Author: Mohamed Reehaan
The cumulative total of state expenditures reached MVR9,225.2 million (MVR9.2 billion) as of 16th March 2022, reported the Ministry of Finance. Meanwhile, the cumulative total of revenues inclusive of foreign grants were comparatively sluggish against expenses, and were recorded at MVR7,196.1 million (MVR7.2 billion) by the review date. The overall balance for the period is a deficit of MVR2,029.2 million (MVR2.03 billion). The tax revenues total in annual terms is at MVR5,774.5 million (MVR5.8 billion) by the review date compared to MVR4,389.1 million (MVR4.4 billion) during the same period in 2022. Meanwhile, non-tax revenues total as of 16th March stood…
Lily Hotels adds nine new exclusive villas called the ‘Signature Collections’ to their offerings. The nine exclusive villas come ranging from one to four bedroom suites, and promise “exclusivity and premium services.” Speaking about the hotel group’s growing performance, the Group Director, Sales and Marketing of Lily Hotels, Desislav Gospdinov said that while arrivals from the Asian markets are expected to increase in 2023, the group carefully curates its resorts to “offer an experience that resonates with the rich Indian culture”, which is a key business target for Lily Hotels.
Sapphire Foods India Ltd (SFIL) on Tuesday, 21st March, announced it plans to increase its stake in Gamma Island Food Private Limited (GIFPL) to 75% from the current 51%. Gamma Island Food operates Pizza Hut and KFC restaurants in the Maldives under franchisee agreements. “The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SFIL, has considered and approved subscription of up to 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration up to 1.88 Crore Maldivian Rufiyaa (Rs 10.15 cr)”, SFIL said. SFIL further added, “Pursuant…
A completely new airline named BeOnd is planning to launch flights in the summer of 2023 to and from Velana International Airport (VIA) with Airbus A321LR aircraft in its fleet. The airline will be using the Airbus A321LRs which comes with only 68 seats that can be converted into beds, in a 2-2 configuration. BeOnd reportedly plans to open 15 routes which include Paris, Munich, Zurich, Vienna, Milan, Jeddah, Riyadh, Dubai, Mumbai, Delhi, Astana, Singapore, Hong Kong, and Taipei initially. The airline also plans to offer luxurious on-board services with catering by a starred chef. Each customer will receive a…
JOALI Maldives, one of the first immersive art resorts in the Maldives, announces its partnership with renowned art consultant and curator Tatiana Gecmen-Waldek to host several experiences for guests to indulge in, including an art festival. Gecmen-Waldek has worked with some of the most notable brands such as Giorgio Armani, Etro, Roger Vivier, Cartier, Maison Kitsuné, Tods and others. The Austrian-born Gecmen-Waldek will be “discovering, presenting, and commissioning contemporary artists” for JOALI Maldives who will bring their work to the island at regular intervals in the form of exhibitions, limited editions, or permanent installations. In commemoration the resort’s commitment to…
The Maldives government on Tuesday, 21st March, increased the resort built-up area from 30% to 50% of the total land area of the island. The Ministry of Tourism said that the minimum beach length per room has been reduced from 5 meters to 3 meters, which is applicable for developing and operating resorts. Beach length per room will be considered as 60% of the total perimeter of the island from the mean tide line instead of the former vegetation line. Additionally, the ministry made revisions to the maximum structural building height allowed for resort facilities. The maximum structural height for…
The Minister of Finance Ibrahim Ameer has said that the Maldives government is monitoring the compliance of all state-owned enterprises (SOEs). The minister in a written response to a question from parliament member Ibrahim Rasheed said the state is monitoring if all SOEs were compliant with the Corporate Governance Code. Minister Ameer further explained that the government implements the policies through a “Comply or Explain” approach and regularly monitors the compliance level of SOEs. He said that the Ministry of Finance publishes an annual report detailing reviews of the SOEs and their adherence to the policies. Currently, there are a…
The Maldives Transport and Contracting Company (MTCC) received the prestigious ‘Rehendhi Award’ for promoting gender mainstreaming and women empowerment in the institutional category. The Chief Executive Officer of MTCC Adam Azim received the award at the hands of Maldives President Ibrahim Mohamed Solih at the official hosted by the Ministry of Gender, Family, and Social Services on Monday evening. The award serves as a milestone for the company’s journey towards gender equality and women’s empowerment, while the company has “miles to travel” in terms of gender mainstreaming and women’s empowerment, said MTCC. MTCC further affirmed that such a recognition motivates…
The Maldives government amended the bidding policy for the construction project of 50 housing units in Dhaalu atoll Kudahuvadhoo. The Ministry of National Planning, Housing, and Infrastructure first made the announcement earlier on 09th January 2023. However, the recent announcement comes with revisions which state the bidding will follow; Construction Contractors Regulation of the Ministry of National Planning, Housing, and Infrastructure The policy on the quota of awarding construction projects under the national tender of the Ministry of Finance Foreign Direct Investment (FDI) policy of the Ministry of Economic Development The eligible bidder for the project will be selected through…
Allied Insurance’s Islamic window, Ayady Takaful introduces a new service called “Crop Takaful”. The service was officially launched at a press conference held at Allied Insurance’s headquarters. The company’s General Manager Ibrahim Firshan and Ayady Takaful Manager Fathimath Nizma gave information about its latest product. Crop Takaful is designed to protect farmers by helping them overcome financial or income constraints. This is an online instant service and does not require documentation to register. The Takaful facility provides compensation coverage for damage to crop fields caused by natural disasters. Farmers who experience losses during the Takaful plan period can submit photographs…