Author: Mohamed Reehaan

According to Parliament Deputy Speaker and Dhiggaru MP Ahmed Nazim, the 4,000 housing units developed by Fahi Dhiriulhun Corporation (FDC) in Hulhumale’ Phase II require an additional USD 30 million for completion. At the parliament sitting on Monday, Nazim said this while debating on the proposed state budget for 2025. He accused the previous administration of launching housing projects without proper planning. He said this additional monetary requirement for the social housing initiative was due to the project no been contracted in a manner that allowed its completion. “No funds were included for electrical wiring [at the flats]. No funds…

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The Maldives government earned MVR 1.73 billion in revenues in October 2024, reports Maldives Inland Revenue Authority (MIRA). According to MIRA, the earnings observed in the previous month this year is a 14.2% decrease compared to the corresponding month last year. This decrease is owed to the lack of a payment deadline extension in October this year unlike the same month in 2023. Despite this, the revenue collection in October 2024 is still a significant 30.5% increase from initial projections. MIRA said this primarily due to higher GST collections along with receipts from Land Acquisition and Conversion Fee, increment in…

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The Maldives government earned MVR 7.21 billion during the third quarter of 2024, which is a 14.1% increase compared to the corresponding quarter last year. According to the Maldives Inland Revenue Authority (MIRA) in its quarterly review for this year’s third quarter, the revenue collection observed a 22.5% increase compared to initial projections as well. MIRA further reports that an increase in tourist arrivals for the taxable period of the third quarter by 11.0% compared to the same quarter in 2023. The taxable bed nights subject to green tax reported via green tax returns submitted for the third quarter this…

The Maldives has welcomed over 1.7 million tourists as of November 11, 2024; indicating a 9.5% annual increment. According to the Ministry of Tourism, the island nation has welcomed a total of 1,728,045 travelers as of the review date whereas in the same period last year, arrivals stood at 1,577,890. The current daily arrival average in annual terms is 5,468 while the average duration of stay in annual terms is 7.7 days. China is comfortably leading the top 10 markets while Russia is in second place. Top 10 Markets 2024 China: 243,628 Russia: 193,197 UK: 149,478 Germany: 132,674 Italy: 117,942…

The Maldives parliament on Tuesday passed the legislature seeking a ban on the use, import and sale of vaping devices. The bill to amend the Tobacco Control Act in order to ban vaping devices was submitted to the Parliament last month, which was sponsored by North Henveiru MP Ahmed Aifan. The bill was passed with a majority vote of 54 on Tuesday afternoon with eight MPs abstaining. The original bill has seen tweaks to it during the committee stage, which include: Categorizing public display of tobacco product or products containing tobacco as advertisement Introducing an MVR 50,000 fine for distribution…

Bollywood celebrity Bipasha Basu and her husband Karan Singh Grover are holidaying in the Maldives, celebrating their daughter, Devi’s second birthday. The family is holidaying at the OZEN Reserve Bolifushi, which has provided them with the perfect setting for their celebrations. Basu and her family are currently midway through their week-long getaway, and will reportedly continue to explore unique experiences at the resort, from indulgent spa treatments to water adventures and relaxed family time by the beach. The couple has been sharing glimpses of their Maldivian retreat on social media, giving fans a look into their family celebrations and the…

The Asian Development Bank (ADB) has greenlit USD 21.95 million financing package to enhance the Maldives’ capacity to combat the effects of climate change. In a statement on Monday, ADB confirmed the financing package consists of a USD 4 million concessional loan and a USD 17.95 million grant from the Asian Development Fund. The package is aimed at supporting the Enhancing Climate Resilience and Food Security Project. The ADB Principal Natural Resources and Agriculture Economist, Michiko Katagami, noted that the majority of the Maldives’ islands lie less than a meter above sea level making the islands vulnerable to climate change.…

According to the Ministry of Finance the state’s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024. The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for the period is a deficit of MVR 9.9 billion. Total Revenues Tax Revenues: MVR 22.3 billion Non-tax Revenues: MVR 6.3 billion Capital Receipts: MVR 10.9 million Grants: MVR 565.0 million Note: The above figures are cumulative total as of October 31, 2024 Top Revenue Contributors…