Author: Mohamed Reehaan
The president-elect’s office has said that the state-owned enterprises (SOEs) are experiencing severe cashflow shortages. According to the office, the cashflow shortages in SOEs have required substantial cash injections for the remaining two months in the current 2023 fiscal year. The transitional spokesperson Mohamed Firuzul said that state-run companies, especially engaged in government projects were in poor condition. “The most significant challenge that the companies are highlighting is the severe hindrance in their cashflow. This is due to the fact that they have not received the payments owed to them after implementing government projects,” said Firuzul during a press conference…
Dusit Thani Maldives has received the Best CSR Programme Award at the South Asian Travel Awards (SATA) 2023. The South Asian Travel Awards is regarded as one of the most esteemed awarding events in the region celebrating tourism industry, travel and hospitality service excellence. Dusit Thani was bestowed with the accolade for its outstanding contributions to the community, environment and social well-being. “At Dusit Thani Maldives, we believe in the power of responsible tourism and the positive impact it can have on both local communities and the environment,” the resort’s General Manager Jean-Louis Ripoche said. “Receiving the Best CSR Programme…
Ministry of Finance has revealed Maldives government spent nearly MVR 300 million from the 2023 fiscal budget on treasury loans to facilitate cashflow of state-owned enterprises (SOEs). The ministry said the government faced notable challenges in budget management due to the high expenditure towards SOEs to adjust their cashflow. The treasury loans issued by the government so far in 2023 is an 80% increase compared to the last two years, and a 60% increase compared to the year before. In 2022, Maldives government issued MVR 50 million in treasury loans for SOEs and a year earlier in 2021, it issued…
Dhiraagu has given special recognition to employees who have served in the company for 35 years. The recognition comes part of the company’s 35th anniversary. The special anniversary celebration was held at Villa Nautica, where 22 of the company’s longest serving members who have been with Dhiraagu since its inception in 1988 were presented with the special award. CEO of Communications Authority of Maldives Ilyas Ahmed, Chairman of Dhiraagu Board of Directors Ismail Waheed, and the company’s CEO and Managing Director Ismail Rasheed along with other members of Dhiraagu board of directors and leadership team attended the event. At the…
The Maldives Marketing and Public Relations Corporation (MMPRC) was the Official Destination Partner of the IMTM 2023. The annual B2B travel and trade fair was held on October 8-9 at the Manhattan Business Hotel, Male’ City. The sixth edition of the IMTM held this year continued to serve as a cost-effective platform for prominent figures in the global tourism industry to connect and explore opportunities in both inbound and outbound tourism in the Maldives.
The Ministry of Finance said the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to absence of pre-planned measures to reduce fuel subsidies. According to the “Statement of Fiscal Constraints” released by the ministry, the entire budget approved for energy subsidies this year topped out at MVR 594 million. The subsidy cost is expected to reach MVR 1.5 billion by the end of 2023, the report said. In 2022, MVR 530 million was allocated for fuel and electricity subsidies and the actual expenditure had reached MVR 3 billion. Maldives government…
The St. Regis Maldives Vommuli has been recognized as a top 10 resort in the Indian Ocean by the Condé Nast Traveler Annual Readers’ Choice Awards. Over 520,000 Condé Nast Traveler readers submitted responses rating their experiences across the globe. The Readers’ Choice Awards with their unparalleled legacy as the travel industry’s longest-running and most prestigious accolades remain the ultimate symbol and acknowledgment of excellence within the travel sector. “We are deeply honored to receive this award for the fourth consecutive year, reaching the top ten for the first time this year,” said Vincent Pauchon, the General Manager of The…
The premium luxury airline “Beond”, founded by SIMDI Group and United Arab Emirates’ (UAE) Arabesque, officially launched. The airline’s maiden flight landed at Velana International Airport (VIA) on Monday, October 9. The flight’s arrival was marked with a water salute bestowed by Maldives Airports Company Limited (MACL), VIA’s operator. Beond, the leisure luxury airline, operates a fleet of airplanes equipped with fully reconfigured 44-business class seats. Beond CEO, Tero Taskila said commercial flights of the airline scheduled for November 2023 will begin from Zurich, Munich, and Riyadh. The airline’s next batch of destinations include Milan, Bangkok following which Chinese routes…
The Maldives Civil Court has issued a prohibition of travel on a vessel that capsized on Kudagiri lagoon. AM MSV Mariya Sinthayathirai Riyana capsized on Kudagiri lagoon earlier in January 2023. Environmental Protection Agency (EPA) moved ahead by imposing an MVR 3 million fine on the vessel’s proprietor. The agency filed a lawsuit in Civil Court after the vessel’s owner failed to pay the fine, additionally seeking a travel ban on the boat. Civil Court earlier on Friday, October 6, issued the travel ban order on the vessel and demanded it remained within Maldivian waters until the case concluded. The…
One of the largest credit rating agencies in the world, Fitch Ratings, has once again assigned a “B minus” rating to the Maldives. The agency gave a “B plus” rating to Maldives before the Covid-19 pandemic in 2020. Following the pandemic, the agency changed Maldives’ rank to “CCC” (Triple-C) in 2020, and later changed it to a “B minus” in 2021. Fitch’s rating for the Maldives remained stable because of significant developments in the Maldives’ productivity and expansion of the tourism industry. The agency also estimates a 7.2% economic growth in 2023, and a 6.6% increment for the following two…