Author: Mohamed Reehaan

Maldives Marketing and Public Relations Corporation (MMPRC) has represented the Maldives tourism industry at the World Travel Market (WTM) Africa 2023. The three-day event was from 3 to 5 April 2023, held in Cape Town. MMPRC was joined by 21 participants from 13 companies at the travel-trade fair. WTM Africa is considered the leading and only business to business (B2B) exhibition in Africa for inbound and outbound African travel and tourism markets. The event reportedly attracts over 6,000 travel industry professionals, key decision-makers, and stakeholders. As part of the Africa Travel Week umbrella, WTM Africa debuted in 2014 to bring…

The Bank of Maldives (BML) said it has dropped the interest rate on overdue loans from the previous 10% to 2%. The bank in a message to its customers with ongoing loan repayments, said that the new interest rate became effective Tuesday, 4th April 2023. BML further urged its customers to make regular loan repayment to avoid overdue interest charges. BML’s decision to provide leniency measures to customers come hot in the heels of a series of improvements on the security features of its online banking services. The bank began fortifying log-in procedures, which included additional authorization protocols, authenticator app…

The luxury Italian label, Dolce & Gabbana announces its team-up with Saudi property developer Dar Global for real estate debut, and reveals new luxury hotel in the Maldives. This makes the latest fashion house to enter the world of real estate. The Italian brand partnered with Dar Global, the international arm of Saudi property developer Dar Al Arkan, for the project. The project is still in early stages with an estimated completion date yet to be announced. “We are thrilled to bring the world-renowned made-in-Italy brand ambassador, Dolce & Gabbana, into the world of real estate and hospitality,” Ziad El…

The Maldives Ports Limited (MPL) cleared a total of 4172 containers in March 2023. According to the ports authority, apart from containers, MPL cleared 5,793 TEU (Twenty-foot Equivalent Units). Statistics also confirm that MPL cleared 2,551 20-foot containers and 1,621 40-foot containers during the review month. The average number of containers and TEUs saw opposing movements from February to March 2023 on a daily basis. As such, MPL cleared 143 containers daily in February which rose to 187 containers daily in the review month; which is a 31% increment. However, TEUs daily clearance dropped from 201 in February to 135…

Imports to the Maldives increased by 18% in February 2023, according to the Maldives Customs Service. The total imports to the country during the review month stood at MVR4.2 billion, including fuel. Total imports rose by 20% excluding fuel, which is MVR3.3 billion. However, exports observed a mild drop of 0.9% which is MVR231 million of export commodities. Despite the moderate increment of imports, the customs revenue saw a noticeable albeit slight 8% decline in revenues. Customs authority reported MVR301 million in revenues for the review month. Major Importing Categories Fuel/Marine Gas Oil (diesel, petrol, aviation gas): MVR946 million Food…

State expenditures reach MVR9.9 billion, revenues inclusive of grants hit MVR7.6 billion; in cumulative terms. The overall balance for the period is a deficit of MVR2.4 billion. Revenues Tax Revenues: MVR6.03 billion Non-Tax Revenues: MVR1.51 billion Capital Receipts: MVR1.6 million Grants: MVR16.4 million Top Revenue Streams Tax | TGST: MVR2.4 billion Tax | Corporate Income Tax: MVR834.9 million Tax | GGST: MVR830.2 million Tax | Import Duties: MVR752.8 million Tax | Withholding Tax: MVR298.9 million Tax | Green Tax: MVR229.5 million Non-Tax | Airport Development Fee: MVR219.4 million Tax | Airport Service Charges/Departure Tax: MVR212.8 million Non-Tax | Rent from…

A case of an illegal chemical warehouse operated in a local Male’ City residence has attracted authority attention. The chemical storage unit was discovered from a resident in Galolhu district (next to G. Gaskara Ge) in Lily Magu, central Male’. This is the first reported incident of an illegal chemical warehouse run within the residential area of Male’ City after such warehouses were shifted out to either the Male’ Industrial Village or Thilafushi. While several media brought the issue to the authority attention, Maldives National Defense Force (MNDF) further claimed its Fire and Rescue team have made an initial inspection…

New vehicle parking zones have been drawn in the asphalt-laid portions of the outermost road in Male’ City. This is the first time parking zones have been designated in these portions of the road. The parking zones run between the date palm stands with the capacity of allowing six motorbikes per zone. The zones have been developed on the pavement in front of Marry Brown fast-food outlet. According to Male’ City Mayor Dr. Mohamed Muizzu, the parking zones were created to while ensuring they allowed walking space for pedestrians. The mayor also said that the area had lacked a pavement…

The Maldives government has contracted the Road Development Corporation (RDC) for an MVR102 million road construction project in HA. Ihavandhoo. The Ministry of National Planning, Housing, and Infrastructure signed the contract with RDC on Sunday afternoon. The ministry’s Secretary General Fathimath Shaana Farooq and RDC’s Chief Executive Officer Yaasir Hassan signed the agreement. The government will spend a total of MVR102,846,733.89 on the project. RDC is required to complete the project in one and a half years. Project scope involve laying asphalt on 6.9 kilometers of road, installation of a storm-water drainage system and street lights. This marks the latest…

Villa Hotels and Resorts have rebranded two of its properties; the Paradise Island Resort and the Sun Island Resort. Villa Resorts, owned by the affluent local businessman Qasim Ibrahim, has rebranded Paradise Island Resort to “Villa Nautica at Paradise”; centering the its design and concept to a nautical theme. The other property, Sun Island Resort, has transitioned into a park concept and thus bears the new title of “Villa Park at Sun Island”. While two of its prominent properties have undergone major revamps effective from 01st April 2023, Villa is currently embarked on a corporate identity “facelift”; the proprietor is…