Author: Mohamed Reehaan
The Asian Development Bank (ADB) on Monday, signed a USD41 million finance package with the Bank of Maldives (BML). The international financial institution signed with the Maldives national bank to enhance support to local small and medium enterprises (SMEs) and tourism ventures. ADB “arranged, structured, and syndicated” the financing package, which is comprised of a loan up to USD13 million from its ordinary capital resources, a parallel loan of up to USD13 million from Japan International Cooperation Agency, and another parallel loan of up to USD5 million from the Development Bank of Austria. The bank further stated that at least…
Nammos Hotel and Resorts, a new hospitality brand from ADMO, has confirmed its plans to open a new property in the Maldives by 2025. The brand is a joint venture between UAE’s Alpha Dhabi and private equity firm Monterock International. The hotel brand is known for its beach clubs and dining restaurants around the world. While the brand’s first hotel is set to open during this summer on Psarou beach in Mykonos, additional properties will follow soon at Abu Dhabi and the Maldives. Nammos promises a “world-class entertainment, signature gastronomy and unfaltering attention to detail” in its properties. Though Nammos…
The Housing Development Corporation (HDC) has unveiled the new ‘Holhuashi Maizaan’; a community-driven pocket park. HDC said that the pocket park is designed to “promote play, culture, and togetherness”. The venue will represent the Maldivian culture through wall murals along with community engagement, HDC added. The corporation further thanked the community at Hulhumale’ for their “invaluable support in making” the project a success.
The Ministry of National Planning, Housing, and Infrastructure has stated that the geo-piling boat, ‘Rumailah’, has been sent off since it was not needed for the Thilamale’ Bridge construction project at the moment. Speaking about this, the Project Manager of Thilamale’ Bridge, Mohamed Jinan, assured the vessel was sent off since there were no ongoing tasks for which it was required, and added that there were no other reasons behind the decision. The large, elevated, and platform-like vessel has been used to install geo-pile lines and other bridge structures between Male’ and Vilimale’. The vessel was brought to the Maldives…
The SME Development Finance Corporation (SDFC) has disbursed a total of USD 77.8 million in loans to local small to medium enterprises (SMEs). The corporation has observed a surge in the number of SMEs applying for loans. To date, SDFC has approved 1,200 loans and disbursed 1,100 of them while the company has granted loans to over 500 local SMEs and other sectors. Tourism sector has observed the creation of 3,300 beds while over 200 wholesale and retail businesses, and more than 100 cafes and restaurants benefitted from the SDFC loan scheme. SDFC was established in 2019 a state-owned enterprise…
The Maldives government has begun the second phase of land dredging at the Thilafushi Phase 2 Area C. Housing Development Corporation (HDC) said that dredging will follow the Thilafushi Master Plan. Capital Marine and Civil Construction Company Pvt Ltd won the contract for the work, which began on 27th March. The contactor is expected to reclaim 20 hectares of land under 120 days. Thilafushi Phase-2 is developed to relocate the entire industrial works to the island, meaning any such operation in Male’ City will be completely shifted as well. The government aims to transform Thilafushi into a major industrial hub…
The Maldives government has forwarded the name of the new Managing Director of State Trading Organization (STO) to the Privatization and Corporatization Board (PCB). Government has decided to appoint the current Maldives State Shipping (MSS) Managing Director Abdulla Saeed as the new leading man of the largest state-owned enterprise (SOE) in the country. Saeed, who is a former Cabinet Secretary at the President’s Office, is considered for the role following Husen Amr’s exit as STO MD on Sunday, 26th March. The MD-hopeful was appointed as the President’s Office Cabinet Secretary in 2011 during former President Mohamed Nasheed’s administration. Following his…
The Maldives attracted over half a million tourists in the first quarter of 2023, said the Ministry of Tourism. According to the ministry’s statistics, tourist arrivals as of 27th March stood at 505,071 which is a 21.5% increase compared to the same period last year, during which arrivals stood at 415,690. From 01st to 27th March, the Maldives attracted a total of 154,657 tourists indicating a 14.6% increase compared to the corresponding period in 2022, during which arrivals stood at 134,914. The daily arrival average so far in March stood at 5,728 whereas the daily arrival average annually is at…
Housing Development Corporation (HDC) has revealed that Kudagiri Picnic Island will be offering special iftar buffet packages during Ramadan. HDC is the main management body of the government-initiated picnic island. Interested customers can reserve the buffet packages in advance while individuals are also welcome to bring their own food for iftar on the island. Besides the iftar buffet packages, HDC also made changes to the operational hours of the island. During the Islamic holy month, the island will be open for visitors every day except on Sundays. Ferries will transfer entrants from Male’ City to the island between 14:15hrs and…
The national carrier of the Maldives, Maldivian Airlines has launched a special discount fares for India’s Cochin and Trivandrum routes. Launched on 23rd March, Thursday, the promotion will run until March’s end. Customers can book tickets up to 17th April during the promotion, said the airline. Before the special fare, tickets between Male’ and Cochin stood at USD400, which is now USD216. Tickets between Male’ and Trivandrum stood at USD500, which is now USD232. The airline said it reduced prices for the routes during Ramadan to allow better affordability for customers. Cochin and Trivandrum are popular destinations for Maldivian locals…