ibrahim Shahid as the new Executive Director of the board of directors. “Mr. Shahid brings with him a wealth of experience garnered from his previous roles in the ICT field,” RACL said in a post on X (formerly Twitter).
Ooredoo Maldives has scheduled its next Annual General Meeting for March 2024. The telecom and internet service provider also set the record date for Thursday, February 15, 2024 at 14:00hrs. The period is important for shareholders to determine their eligibility for dividends for the year 2023 and their participation rights in the AGM. Ooredoo Maldives said that shareholders registered with the company by the cut-off date can attend the AGM slated for March, cast their votes in person or by proxy, and be eligible for dividend. Additional details about the AGM, including the notice and agenda will be made available…
Maldives Ports Limited (MPL) announced the conclusion of the most recent internship program held by the corporation. Following the conclusion of the two-week program, the participants were given certification acknowledging their participation. The closing ceremony was held at Meerumaa Events Hall on Sunday, January 28, 2024. The closing ceremony was attended by the Minister of Youth Empowerment, Information and Art Ibrahim Waheed along with senior officials of MPL, including its CEO Mohamed Wajeeh Ibrahim.
The quarterly revenue for the fourth quarter of 2024 reached to a total of MVR 5.91 billion, reports Maldives Inland Revenue Authority (MIRA). According to MIRA, the quarterly revenue for Q4-2023 is a 10% increment compared to the corresponding quarter in 2022, and a 10.4% increment from initial projection. This improvement comes mainly due to major increase in revenues observed for TGST, GGST, Green Tax, Tourism Land Rent, and Airport Taxes and Fees. Additionally, the Expatriate Quota Fee commenced during 2023; which too contributed towards the revenue increment. Moreover, Tourism Land Rent for Q4-2023 and the first quarter of 2024…
Dusit Thani Maldives has been nominated in two categories for the esteemed Travel + Leisure Luxury Awards 2024. The recognition, Dusit Thani Maldives said, is testament to the resort’s commitment and dedication in providing unforgettable experiences to guests. Voting for the awards is open, and will expire on March 31, 2024. Dusit Thani Maldives has been nominated in the Maldives Resort category and the Maldives Resort Pools category at the awards. The Travel + Leisure Luxury Awards is a prestigious recognition program celebrating excellence in the luxury travel industry around the globe.
State Trading Organization (STO) reports generating a quarterly revenue of MVR 4.02 billion in final quarter of 2023. The largest state-owned enterprise (SOE) in the Maldives generated a net profit of MVR 183 million in the review quarter; which is slightly lower than the net profit of Q3-2023 registered at MVR 196 million. The operating profit on the other hand registered MVR 259 million in the review quarter, which is notably lower than the operating profit in the preceding quarter; registered at MVR 315 million. Total expenses of the company in the review quarter stood at MVR 308 million, which…
Up-and-coming local hospitality brand, Stone Hotels opens its first premium beach property in the Maldives, located in Dhiffushi. The new property boasts of 50 elegantly designed rooms and suites, and offers a unique blend of nature, culture, and comfort for visitors. Dhiffushi is located in North Male’ atoll, lying 35 minutes away by speedboat ride from Velana International Airport (VIA). The new hotel offers a variety of dining options which range from all-day dining and multi-cuisine a-la carte restaurant ‘Aanu’ to the steak and seafood grill restaurant ‘Picanha Steakhouse’ to rooftop cafe’ with infinity pool ‘Infinity Lounge’. Guests can visit…