Author: Mohamed Reehaan
Maldives government has contracted Maldives Transport and Contracting Company (MTCC) for multiple developmental projects. The projects include; Road construction project at AA. Ukulhas Airport development project at F. Magoodhoo Signing for the projects took pace on Wednesday, 19th October 2022. MTCC CEO Adam signed on behalf of the contractor, while the Director General of Ministry of National Planning, Housing and Infrastructure (MNPHI) Fathimath Shana Shafeeq signed on behalf of the state. Ukulhas Road Construction Project Project scope involves development of 10 roads spanning 2,678 meters. Sewerage and drainage systems will be installed, along with sedimentary tank and cable junction box…
State Electric Company (STELCO) has confirmed a leak in one of the outflow pipes resulting in water displaced to Boduthakurufaaru Magu, Male’ City. The outflow pipes carry water from the cooling units, used to maintain temperature of the power generators. STELCO has requested permission from Male’ City Council to commence repair works. Permission from the authority is required since repair works will involve cordoning off parts of the outer main road. Moreover, the utility company requested from the council on multiple occasions for the permission, which however was not responded to by the authority. Delays in providing permission by City…
Ministry of National Planning, Housing and Infrastructure (MNPHI) is gearing to open Kudagiri Picnic Island for the public by the end of November 2022. According to the ministry, the picnic island project has entered the final preparation phase. The news was confirmed by the ministry’s State Minister Akram Kamaluddin. Originally scheduled for a 26th July unveiling, the project was pushed back owing to unfinished project components; including landscaping and greenery works. The ministry’s State Minister affirms landscaping and greening efforts are prioritized with several tree planting schemes. The state minister further confirms 95% the islands facilities and amenities have been…
State Trading Organization (STO) has signed a sponsor agreement with Football Association of Maldives (FAM), as the main sponsor for the “South League” qualification of Dhivehi Premier League 2023-2024. FAM introduced the new league system, which focuses on the North, Central and South zone leagues. This marks a major transformation in the Maldivian Football league. The new format supports the future of football, as it retains the principle that the zone performance should be key to the qualification and ensures teams from the zones get deserved opportunity to play in the Dhivehi Premier League. STO is sponsoring the South League,…
Ministry of Finance has revealed state is owed more than one billion Rufiyaa in tourism-related taxes and fines including TGST and Green Tax. The ministry disclosed the information as a response to an inquiry from Parliament MP Ibrahim Rasheed, over taxes owed to the government. In a written response, Minister of Finance Ibrahim Ameer confirmed tax receivables of more than MVR632 million in TGST as of 31st August, with a penalty of MVR240 million. Total amount of TGST including penalty owed to the state is at MVR872 million. Additionally, as of 31st August, Green Tax receivables to state, not settled,…
Maldives becomes recipient to multiple accolades under the Indian Ocean category of World Travel Awards 2022. Winners were announced at the WTA Africa and Indian Ocean Gala ceremony held in Nairobi, Kenya. Maldives won three awards under India Ocean category, which include; Indian Ocean Leading Destination Award Indian Ocean’s Leading Beach Destination Award Indian Ocean’s Leading Dive Destination Award Furthermore, Maldives Marketing and Public Relations Corporation (MMPRC) won the Indian Ocean’s Leading Tourist Board 2022 award. Velana International Airport (VIA) won the Indian Ocean’s Leading Airport 2022 and Hulhule’ Island Hotel (HIH) won the Indian Ocean’s Leading Airport Hotel 2022…
Mastercard on Monday, 17th October 2022, introduced Crypto Source, a new program enabling financial institutions to bring secure crypto trading capabilities and services to their customers. According to the 2022 Mastercard New Payment Index, 29% of respondents globally hold cryptocurrency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution. Mastercard will gain access to a comprehensive suite of buy, hold and sell services for crypto assets in partnership with regulated and licensed crypto custody providers. The assets will be augmented with proven identity, cyber, security and advisory services.…
Maldives economy continued to recover strongly in 2022, driven by a rebound in tourism while poverty is expected to return to pre-pandemic levels by end of the year, says World Bank. The bank in its recent Maldives Development Update (MDU) notes the number of tourist arrivals grew by 42.9%, in a year-on-year basis, during the first eight months of 2022. A decline in arrivals from Eastern Europe and Russia was offset by other markets, particularly Western Europe, India, and Middle East countries. Moreover, formal sector employment and wages picked up with strong economic rebound. However, information sector jobs showed weaker…
The rate of inflation, measured by the annual percentage change in the national CPI decelerated to 2.5% in July 2022, reports Maldives Monetary Authority (MMA). Maldives inflation registered the decline from 5.2% from the national Consumer Price Index (CPI) in June 2022. MMA reports the top contributors to inflation rate during July 2022 include; Fish: 0.4% Petrol (personal transport): 0.4% Meat: 0.3% Medicine: 0.2% Passenger transport (air): 0.2% Oils and Fats: 0.2% Mobile communication services: -0.9% Vegetables: -0.1% Monthly percentage change in national CPI decelerated to 0.15% in July 2022 from 0.45% in June 2022. Largest contribution to the monthly…
Maldives Monetary Authority (MMA) confirms the country’s real GDP grew by 19.3% in Q1-2022. This growth was recorded following a 49.6% growth in the preceding quarter of Q4-2021. Moreover, annual real GDP for Q1-2022 was 3.1% higher than pre-pandemic levels of Q1-2019. According to Maldives central bank, this upturn in annual GDP growth during Q1-2022 was mainly driven by the robust performance of the tourism sector.” In addition to this, transportation and communication, human health and social work activities, and construction showed positive contribution offsetting negative contribution from the wholesale and retail sector. The real GDP observed a steady increase…