Author: Mohamed Reehaan
Maldives Airports Company Limited (MACL) has denied the rumors of Russian national carrier Aeroflot suspending its direct flight operations to the Maldives. Moreover, the rumors were reported less than a month after the Russian flagship carrier recommenced its operations to the island nation. The reports followed after it was confirmed that Aeroflot will be suspending its operations to Sri Lanka. The airline discontinued its direct flight operations to the Sri Lanka after one of its flights were grounded by Lankan authorities. According to Aeroflot, the flight will remain under the custody of Lankan authorities until 16th June; which was detained…
Housing Development Corporation (HDC) has announced it will be opening the applications for the Vinares housing flats. The housing flats, developed at Hulhumale’ Phase II are reserved for Male’ registered residents. In addition to this, 100 apartments from the housing units have also been reserved for individuals who are not registered in Male’, but living in the city for a total of 15 years. The eligible applicants must fulfill a set of criteria which include; Must be a registered resident of Male’ City Not bound to an agreement to purchase a housing unit, land or plot from Male’ City of…
Kuda Vilingili Resort Maldives is celebrating its first anniversary, which opened on 06th June 2021. Commemorating the resort’s first anniversary, its management extended their deepest gratitude to the guests, ambassadors and stakeholders who have helped “establish the resort as a stunning destination.” The resort has worked closely with the local community over the past year since inception, and provides support as part of its sustainability initiatives. The first year anniversary of Kuda Vilingili Resort Maldives started off with a celebratory lunch by the management for the ambassadors. Speaking on the occasion, the resort’s General Manager Mr. Morgan Martinello said, “It…
According to World Bank’s latest Maldives Development Update, the island nation’s poverty rate dropped by 7% in 2021. The country’s account deficit and overall fiscal position were improved due to recovery of tourism post-Covid. As such service exports and tourism-linked revenue streams picked up in collection during the previous year. All economical sectors with the exception of construction industry, showed significant bounce back in 2021. Poverty rates in the country rose by 11% in 2020 due to the Covid-19 pandemic’s global outbreak, which was estimated to have dropped by 4% in 2021. Moreover, World’s Bank update further noted that the…
State Trading Organization (STO) introduces low-carbon cement; or “Green Cement” to the Maldivian construction market. The low-carbon cement is STO’s move towards introducing a more eco-friendly alternative in replacement of conventional cement products. According to STO, the “Green Cement” will effectively help in reducing environmental impact rising from the cement manufacturing and construction industries. The low-carbon concrete will reportedly have lower levels of hydration heat compared to conventional cement products. The company’s decision of replacing conventional cement with low-carbon concrete is reflective of its commitment towards promoting carbon neutrality. Moreover, STO confirms that the low-carbon cement is manufactured using recycled…
The Maldives Minister of Finance Mr. Ibrahim Ameer has denied the rumors surrounding the depletion of the country’s reserves. Recently, Maldives Parliament Speaker Mr. Mohamed Nasheed had warned over the possibility of the country’s reserve hitting critical levels. However, while explaining the recovering economic background of the Maldives, minister Ameer clarified that the expanding US Dollar income in the country will greatly enhance reserve increment. Moreover, the minister had claimed that the country’s national reserves will be maintained at levels similar to pre-Covid conditions. In addition to this, minister Ameer had affirmed that the Maldivian government was capable enough to…
The Speaker of Maldives Parliament Mr. Mohamed Nasheed has warned on state reserve’s expected drop to critical levels by July 2022. Nasheed’s comments followed the revelation of Ministry of Finance regarding the state debt increasing to MVR99 billion. Moreover, the Parliament Speaker had spoken about restructuring the debt back in 2019 and followed up on it in 2020 due to its negative future implications, while Nasheed noted that the state will face further challenges in maintaining the debt obligations by 2023. Furthermore, Nasheed noted on the ambiguity surrounding debt repayment within the following few months with regards to the approaches…
State Electric Company Limited (STELCO) will reportedly install electrical network on its own expense at the two housing towers in Hulhumale’ Phase II. The social housing towers that are developed by the utility provider aims to provide housing solutions for the company’s employees and their families. Furthermore, on Saturday evening, 04th June, STELCO confirmed its board of directors’ decision to initiate installation of electricity in the housing towers. STELCO moved forward with the decision to expedite completion of the housing towers to ensure they are livable by July 2022. The company has pledged on allocating the apartments to its staff…
The latest update from Ministry of Tourism reveals that the tourist arrival to the Maldives increased by 55.0% on annual terms by May 2022 end. As per the latest statistical updates from the ministry, tourist arrivals were observed at a total of 706,468 by 01st June 2022. Meanwhile, the total tourist arrivals for the month of May exclusively was recorded at 125,522 observing an increment of 94.3% for the month when compared with the same month in 2021 during which the total tourist arrivals were recorded at 64,613 and in 2020 arrivals in May were recorded at just 41. On…
According to the latest update from Ministry of Finance, the cumulative total of state expenditure has reached MVR14,047.3 million (MVR14.0 billion) as of 26th May 2022. On the other hand, the cumulative total of state revenues inclusive of foreign grants reached MVR11,136.3 million (MVR11.1 billion). Moreover, state has spent 75% of its budget on recurrent expenses and the remaining 25% on capital expenses. Meanwhile, state earned 71% of its revenues from tax sources and the remaining 29% from non tax sources. The overall balance for the period is a deficit of MVR2,911.0 million (MVR2.9 billion) owing to stronger spending against…