Author: Mohamed Reehaan
The Ministry of Economic Development has introduced initiatives to offer grants of USD6,500 to 200 small to medium enterprises (SMEs) in the Maldives. Under the Maldives: Enhancing Employability and Resilience of Youth (MEERY) project, funded by the World Bank, the grants for women-led businesses and grants for tailoring businesses programs have been launched. The inaugural ceremony was held in Addu City, presided by the Minister of State for Economic Development Neeza Imad. The programs aim to foster and support SMEs by providing financial aid, training, and technical assistance. Moreover, the programs specifically target micro businesses registered under the Small and…
BEOND, the world’s first premium luxury airline has recently opened its office in the Maldives. The airline’s Male’ office was officially inaugurated by the State Minister of Transport Ahmed Zuhair, along with CEO of BEOND Tero Taskila and SIMDI Group CEO Dr. Mariyam Shakeela. Speaking at the opening ceremony, BEOND CEO Tero Taskila said that the company aims to operate direct international flights from the Maldives to 60 destinations worldwide within five years of commencement. Taskila further said that this expansion will create several employment opportunities. “By the end of this year, we aim to hire 200 employees. Once the…
Urbanco announces availability of two premium commercial spaces for rent at Hulhumale’ container park. The spaces will provide entrepreneurs and businesses seeking locations for the cafe’ and fast food ventures an ideal opportunity to start their businesses. The ground floor of the park, a total of 1,188 square-feet container will be allocated for a fast food outlet and the cafe’ will occupy a 1,165-square-foot container. The properties will be made available for a five-year period. Urbanco announced an initial rent of MVR15 per acre for the first year, with subsequent years priced at MVR25 per acre for the remaining four…
Hulhumale’ Smart Parking announced availability of 23 parking spaces for lease through a tender. This is also the first-ever smart parking zone in the Maldives, located near the Hulhumale’ ferry terminal. Interested parties are required to participate in the bidding process before 07th June 2023. The bidding will commence on the same day. Urbanco announced that the starting price for the parking slots will be set at MVR1,500. Allocation of the slots will be determined using a point-based system, where each bidder will receive a certain number of points based on their bid. The bidders with the highest points will…
The Maldives government generated a total income of MVR1.86 billion in April 2023, reported the Maldives Inland Revenue Authority (MIRA). According to the authority, this total is a 13.2% from the revenue earned in the same month in 2022. MIRA said the revenue for the review month was higher due to the increment in the collection of Goods and Services Tax (GST), Income Tax, Tourism Land Rent, and Green Tax. Additionally, tourist arrivals of March 2023 increased by 15.1% compared to March 2022, which led to the increment in tourism-related taxes and fees carried forward to April. However, the revenue…
The cumulative total of state expenditure has reached MVR 16.5 billion as of 11th May 2023, reports the Ministry of Finance. According to the ministry, the cumulative total of state revenues as of the review date stood at MVR12.3 billion. The government has utilized 67% of its budget on recurrent needs and the remaining 33% on capital needs. On the other hand, state earned 75% of its revenue from tax sources and the remaining 25% from non-tax sources. The overall balance for the period is a deficit of MVR4.2 billion. Revenues and Grants Tax Revenues: MVR 9.2 billion Non-Tax Revenues:…
The total tourist arrivals to the Maldives has exceeded 750,000 as of 15th May 2023, reports the Ministry of Tourism. According to the ministry’s recent statistics, tourist arrivals on a year-to-date basis stood at 751,101 by 15th May, indicating a 16.7% increase from the same period in 2022 during which arrivals stood at 643,742. Tourist Arrivals – Monthly January: 172,499 February: 177,915 March: 173,514 April: 164,357 May (01st to 15th): 62,816 Top 10 Markets of 2023 (as of 15th May) Russia: 88,841 India: 83,729 UK: 69,417 Italy: 58,828 Germany: 55,088 China: 38,957 USA: 30,906 France: 28,205 Switzerland: 18,472 South Korea:…
Corinthia has signed a hotel management agreement to operate a luxury resort in the Maldives. Corinthia signed with resort developer Maarah Private Limited, a Maldivian company affiliated with Maarah Holdings Ltd, a United Arab Emirates (UAE) company registered within the Dubai International Financial Center. This is part of the Niro Investment Group, an investment company from Romania which is expanding its international operations in the Middle East and South Asia. Reports confirm that early works on reclamation and the first phase of the resort’s development, located in Kaafu atoll, have commenced. The property will feature two islands hosting a 73-key…
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…