Author: Mohamed Reehaan

The Minister of Economic Development and Trade Mohamed Saeed recently held discussions with Li Xiaosan, Vice Chairman of the Standing Committee of Yunnan Provincial People’s Congress of China. During their meeting, the two had focused on strengthening bilateral ties in trade and investment between the Maldives and Yunnan province. Minister Saeed acknowledged the long-standing relationship between the Maldives and Yunnan, highlighting the previous areas and avenues of collaboration, including opportunities to participate in the Kunming Fair and provide training and sports. “This meeting will undoubtedly serve as a pillar to strengthen these existing ties and pave the way for stronger…

Regional Airports Company Limited (RACL) on Monday, has unveiled the newly renovated lounge at Hanimaadhoo International Airport. The waiting area is now more spacious with the latest in comfort for travelers to relax in between flights. The airport’s lounge underwent upgrades to provide a more contemporary waiting area for travelers as international flights resume to Hanimaadhoo International Airport after the redevelopment project crossed over 50% completion as of August 2023. International flights resumed to the airport officially on April 16, 2024, and with it RACL, the airport’s operator, expect more successful operations. As of now, Hanimaadhoo International Airport welcomes nine…

The national carrier, Maldivian, has once again announced additional flights in light of travel demands. According to Maldivian, an additional flight has been added to Male’-Kooddoo route on May 24, 2024. Departure from Male’ is scheduled for 17:40hrs, and return from Kooddoo is scheduled for 19:15hrs. Besides this, a flight been added to Maafaru and Madivaru routes on the same date as well. The departure from Male’ is scheduled for 04:50hrs, and will first land Maafaru. From Maafaru to Madivaru, the flight is scheduled at 05:50hrs, and return back to Male’ is scheduled from Madivaru at 06:40hrs. An additional flight…

Privatization and Corporatization Board (PCB) on Sunday announced new appointments to 11 state-owned enterprises (SOEs). PCB announced the names of the individuals who were appointed to key positions of the SOEs last week, including the Managing Director and four members to the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFORMPC). They are; Ahmed Zareer – Managing Director Munshida Ibrahim – Board Member Ahmed Shifaz – Board Member Ahmed Yameen – Board Member Adam Manik – Board Member The appointments to the 11 SOEs include; Bank of Maldives (BML) – Ali Farish SME Development Finance Corporation (SDFC) – Mohamed Maiz Munaz…

The outstanding Public and Publicly Guaranteed (PPG) Debt of the Maldives government reached MVR 126.2 billion as of the first quarter of 2024, which is 110.1% of the Maldives national Gross Domestic Product (GDP). According to the Quarterly Debt Bulletin (QDB) for the Q1-2024, published by the Ministry of Finance, the total debt service as of the review quarter stood at MVR 2.2 billion. Budgetary Central Government (BCG) Debt External: MVR 38.1 billion Domestic: MVR 74.1 billion In the last quarter of 2023, external BCG Debt stood at MVR 38 billion, and domestic BCG Debt stood at MVR 72.7 billion.…

Velana International Airport (VIA) announced the partners for the Air Service World Congress (ASWC) 2024. The announcement was made at a special event held at Noovilu Seaplane Terminal, which saw participation of Maldives Airports Company Limited (MACL) Managing Director, deputy managing directors, senior management, and partners. Speaking at the event, MACL Managing Director Ibrahim Shareef Mohamed said, “President Dr. Mohamed Muizzu has prioritized the development of Velana International Airport with a visionary Masterplan and that this plan will drive national prosperity through aviation development, congruent with the growth of our tourism sector.” “Velana International Airport will be at the core…

Maldives President Dr. Mohamed Muizzu has officially formed a state-owned establishment designated as Development Bank of Maldives Limited – 100% of which is held by the Maldives Government. The official announcement of the bank’s establishment was made on May 16, 2024. This state-owned entity was established under authority granted to the Maldives President by Section 15 of the Companies Act (Act No. 7/2023). The Development Bank of Maldives was formed in alignment with the government’s policies, including the funding of infrastructure projects, investing in sustainable economic and social development, addressing the difficulties associated with financing PSIP projects through syndicated financing,…

The Ministry of Fisheries and Ocean Resources has announced the conclusion of the Indian Ocean Tuna Commission (IOTC)’s 28th session on Saturday, with the successful adoption of 16 proposals. The ministry said that “after years of intense regulations and setbacks” a drifting FAD (dFAD) management measure was adopted – facilitated by the Maldives leadership. The ministry added this measure will play a vital role in regulating the use of dFADs deployed by purse fishing vessels operating in the Indian Ocean. The measure also establishes a dFAD register, a dFAD monitoring system, stricter limits on the number of dFADs, and a…

Shares of HSBC Holdings fell over 3% in Hong Kong last Friday after reports of its top shareholder Ping An Insurance might be looking to cut its stake in the British Bank. Despite this plunge, HSBC’s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share. Meanwhile, Bloomberg reported the Chinese insurer is looking at possibly reducing its stake in the bank further “as it seeks to reduce its USD13.3 billion position in Europe’s largest lender.” There are several options including “further share sales, similar to the USD50 million sale it…

The Commonwealth Enterprise and Investment Council (CWEIC) has announced the decision to establish an office in the Maldives, and appoint prominent businessman Mohamed Ali Janah as its Chair. CWEIC made the announcement on Thursday, noting that Janah, the Principal Advisor to Maldives President Dr. Mohamed Muizzu, and a veteran entrepreneur with over 30 years of trade ties with the Middle East, will lead the efforts carried out by the office. The council said it was establishing this office with the acute vision of connecting the Maldivian government with international investors and businesses, along with any relevant stakeholders with keen focuses…