Author: Mohamed Reehaan

Maldives President Dr. Mohamed Muizzu has officially formed a state-owned establishment designated as Development Bank of Maldives Limited – 100% of which is held by the Maldives Government. The official announcement of the bank’s establishment was made on May 16, 2024. This state-owned entity was established under authority granted to the Maldives President by Section 15 of the Companies Act (Act No. 7/2023). The Development Bank of Maldives was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing,…

The Ministry of Fisheries and Ocean Resources has announced the conclusion of the Indian Ocean Tuna Commission (IOTC)’s 28th session on Saturday, with the successful adoption of 16 proposals. The ministry said that “after years of intense regulations and setbacks” a drifting FAD (dFAD) management measure was adopted – facilitated by the Maldives leadership. The ministry added this measure will play a vital role in regulating the use of dFADs deployed by purse fishing vessels operating in the Indian Ocean. The measure also establishes a dFAD register, a dFAD monitoring system, stricter limits on the number of dFADs, and a…

Shares of HSBC Holdings fell over 3% in Hong Kong last Friday after reports of its top shareholder Ping An Insurance might be looking to cut its stake in the British Bank. Despite this plunge, HSBC’s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share. Meanwhile, Bloomberg reported the Chinese insurer is looking at possibly reducing its stake in the bank further “as it seeks to reduce its USD13.3 billion position in Europe’s largest lender.” There are several options including “further share sales, similar to the USD50 million sale it…

The Commonwealth Enterprise and Investment Council (CWEIC) has announced the decision to establish an office in the Maldives, and appoint prominent businessman Mohamed Ali Janah as its Chair. CWEIC made the announcement on Thursday, noting that Janah, the Principal Advisor to Maldives President Dr. Mohamed Muizzu, and a veteran entrepreneur with over 30 years of trade ties with the Middle East, will lead the efforts carried out by the office. The council said it was establishing this office with the acute vision of connecting the Maldivian government with international investors and businesses, along with any relevant stakeholders with keen focuses…

The Hulhumale’ Island Project inaugurates officially on Thursday. Housing Development Corporation (HDC) Managing Director Fazul Rasheed, while speaking at the inauguration ceremony, said the large-scale initiative with the funding from Saudi Fund for Development (SFD) will transform the suburban town. The initiative is poised to facilitate for Male’ Area residents and businesses to reach “another level”. The project encompasses connecting the Urban Isle and Hulhumale’ via a bridge. The Hulhumale’ Island Project will also serve as a path to expand urbanization efforts. SDF will provide a grant of MVR 2.3 billion for the large-scale initiative, which is on top of…

The Saudi Fund for Development (SFD) on Thursday, extended a USD 150 million grant to the Maldives government. With Thursday’s grant extension, the fund has extended a total of USD 470 million till date. SFD extended the fund for the purpose of fund injection for the ongoing Velana International Airport (VIA)’s expansion project and strengthening the healthcare infrastructure, facilities and services in the Maldives. The signing for this grant was held at the Ministry of Finance, which was attended by the Minister of Finance Dr. Mohamed Shafeeq, Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed and other senior government…

Tourist arrivals on year-to-date basis showed an 11.6% increment as of May 14, 2024, according to the Ministry of Tourism statistics. The ministry has reported a total arrival of 833,728 tourists as of the review date, whereas arrivals observed for the corresponding period last year had reached 747,218. China maintains top rank with over 92,000 arrivals, while Russia is still the second strongest market with a little over 84,000 arrivals. UK is ranked third, almost close to 80,000 arrivals. Top 10 Markets China: 92,773 Russia: 84,162 UK: 79,721 Italy: 73,272 Germany: 65,563 India: 47,315 France: 31,283 USA: 29,259 Switzerland: 20,912…

The Managing Director of Maldives Marketing and Public Relations Corporation (MMPRC) Fathimath Thaufeeq has shed light on the country’s tourism industry and focus on diversification, and commitment to environmental and economic sustainability. She highlighted the key focuses of the tourism industry in an interview with BBC. Highlighting the success of the Maldives tourism industry so far in 2024, Fathimath said, “In the past four months, we have crossed over 25% of our [targeted] tourist arrivals for the year, which is over 500k.” “[The Maldives] is a lot more than the sun, sea, and sand. We have natural wetlands, we have…

Dhiraagu has introduced a brand new add-on allowing Prepaid customers to make unlimited calls to their friends and family in their ‘Vaahaka Circle’. This “revolutionary new offer”, allows Dhiraagu Prepaid customers to make free calls with their family and friends who have activated the add-on as well. Additional to the unlimited calls, each customer will also get 1GB data, valid for a 30-day period – all for just MVR 50. Customers can also invite friends and family to join the calling group via WhatsApp, Telegram or Viber. “We are thrilled to introduce our latest offer, designed to keep our customers…

The Maldives Association of Tourism Industry (MATI) hosted the inaugural edition of the MATI Insight on Tuesday, May 14, 2024. The event was held at the Meerumaa event hall, which was attended by high-ranking officials of the Ministry of Tourism and Maldives Marketing and Public Relations Corporation (MMPRC) along with MATI members. MATI Insight is a series of knowledge-sharing events aimed at providing expertise, best practices, and insights related to various segments and aspects of the Maldives tourism industry. The thematic scope of the series encompass; Revenue Sales and Marketing Branding Environmental Conservation and Protection Human Capital Development Technology Innovation,…