Author: Mohamed Reehaan

Malé’s northern harbour has long been the beating heard of the Maldives’ local trade economy, but decades of overcrowding and persistent hygiene concerns have held it back from reaching its full potential, which is about to change. The government has greenlit the Malé Wet Market Complex, a MVR 127 million mega-project set to tear down the existing local market and replace it with a facility that redefines what a modern urban marketplace looks like in the Indian Ocean. The scale of ambition here is hard to overstate. At over 95,000 square feet across six storeys, this will be the most…

Maldives Ports Limited (MPL) has taken a decisive step toward transforming HA. Uligan into a world-class yachting destination, signing a development agreement with Sus E Construction Private Limited to build a modern yacht marina at one of the Maldives’ most frequented international entry points. The two parties formalized the deal at MPL’s Head Office, with Deputy CEO Ali Hashim signing on behalf of MPL and Managing Director Abdulla Sawad representing Sus E Construction. The agreement marks the beginning of a phased development push that MPL sees as central to its broader economic strategy for the northern atoll. Phase one sets…

The Maldives is experiencing a dramatic surge in private aviation, with the latest figures pointing to a fundamental shift in how the world’s wealthiest travelers are responding to regional instability. Data from the Maldives Airport Company Limited (MACL) tells a compelling story. Between February 28 and March 14, a total of 128 private jets touched down in the Maldives — a staggering 166% jump from the 70 recorded during the same window last year. Daily averages have more than doubled, climbing from roughly five jets per day to over 12. On March 3rd alone, 18 private jets have landed in…

[Disclaimer: The following is a submission from one of our most esteemed readers and do not reflect the views or editorial policies of the Maldives Business Times, however, to ensure journalistic and correspondence freedom and integrity, the identity of the contributor will remain anonymous as per their wishes.] There is a peculiar habit among small island governments when confronted with the first tremors of a global economic earthquake: they issue reassurance. They convene press conferences. They point to agreements signed, tankers en route, and reserves held, and then, sometimes months or years later, the full weight of what they dismissed…

The Maldives government has recorded a healthy fiscal surplus of MVR 2.06 billion in the first two months of 2026, according to the latest Weekly Fiscal Development report released by the Ministry of Finance and Planning, signalling a stronger-than-expected start to the financial year. Cumulative revenues and grants reached MVR 8.68 billion as of 5 March, outpacing the same period last year when collections stood at MVR 7.87 billion. Total expenditure over the same period came in at MVR 6.62 billion, up from MVR 6.14 billion a year earlier, leaving the government in a notably comfortable fiscal position relative to…

Tourist arrivals to the Maldives have fallen sharply this month, with figures pointing to a 23% decline compared to the same period last year, as the ongoing Middle East conflict continues to disrupt major air travel routes. Data released by the Ministry of Tourism shows that 58,900 tourists arrived in the Maldives as of 13 March, down from 77,100 during the equivalent period in March last year, a difference of roughly 19,000 visitors. The timing is particularly significant, as March typically ranks among the strongest month of the year for Maldivian tourism. Industry observers attribute much of the downturn to…

The State Trading Organization (STO) has moved to reassure the public that the Maldives’ fuel supply remains secure, even as escalating tensions in the Middle East send global oil prices sharply higher. Speaking on the matter, STO Managing Director Shimad Ibrahim confirmed that domestic fuel storage levels are stable and that importers are being managed strategically to prevent any disruption to supply. He noted that current reserves are sufficient to last two weeks, with an additional shipment due to arrive within the coming week. Further deliveries are expected on the 20th and 23rd of this month. However, Mr. Shimad was…

Cinnamon Dhonveli Maldives has rolled out a structured coral restoration programme targeting the recovery of its surrounding house reef, as coral ecosystems worldwide face mounting pressure from climate change and human intrusion. The initiative marks the latest step in the resort’s broader sustainability agenda, with the recent installation of 25 coral frames across the lagoon and reef areas. Each frame has been planted with coral fragments sourced from naturally broken corals found within the surrounding waters. Coral reefs rank among the planet’s most ecologically sensitive environments, supporting thousands of marine species while also serving as natural coastal barriers. Rising ocean…

Visit Maldives Corporation (VMC) has officially formalized its participation in Belgrade Expo 2027 following the conclusion of the Second Annual Planning Meeting held in Belgrade. VMC’s Chief Executive Officer and Managing Director Mr. Ibrahim Shiuree signed the agreement, solidifying the country’s commitment to this major global platform. Belgrade Expo 2027, themed “Play for Humanity: Sport and Music for All” is slated to take place in Belgrade from 15 May to 15 August next year. The event reportedly, will attract more than 120 participating countries and attract over four million visitors, making this, one of the largest international gatherings scheduled for…

State Trading Organization (STO) has announced the nominees for the Board of Directors representing public shareholders for the term of 2026 to 2027. The notice inviting nominations for the position of Director to represent public shareholders was issued on January 2026, with the application window closing on 25 February. Two individuals submitted their applications for the position. The company’s Nomination and Remuneration Committee reviewed the submitted documents and, in accordance with the committee’s recommendations, the Board has approved the two candidates for election at the Annual General Meeting. The candidates are Mr. Mohamed Ahsan Saleem and Mr. Abdulla Yasir. Out…