Author: Mohamed Reehaan

Singapore Airlines announced increasing their passenger carrying capacity to Maldives, bring in an Airbus A350 into operation. The Singapore national airline launched its large commercial craft’s operations to the Maldives Sunday, 30th October. Maldives Airports Company Limited (MACL) informed flights are scheduled to operate to Maldives on Sundays, Thursdays and Saturdays every week. MACL also confirms the Airbus A350 holds twice the passenger capacity than its contemporaries under Singapore Airlines’ fleet. The airline is currently ranked the Best Airline in Asia of 2022 on Skytrax. Singapore Airlines currently operates two daily flights to Maldives, using Boeing 8-787s. These commercial carriers…

French national carrier, Air France, launches direct flights to the Maldives ahead of the island nation’s tourism peak season. Air France will reportedly operate from Charles de Gaulle Airport, Paris to Velana International Airport (VIA). Maldives Airports Company Limited (MACL) confirms Air France will operate three weekly flights, using their Boeing 737 “Dreamliner” commercial carriers. French national carrier launched their direct flight operations to the Maldives in 2017. It has since then continued to operate to the Maldives route every year during the winter season. Meanwhile, several international carriers have resumed their direct flight operations to the Maldives ahead of…

Minister of Finance Ibrahim Ameer has announced, on Monday, 31st October, the necessity for a MVR5.8 billion supplementary budget for 2022. The original state budget for 2022 fell short due to surged state expenditure in light of global economic conditions adversely impacting the island nation. Global economy felt the brunt following Russia-Ukraine war that embroiled the region earlier in 2022. Minister Ameer noted on the need for the supplementary budget during Monday’s parliamentary sitting. He addressed the Russia-Ukraine war’s impact, specially driving up global oil prices which was felt in the Maldives; a heavily fuel-reliant nation. Fuel subsidy originally at…

For the sixth time in this decade, Lily Beach Resort & Spa Maldives has won the Maldives’ Leading All-Inclusive Resort title at the World Travel Awards 2022. The award was presented to the resort at the 29th annual WTA. For this win, the team from Lily Beach said, “We are thrilled that the resort has been crowned the Maldives’ Leading All-Inclusive Resort, and we would like to thank all our friends of the resort for voting for us. Each guest may come as a stranger but they leave as a friend, and we are always delighted to hear when we…

Ministry of National Planning, Housing and Infrastructure (MNPHI) has awarded two new infrastructural development projects to Maldives Transport and Contracting Company (MTCC). MTCC was awarded the harbor upgrade project in HDh. Neykurendhoo, and the shore protection project in R. Innamaadhoo. Signing took place between the parties on Monday afternoon, 31st October. The Director General of MNPHI Ms. Shana Farooq signed on behalf of the state, while MTCC Chief Operating Officer Mr. Shahid Hussain Musa signed on behalf of the contractor. Harbor upgrade project in Neykurendhoo Project scope includes; Development of 212-meters quay wall block Construction of 166 meters of revetment…

Maldives Transport and Contracting Company (MTCC) has reports a quarterly revenue of MVR593.41 million, for Q3-2022. The company observed a mild increment in its revenue for the review quarter, compared with the preceding Q2-2022, during which revenue stood at MVR593.11 million. According to the country’s largest construction contractor, its operating profit for the review quarter reached MVR72 million, which fell from MVR94.54 million in Q2-2022. While cashflow per share increased to MVR20.35 from MVR13.95, and net asset value per share improved moderately to MVR198.22 from MVR191.21, MTCC observed a drop in their earnings per share; which slipped to MVR5.05 from…

After extended suspension of its flight operations to the Maldives, Kuwait Airways has announced resuming its flights coinciding the island nation’s peak tourism season. First flight of Kuwait Airways following resumption landed at Velana International Airport (VIA) on Monday, 31st October. Maldives Airports Company Limited (MACL) confirms the airline will operate two weekly flights, via their Airbus A320s between Kuwait International Airport and VIA. Arrivals from Kuwait have significantly picked up, recording 6,309 arrivals from the country by the end of September 2022, a 99.4% increment from the 3,164 arrivals from the country during the corresponding period in 2021.

State Trading Organization (STO) has reported a revenue total of MVR4.62 billion for the third quarter of 2022. According to the country’s largest state-owned enterprise (SOE), its revenue observed a quarterly decline. In Q2-2022, STO reported a quarterly revenue of MVR4.9 billion. The enterprise reported a gross profit of MVR515.3 million in Q3-2022. Which is an MVR57.8 million improvement from preceding Q2-2022, during which gross profit stood at MVR457.5 million. Moreover, STO’s operating profit for the review quarter stood at MVR255.1 million, whereas in the preceding quarter its operating profit stood at MVR216.5 million. Profit before tax in Q3-2022 stood…

Maldives Civil Court ruled recently that the government is not liable to pay MVR74 million as reparations for its seizure of GDh. Kautihulhudhoo. The island has been leased for agricultural and poultry purposes. In 2013, government leased the island to Sunny Farm, but repossessed the island back in 2020 citing insufficient work carried out in the part of the private business. This was a violation by the company towards the contractual agreements between the parties. Sunny Farm contested the claim citing presence of a third-party in the island. The company filed for USD4.8 million in damages at Civil Court last…

Bank of Maldives (BML) has posted its financial performance for 2022 third quarter. The bank reports a net profit after tax of MVR367 million, and an operating profit of MVR694 million, a 17% increment from the preceding quarter this year. Business volumes across all key sectors remained strong, while the bank maintained a quality loan portfolio. The capital and liquidity ratios of the bank were well above regulatory requirements. The newly appointed Chief Executive Officer, Mr. Karl Stumke spoke about the bank’s strong Q3 performance. “This quarter’s financial performance is encouraging with all core business lines performing well. We will…