Author: Mohamed Reehaan

The Maldives Industrial Fisheries Company (MIFCO) on Tuesday, February 27, 2024, announce disbursement of MVR 35 million to local fishers. The disbursement is a portion of Maldives government’s pledge of completely settling outstanding debt owed to the fishers. Earlier, the government committed to depositing the initial MVR 100 million from the MVR 300 million total owed to the fishers. On Wednesday, last week, the Ministry of Fisheries and Ocean Resources reached an agreement with MIFCO to distribute MVR 70 million from the initial sum to fishers. A total of MVR 105 million has been disbursed, including the MVR 35 million…

The Ambassador-at-Large Mohamed Hussain Shareef has attended the opening session of the 13th Ministerial Conference of the World Trade Organization (WTO). This year’s Ministerial Conference (MC13) is held in Abu Dhabi, United Arab Emirates. Besides attending the opening session, Shareef met with the Minister of Trade, Commerce and Food Security of Sri Lanka Nalin Fernando on the sidelines of the conference.

Maldives President Dr. Mohamed Muizzu has unveiled a comprehensive plan of upgrading Hanimaadhoo International Airport, poised to elevate the airport as the primary air gateway for the upper-northern region. According to the current administration, the upgrade of Hanimaadhoo International Airport will boost tourism and trade; especially for the upper-northern atolls where tourism activities remain noticeably low. The development is carried out with India’s EXIM Bank involvement through the USD 136 million line of credit issued. The project has been contracted to JMC Projects.

The Managing Director of State Electric Company (STELCO) Hussain Fahmy met with Male’ City Mayor Adam Azim on Monday, February 26, 2024. Held at STELCO headquarters on Monday afternoon, both the utility provider and Male’ City Council discussed the avenues for strengthening the cooperative ties. As such, the City Council had discussed on the methods of enhancing cooperation and support to STELCO in its effort to provide a comprehensive service to the public. The City Council further identifies the establishments or buildings under STELCO’s purview or management as critical structures, and such promised to collaborate with the utility provider in…

The SME Development Finance Corporation (SDFC) has added new categories to their ‘Kandufalhuge Nafaa’ loan facility. The new additions, specifically target the growth and development of reef fisheries. SDFC announced the introduction of a facility worth MVR 700,000 for those seeking to expand their reef fishing activities. The loan facility comes with a 5% interest rate and a six-month grace period, with a 10-year repayment duration. For the vessels developed or repaired through the facility, the vessels would be held as collateral. Eligible Applicants Reef fishers (individuals or local SMEs) Reef fish suppliers Exporters or processing/canneries of reef fish Local…

Maldives President Dr. Mohamed Muizzu has announced the plan of developing 40,000 housing units in the next five years, inclusive of a housing project in Haa Dhaalu Nolhivaranfaru. Besides this President Muizzu assured a harbor expansion project for the island as well. He further highlighted the need to strengthen the healthcare service and facilities in the island, while announcing the construction of a new school.

The trainings under “Drugs and Precursor Testing” conducted by the Maldives Customs Service in partnership with the UNODC Global Maritime Crime Programme held in two Maldives cities conclude. The additional batches of the training program were held at Kulhudhuffushi and Addu cities. In the training, 12 officers from the second batch of Kulhudhuffushi City and six officers in the third batch from Addu City interacted with the staff from other agencies. The four-day training was held from February 20 to 23, 2024. The training sessions consisted of lectures, demonstrations, and hands-on experiences to identify and test illicit drug using UNODC…

The Minister of Economic Development and Trade Mohamed Saeed announced the decision to hold the largest-ever expo in the Maldives to showcase talents of local artists; slated for 2024. The minister made this announcement during his address at the launch ceremony of a specialized loan and leasing program for female entrepreneurs by the SME Development Finance Corporation (SDFC). At the ceremony, Minister Saeed emphasized the expo will provide a platform for local talents and artists to display their skills. Business Center Corporation (BCC) will be organizing the event.

China maintains dominance as the top source market with near 50,000 arrivals as of February 20, 2024, reports the Ministry of Tourism. According to the ministry in its recent update, arrivals from China reached 49,769 as of the review date while Italy is ranked second with 33,552 arrivals. Russia is currently at third place with 33,213 arrivals while the United Kingdom is fourth ranked with 30,916 arrivals. India, which has ranked either at the top or second spot in recent years is currently in fifth place with 23,576 arrivals. The total tourist arrivals from January 01, 2024 to the review…

Bank of Maldives (BML) has announced the opening hours of its branches and service centers during Islamic sacred month of Ramadan. According to the national bank of the country, announced on Thursday, February 22, 2024, the bank’s branches and service centers will be open from 09:30hrs to 12:00hrs during the entire month of Ramadan and the first seven days of Shawwal. Additionally, BML confirmed its branches will remain open during the last 10 days of Ramadan from 10:00hrs to 12:00hrs. While the national bank has confirmed it would be opened to cater to customers during the last 10 days of…