Author: Mohamed Reehaan

Maldives government has generated a revenue of MVR 6.32 billion in Q3-2023, which is a 17.3% increment compared to the same quarter last year. Despite this improvement, the total revenue for the review quarter was still 1.0% lower than projections. During the quarter, increments were observed from Income Tax from companies and non-individuals, TGST, GGST, Tourism Land Rent, Individual Income Tax, and airport taxes and fees. On the other hand, Bank Income Tax and Non-resident Withholding Tax declined compared to the revenue collected in Q3-2022. Out of the total revenue collected to the state, MVR 5.33 billion came through taxes,…

S Hotels and Resorts PCL, the global hospitality company from Singha Estate PCL, has announced the official launch of SO/ Maldives at CROSSROADS Maldives; the third property on the integrated tourism property. The resort opened its doors to travelers on November 1, 2023. The retreat will complement the two popular five-star retreats and world-class facilities at the only multi-brand, fully integrated leisure destination in the Indian Ocean. SO/ Maldives is a USD 60 million joint venture project developed in partnership with Wai Eco World Development (WEWD). The resort is operated by Ennismore, a creative hospitality company with a global collective…

Dusit Thani Maldives wins in three categories in the World Luxury Hotel Awards 2023. This win comes hot in the heels of the resort winning three prestigious accolades in the Condé Nast Traveler Readers’ Choice Awards. At this year’s World Luxury Hotel Awards, Dusit Thani was honored with the following awards; Best Luxury Beach Resort (comprising of Luxury Beach Resort, Luxury Island Resort, and Luxury Sustainable Resort) Best Luxury Spa (comprising of Luxury Forest Spa, Luxury Holistic Spa, and Luxury Wellness Spa) Best Luxury Restaurant (comprising Thai Cuisine, Magnificent Scenic Views, and Luxury Resort Restaurant) “With our awe-inspiring location in…

State Trading Organization (STO) reports earning a total of MVR 4.1 billion quarterly revenue in the third quarter of 2023. Though this is a notable improvement from the second quarter; at a quarterly revenue of MVR 3.8 billion, the review quarter’s revenue was still below first quarter’s earnings at MVR 4.4 billion. Moreover, STO has observed a decline in its operating profit quarter-to-quarter. In the first quarter, STO’s operating profit stood at MVR 503 million which dropped to MVR 428 million in the second quarter. In Q3-2023, the company’s operating profit stood at MVR 390 million. STO reported a net…

Urbanco announced on Wednesday, November 1, the successful completion of the first phase of Thilafushi Phase II development project Urbanco announced the completion of reclaiming Area B which measures 39.6 hectares, and added that preparations are underway for the reclamation of Area A. The Phase II reclamation is divided into three areas; A, B, and C. The land reclamation for Area A is scheduled for completion by February 2024, which covers 71.5 hectares. The entire reclamation project covers 151 hectares, though project costs have not been disclosed by Urbanco. The area is earmarked for development as a industrial hub in…

Maldives government budgets MVR 600 million for the revised subsidy policy based on the economic conditions of individual citizens. The subsidy policy has been revised to a direct transfer system instead of allocating it for electricity, staple foods, fuel, and sewerage. The proposed budget highlights this would save MVR 2.5 billion per annum from expenditure. Government is aiming to completely stop indirect subsidies, with the only indirect subsidy being allocated for local fisheries by 2025. The Chief Budget Executive of the Ministry of Finance Ahmed Saruvash Adam said the direct transfer system will extend subsidies to 50% of Maldivian households…

Maldives Marketing and Public Relations Corporation (MMPRC) took part in the recently ended Tourism Expo Japan 2023 alongside 10 co-exhibitors. The expo, organized by Japan Association of Travel Agents (JATA), is one of the largest annual travel festivals in the world bringing global players and stakeholders in the tourism and hospitality scene. MMPRC promoted Maldives as a top tourist destination with the aim of revitalizing the number of Japanese tourists traveling to the Maldives.

Ministry of National Planning, Housing and Infrastructure (MNPHI) confirms it will announce the final recipients of the second phase of the Gedhoruveriya and Binveriya social housing schemes before the end of the presidential term. Over 40,000 people applied for the social housing schemes’ second phase which included 21,247 applications for Gedhoruveriya, which grants housing units in Greater Male’ region, and 19,347 applications for Binveriya; seeking land plots. However, with President Ibrahim Mohamed Solih’s presidency winding up on November 17, the government earlier did not provide details about the decision for the second phase recipients. The Minister of State of MNPHI…

Onion prices in the Maldives market has once again surged significantly, reaching MVR 400 per sack. In the Maldivian market, onions are currently sold at prices between MVR 390 to MVR 400 per sack, while a kilogram is sold between MVR 20 to MVR 25. Before the recent price inflation, onions were sold at MVR 12 and MVR 15 per kilogram. A local vendor said prices of onion rose due to the rise in purchase cost from foreign vendors. Maldivian vendors currently spend MVR 365 per sack to purchase from India, which is an MVR 50 increment from the previous…

Anti-Corruption Commission (ACC) has ordered Urbanco against selling plots from Hulhumale’ during the transitional period of the Maldives government. The commission made the demand in response to concerns raised by President-elect’s Office stating that Urbanco was selling plots from the town during the government’s transition. President-elect’s Office on Sunday, October 29, said that it has learned Urbanco’s next board meeting has at least 40 items related to land transactions in Hulhumale’ on its agenda. The office demanded Urbanco not to proceed with the transactions sometime on Sunday. However, the corporation did not disclose details of these transactions. Last year the…