Author: Mohamed Reehaan
Hulhumale’ Smart Parking announced availability of 23 parking spaces for lease through a tender. This is also the first-ever smart parking zone in the Maldives, located near the Hulhumale’ ferry terminal. Interested parties are required to participate in the bidding process before 07th June 2023. The bidding will commence on the same day. Urbanco announced that the starting price for the parking slots will be set at MVR1,500. Allocation of the slots will be determined using a point-based system, where each bidder will receive a certain number of points based on their bid. The bidders with the highest points will…
The Maldives government generated a total income of MVR1.86 billion in April 2023, reported the Maldives Inland Revenue Authority (MIRA). According to the authority, this total is a 13.2% from the revenue earned in the same month in 2022. MIRA said the revenue for the review month was higher due to the increment in the collection of Goods and Services Tax (GST), Income Tax, Tourism Land Rent, and Green Tax. Additionally, tourist arrivals of March 2023 increased by 15.1% compared to March 2022, which led to the increment in tourism-related taxes and fees carried forward to April. However, the revenue…
The cumulative total of state expenditure has reached MVR 16.5 billion as of 11th May 2023, reports the Ministry of Finance. According to the ministry, the cumulative total of state revenues as of the review date stood at MVR12.3 billion. The government has utilized 67% of its budget on recurrent needs and the remaining 33% on capital needs. On the other hand, state earned 75% of its revenue from tax sources and the remaining 25% from non-tax sources. The overall balance for the period is a deficit of MVR4.2 billion. Revenues and Grants Tax Revenues: MVR 9.2 billion Non-Tax Revenues:…
The total tourist arrivals to the Maldives has exceeded 750,000 as of 15th May 2023, reports the Ministry of Tourism. According to the ministry’s recent statistics, tourist arrivals on a year-to-date basis stood at 751,101 by 15th May, indicating a 16.7% increase from the same period in 2022 during which arrivals stood at 643,742. Tourist Arrivals – Monthly January: 172,499 February: 177,915 March: 173,514 April: 164,357 May (01st to 15th): 62,816 Top 10 Markets of 2023 (as of 15th May) Russia: 88,841 India: 83,729 UK: 69,417 Italy: 58,828 Germany: 55,088 China: 38,957 USA: 30,906 France: 28,205 Switzerland: 18,472 South Korea:…
Corinthia has signed a hotel management agreement to operate a luxury resort in the Maldives. Corinthia signed with resort developer Maarah Private Limited, a Maldivian company affiliated with Maarah Holdings Ltd, a United Arab Emirates (UAE) company registered within the Dubai International Financial Center. This is part of the Niro Investment Group, an investment company from Romania which is expanding its international operations in the Middle East and South Asia. Reports confirm that early works on reclamation and the first phase of the resort’s development, located in Kaafu atoll, have commenced. The property will feature two islands hosting a 73-key…
The State Trading Organization (STO) has announced its 2022 Annual General Meeting date. The largest state-owned enterprise in the Maldives will be hosting its AGM on 31st May, 20:30hrs at Hulhumale’ Central Park. All registered shareholders for the event can attend in person or online via Microsoft Teams Live Events – the meeting link will be shared with the registered shareholders. STO said that all shareholders registered in the company’s shareholders list before 24th April will be allowed to participate in the AGM. All eligible shareholders must register for the AGM through STO’s online portal before 20:30hrs of 30th May.…
Maldives Ports Limited (MPL) has listed a bond on the private equity market. MPL listed its bond on the Private Securities Segment of the Maldives Stock Exchange (MSE), “Viyana” platform. The bond is worth MVR200 million and has a one year borrowing period. The company is seeking to raise MVR50 million in equity through this bond listing, while borrowers will receive a 7% annual profit. MPL’s Chief Executive Officer Shahid Ali said that the company listed the bond to raise capital for its business expansion in light of economic growth. He also assured that the bond investors will receive their…
Addu City Council on Monday, 15th May, announced that the physical works for the city’s mega-scale land reclamation project will begin in June. The council said this, via a Facebook post, noting that the majority of the boundary wall installation for the planned reclamation zones has been completed. It added that the installation of the dredger pipelines in the zones is currently ongoing. “Physical works of dredging and land reclamation will commence in June”, the council said. The project was awarded to Netherlands’ Van Oord, and the company had already mobilized machinery and equipment to the project site in December…
Regional Airports Company Limited (RACL) has revealed on Monday, 15th May, of commencing installation of night landing systems in Hoarafushi and Maavarulu airports. The company expects completion of the system installation within a month while night aviation in both venues are expected to kick-off immediately after. RACL has begun installation of the systems in Hoarafushi and Maavarulu, a week after the successful landing of a night flight in Kulhudhuffushi City where they installed the system most recently. Meanwhile, official night flight schedule for Kulhudhuffushi City is expected to launch soon. RACL further said this introduction of night aviation in the…
The Maldives government has signed a USD40 million (MVR614 million) agreement with Saudi Arabia on establishing a small-to-medium (SME) impact fund. The memorandum of understanding (MoU) between the Maldives government and the Islamic Development Bank (IsDB) was held at the sidelines of its ongoing annual assembly. A delegation from the Maldives is participating in the assembly. Maldives Minister of Finance Ibrahim Ameer signed on the agreement on behalf of the government, while the bank’s Chairman and President Dr. Muhammad Al Jasser signed on behalf of IsDB. The IsDB President had congratulated the Maldives for its strong recovery from the Covid-19…