Road Development Completed for Addu Gan International Airport Project

Photo: Mohamed Firaq (X)

The road development for the Addu Gan International Airport project has been completed, marking a significant milestone in the redevelopment of the southern atoll’s main air gateway.

According to Addu International Airport Company (AIA) Managing Director Mohamed Waheed Hussain, 4.3 kilometres of new road have been finished, with the final traffic markings currently underway. The work is part of a broader redevelopment funded through the Indian Line of Credit, which aims to upgrade the airport into a state-of-the-art facility capable of handling 1.5 million passengers annually.

For years, efforts to modernise the airport have faced delays and setbacks. With the new road nearing full completion, the focus now shifts to expanding the passenger terminal. Waheed told PSM News that two extensions are under construction, a 15-metre addition on one side and a 75-metre expansion on the other. While the timeline indicates the work should be completed by the end of this year, Waheed acknowledged there may be some delays, adding that the project is expected to conclude by early next year.

The current phase of construction is intended to pave the way for further upgrades to the existing terminal, which is to be modernised with improved facilities. Waheed also highlighted the difficulties of keeping airport operations running smoothly while major development is underway.

The project has drawn public concern over the removal of old shelter trees during the roadwork. In response, the company has committed to planting large trees on both sides of the newly paved roads to restore shade and greenery.

Redevelopment of Addu International Airport has been ongoing for more than a decade. Its existing infrastructure already includes a 3,000-metre-long runway capable of accommodating wide-body aircraft such as the Boeing 777. Once complete, the project is expected to reinforce the airport’s role as a vital hub for tourism and trade in the southern Maldives.

Civil Court Orders Vivco Energy Solutions to Repay Over USD 3.4 Million to Sri Lankan Bank

The Civil Court has ordered Vivco Energy Solutions Pvt Ltd, along with guarantors Cypria Pvt Ltd and Abdulla Saeed of M. Nirolhu, to settle more than USD 3.4 million owed to the National Development Bank (NDB) of Sri Lanka after defaulting on loan agreements.

The case centred on short-term loan facilities totalling USD 3.76 million, granted to Vivco Energy Solutions under offers made in June 2022 and February 2023. The Court found that the company, together with its guarantors, had failed to honour repayment terms.

As of 31 May 2025, outstanding liabilities stood at USD 3.38 million under the loan facilities and a further USD 27,641.62 under an overdraft facility. In addition, the Court ordered the defendants to cover USD 10,000 in legal costs. They have been given until 23 November 2025 to repay the sums in full, with interest and penalties continuing to accrue until settlement.

The ruling also confirmed the Bank’s rights over Vivco Energy Solutions’ receivables, which remain pledged as security until repayment is completed.

Observers warn that such cases may have broader implications for Maldivian businesses seeking overseas financing. With many large-scale projects in tourism, infrastructure and energy relying on foreign loans, defaults of this scale risk damaging international confidence and driving up borrowing costs for the wider private sector.

Analysts argue that strengthening enforcement mechanisms and improving corporate governance are essential to maintaining the Maldives’ financial credibility and ensuring continued access to foreign credit.

Maldives Posts Surplus as Tourism Taxes Rise, But Capital Spending Slows Sharply

The Ministry of Finance’s latest Weekly Fiscal Developments report, covering data up to 4 September 2025, shows the Maldives running a cumulative surplus of MVR 868.7 million. While at first glance this suggests a healthy budget position, the underlying figures tell a more nuanced story.

Total revenues and grants reached MVR 26.31 billion, compared with expenditure of MVR 25.44 billion. The bulk of the revenue came from taxes, totalling MVR 20.51 billion. Tourism Goods and Services Tax led the way at MVR 7.46 billion, supported by General GST at MVR 3.52 billion. Green Tax collections nearly doubled year-on-year to MVR 1.47 billion, while airport service charges and departure taxes rose to MVR 1.21 billion. These numbers show how much the state’s fiscal health is tied to tourism and aviation flows.

In contrast, import duties fell to MVR 1.99 billion from MVR 2.21 billion last year, reflecting weaker trade inflows. Business and property taxes also declined to MVR 4.65 billion, largely because withholding tax and other business levies dropped compared to 2024’s higher base. Non-tax revenues, at MVR 5.59 billion, were lifted by higher fees and charges as well as the airport development fee, though dividends from state-owned enterprises fell. Grants remained modest at just MVR 203.1 million.

On the spending side, recurrent expenditure dominated at MVR 22.17 billion. Salaries, wages, and pensions reached MVR 9.58 billion, while administrative and operational expenses accounted for MVR 12.57 billion. Subsidies eased to MVR 2.19 billion, down from last year, and health financing through Aasandha climbed to MVR 1.35 billion. Interest costs stood at MVR 2.89 billion, yet the government still posted a primary surplus of MVR 3.75 billion.

The real adjustment has come in capital spending. Capital expenditure has fallen sharply to MVR 3.28 billion, compared with MVR 7.80 billion by the same period in 2024. Within the Public Sector Investment Programme, transport remains the focus with MVR 2.60 billion spent, mainly on airports. Housing, reclamation, and water and sewerage projects, however, are moving at a much slower pace. This slowdown helps explain the surplus but raises questions about whether infrastructure plans are being delayed or underfunded.

Debt servicing and financing trends also stand out. Loan repayments have nearly doubled year-on-year to MVR 3.95 billion, while transfers to the Sovereign Development Fund reached MVR 1.39 billion, suggesting the government is trying to strengthen buffers. Government securities outstanding totalled MVR 95.45 billion at the end of August, with a large share concentrated in one-year treasury bills at MVR 34.16 billion. While the state has also locked in long-term financing through 15–20 year bonds worth MVR 21.45 billion, the short-term rollover risks remain significant.

Looking at budget utilisation across agencies further highlights the capital slowdown. The Ministry of Construction, Housing and Infrastructure has spent MVR 2.12 billion out of an allocated MVR 8.02 billion, while the Ministry of Tourism and Environment has used just MVR 265.9 million of MVR 1.68 billion. By contrast, agencies with payroll-heavy budgets, like Education and Health, are closer to their spending paths.

The reported surplus is not final, since these are posted transactions that may later be revised through reconciliation. Still, the fiscal picture is clear: revenue strength is anchored in tourism, recurrent spending is steady, and capital execution is lagging. The coming months will show whether project spending accelerates or if the government continues to prioritise short-term fiscal balance and debt service over infrastructure delivery.

Singapore Airlines to Upgrade Maldives Route with Long-Haul A350

Singapore Airlines will be upgrading one of its two daily flights between Singapore and the Maldives to a long-haul Airbus A350 from 26 October 2025. The change will see the airline permanently deploy the A350 long-haul variant on its SQ432/431 services to Velana International Airport.

Currently, the airline operates Airbus A350 medium-haul aircraft on the route. With the new upgrade, passengers travelling in business class will experience the wider 2013 Business Class seats with direct aisle access, offering a more spacious layout compared to the narrower regional version. However, the shift will result in a slight reduction in the total number of business class seats.

The introduction of the long-haul A350 also brings Premium Economy seats to the Maldives route. Although these will be sold under Economy Class fares, passengers can pay an additional fee starting from around USD 50 to enjoy the wider seats, greater legroom, and couple seating options by the window.

Singapore Airlines said the move is aimed at enhancing comfort and convenience for long-haul travellers, particularly those arriving from Australia, Europe, and the United States who frequently connect through Singapore to the Maldives.

The airline will continue operating its second daily service, SQ438/437, with the A350 medium-haul aircraft, ensuring both variants serve the Singapore–Malé route. The long-haul aircraft has already been rostered on this rotation through to September 2026, making this a permanent adjustment rather than a seasonal shift.

Tourism Ministry Opens Bids for Kaashidhoo Lagoon Resort Project

The Ministry of Tourism and Environment has invited bids for the development and operation of a new tourist resort in Kaashidhoo lagoon, located in Male’ Atoll.

According to the Ministry, the proposed project involves reclaiming part of the 115-hectare lagoon to establish a 10-hectare resort island. The development must include a minimum of 100 beds, with the project identified as a presidential pledge of President Dr Mohamed Muizzu.

Both local and foreign companies are eligible to participate in the bidding process. The deadline for bid submissions is 13:00 on 20 November.

The Ministry stated that application forms for tender documents can be accessed via its website or collected in person from its reception between 09:00 and 13:00 on working days, starting from 14 September until 19 November.

To assist interested parties, the Ministry will hold two information sessions. The first is scheduled to take place online on 24 September, with the second session planned for 21 October.

Level 17: A Sky-High World of Indulgence

Rising above the city, Bayfancy Residence unveils Level 17, an entire floor dedicated to the art of living well. Here, luxury is not just defined by space, but by the experiences it gathers under one roof, curating a lifestyle that feels both effortless and extraordinary.

The infinity pool commands the skyline, its mirrored waters dissolving into sea and sky, transforming each swim into an escape. An invigorating scene at dawn, while at dusk it shimmers with the glow of sunset, constantly offering a mesmerising canvas of light. Around it, loungers and shaded nooks invite both lively gatherings and moments of tranquil solitude.

Wellness finds its sanctuary in the expansive fitness centre and adjoining yoga studio. Bathed in natural light, they embody balance: the hum of modern equipment alongside the quiet grace of meditation. Families discover delight in the vibrant children’s play area, while the billiards lounge, barbecue terrace and outdoor dining spaces become stages for friendship and celebration.

For those seeking stillness, the reading room offers a hushed reprieve, its shelves lined with stories waiting to be claimed. Just steps away, co-working hubs and meeting suites blur the lines between work and leisure, equipped with seamless technology for effortless productivity.

The community finds its pulse in the multipurpose hall, adaptable to celebrations, performances, and intimate gatherings. Layered with intelligent systems, automated lighting, climate control, and green design, the floor is not only indulgent but future-ready, where sustainability quietly elevates comfort.

Level 17 is more than an amenity; it is a world of its own, elevated to new heights. Every detail, from the horizon-touching pool to the curated cultural corners, is designed to ensure that returning home feels like stepping into a private sanctuary, luxury made tangible, every single day.

Gov’t Partners with Alibaba to Train Local Businesses for Global Market Access

More than 260 Maldivian entrepreneurs have registered for an upcoming workshop organised in collaboration with global e-commerce company Alibaba, the Ministry of Economic Development and Trade has announced.

The initiative, scheduled for 16 September at the Barcelo Nasandhura Malé, will also allow participation online, making it accessible to entrepreneurs across the provinces. The workshop is designed to provide local businesses with the skills and knowledge to access international markets through online platforms.

According to state media, State Minister for Economic Development and Trade Abdulla Siyaz described the opportunity for Maldivian businesses to list on Alibaba.com as a milestone that enables them to reach global consumers. He highlighted the significance of the collaboration in broadening the country’s digital trade prospects.

The government has made expanding online trade opportunities a key priority, with the Ministry leading efforts to ensure Maldivian products gain visibility on widely used e-commerce platforms. Officials say the programme is part of a broader strategy to diversify the economy and create new avenues for trade by integrating local businesses into the global digital marketplace.

Gov’t Raises Dollar Allocations as STO Expands Food Imports

The government has raised the supply of US dollars to businesses at the official exchange rate, with the aim of easing price pressures in the market. Minister of Economic Development and Trade Mohamed Saeed said allocations have risen to as much as 50 percent of requests, compared to the much smaller shares previously made available to small and medium-sized enterprises.

The announcement comes at a time of heightened public concern over rising consumer prices and complaints of difficulties in securing foreign currency for imports. Officials say the measure is intended to support importers and ensure a steady flow of goods.

Alongside the increase in dollar allocations, the Cabinet has directed the State Trading Organisation (STO) to expand bulk imports of key goods. These include staples such as rice, sugar and flour, as well as lentils, eggs, potatoes, and ten of the most widely consumed fruits and vegetables. STO has already begun distributing oranges and has said it will ensure continuous availability of both apples and oranges. From mid-October, the organisation is expected to begin importing 23 designated food items.

Questions have been raised about whether foreign currency shortages are behind recent sharp increases in fruit prices, with some reports highlighting price hikes of several hundred percent. Minister Saeed argued that higher dollar allocations should have eased such pressures.

STO Managing Director Shimad Ibrahim noted that the company has not relied on government-provided dollars for its import operations in recent years. He said that during the past two Ramadans, STO used its own investments and banking arrangements to source the necessary foreign currency.

Finance Minister Urges Stronger Capital Market to Cut Reliance on Foreign Aid

Minister of Finance and Planning, Moosa Zameer, has urged the Maldives to strengthen its capital market as a pathway to sustainable development and reduced reliance on foreign aid and financing.

Speaking at the closing ceremony of the Maldives Finance Forum 2025, organised by the Maldives Pension Administration Office (MPAO), Minister Zameer said that the country’s heavy dependence on banks for financing is no longer sufficient to support its development ambitions.

He explained that a banking-focused system is unable to provide the scale of funding needed for infrastructure, housing, tourism, and diversification projects. While public financing plays an important role, he added that it cannot cover the full costs of large-scale initiatives.

According to Minister Zameer, the establishment of a robust capital market would help mobilise long-term savings and create new financing opportunities. He called for the introduction of varied investment products, including conventional bonds, Sukuk, and instruments aligned with sustainability goals such as green and blue bonds. These instruments, he noted, should also support greater access to financing for SMEs and women-led businesses, contributing to more inclusive economic growth.

The Minister stressed that this transformation cannot be driven by government alone. He called for cooperation from all stakeholders in the financial ecosystem, underlining that strategic reforms are essential for the sustained growth of both the capital market and the wider financial system of the Maldives.

Dhiraagu Hosts SEA-ME-WE 6 Global Consortium Meeting in Maldives

Dhiraagu has announced the successful hosting of the SEA-ME-WE 6 Global Consortium Meeting in Malé, held from 7 to 11 September. The gathering brought together leading international stakeholders to review the progress and future of the SEA-ME-WE 6 submarine cable system.

The SEA-ME-WE 6 project, which links Southeast Asia, the Middle East and Western Europe, is set to play a crucial role in enhancing global connectivity. Once operational, the state-of-the-art cable will provide faster internet speeds and improved communication services to millions of users across its connected regions.

By investing in the project, Dhiraagu is securing direct access for the Maldives to major Internet Exchange Points and Data Centres in South Asia, the Middle East and Europe. This development is expected to strengthen the nation’s digital resilience and meet the rising demand for high-quality data services.

During a welcome dinner for consortium participants, Dhiraagu’s CEO thanked members for their support and reiterated the company’s commitment to the project. He highlighted its importance for the Maldives, describing it as a key driver of digital transformation and economic growth.

The SEA-ME-WE 6 consortium includes prominent global telecommunications and digital service providers such as Batelco (Bahrain), BSCCL (Bangladesh), Bharti Airtel (India), China Unicom, Djibouti Telecom, Microsoft, Mobily (Saudi Arabia), Orange (France), PCCW Global, Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Telin (Indonesia), and Trans World Associates (Pakistan).

How Structural Inequality Steals the Dreams of Maldivian Youth

The story of Maldivian youth is often told as one of ambition. They talk about careers in tech, in medicine, in creative industries. They dream big. Yet alongside those aspirations sits something harder to measure: doubt. Many feel that their family background, the island they come from, or the connections they lack limit their chances of pursuing the roles they want.

Here, where opportunity is shaped as much by geography as by talent, self-doubt is not just personal, it is systemic. A young person growing up on a remote island knows the weight of distance, how limited transport and schooling can shrink horizons. Even in Malé, where opportunities cluster, connections often matter as much as skills. The question is not simply “Am I good enough?” but “Do I know the right people?”

Too often, ambition collides with structural barriers. The absence of diverse industries, the over-reliance on tourism, the scarcity of scholarships, and the patchwork of training programmes mean that the leap from aspiration to achievement is longer than it should be.

And when opportunities do appear, they tend to flow toward those already advantaged. If your family can afford to send you to Malé or abroad for higher education, you are positioned differently from the student who finishes secondary school in an atoll island and sees no clear path forward. This is where confidence gaps widen into fault lines.

The challenge is not only geography or money. Politics, too, creeps into hiring. As one young professional put it, “I have a family member who is in politics, and since I am categorised as a politically exposed person, there is a lot of animosity around hiring people like me. They either feel that my relationship might influence my work or that they might face difficulties from the opposing side. So it’s quite the conundrum.” The barriers, in other words, are not just about merit but about perception.

Even those with international degrees and strong credentials can struggle. One graduate, who returned to Malé with high-level qualifications from one of the most prestigious universities in the world, still found the doors of opportunity closed. The problem was not ability, but a system that too often rewards familiarity and connections over capability.

The way forward begins with transparency. Corruption and nepotism lie at the root of many of these barriers, quietly shaping who gets access to opportunities and who is left waiting. Without open and fair processes, even the best-intentioned scholarship or training scheme risks reinforcing the same inequalities it was meant to reduce. Transparent recruitment, public reporting on scholarship awards, and clear criteria for promotions and placements are not bureaucratic details; they are safeguards against a culture where connections matter more than competence.

Alongside transparency, other tools matter. Apprenticeship programmes that reach beyond Malé could open pathways for students in atoll islands. Scholarships tied to emerging industries like renewable energy, fintech, or creative sectors would help diversify opportunities beyond tourism. Businesses that commit to merit-based hiring can set new standards for fairness. Mentorship networks can show young people that their future is not limited to who they know but what they can do.

Technology, too, can reduce the disadvantage of distance. Remote learning, online networking platforms, and digital work opportunities have the potential to widen horizons. But for these to matter, the systems distributing them must be trusted, and that trust rests on transparency.

The danger is assuming that self-doubt is an individual failing. It is not. It reflects deeper structural inequities. To dismiss it is to ignore the invisible barriers that keep bright, talented young people from believing their futures are possible. To take it seriously is to acknowledge that our workforce is shaped not only by supply and demand, but also by trust, in oneself, and in a system that is meant to provide fair chances.

If we want Maldivian youth to believe in their dreams, then the work begins not in them, but in us. It begins with transparency, fairness, and the will to ensure that opportunity flows on merit rather than influence.

Villa College Hosts 9th International Conference on Social Research and Innovation

Villa College has inaugurated its 9th International Conference on Social Research and Innovation (ICSRI 2025), bringing together academics, policymakers, and industry leaders to address global and national challenges through research-driven solutions.

Held from 10 to 11 September at the Villa College QI Campus, the conference convenes under the theme, “Synergies of Discovery: Igniting Solutions for the Future.” Since its launch in 2016, ICSRI has become the leading platform in the Maldives for aligning academic research with national priorities and the United Nations Sustainable Development Goals.

The opening ceremony was attended by His Excellency David Jessup, the Australian High Commissioner to the Maldives, who served as Chief Guest. In his address, Mr. Jessup underscored the importance of research-informed dialogue in tackling issues such as climate change, digital disruption, and social inequality. Villa College Rector, Dr. Ahmed Anwar, described the event as a flagship platform for fostering interdisciplinary collaboration and connecting researchers, students, and professionals.

This year’s two-day programme features over 75 paper presentations by 166 registered participants, covering areas such as digital transformation, climate action, business and social entrepreneurship, future skills, governance, health, and sustainable cities. The conference has also introduced “Impact Rooms,” a new initiative announced by Conference Chair and Deputy Vice Rector, Dr. Mohamed Adil. These sessions are designed to produce actionable policy briefs by bringing together researchers and policymakers on themes ranging from the blue economy and energy transitions to tourism equity and digital futures.

As part of the event, Villa College also announced the 2025 recipients of its research grants. The six winning projects include studies on air quality monitoring, thalassemia, ageing care models, autism screening, AI in tourism marketing, and consumer behaviour.

The conference also saw the launch of the International Journal of Social Research and Innovation, further cementing its role in advancing academic discourse in the Maldives.

ICSRI 2025 is supported by 24 sponsors, partners, and endorsers, including several government ministries, the Maldives Monetary Authority, UNICEF, Visit Maldives, and the Society for Health Education. Key partners include Dhiraagu, Amãna Takaful, the Maldives Pension Office, and STO.

By uniting a diverse range of stakeholders, ICSRI 2025 continues to strengthen the Maldives’ role as an emerging hub for innovation in the Indian Ocean region, while providing research-based solutions to pressing social and policy challenges.

Revenue Collection Rises 6.9% Year-on-Year, Boosted by Tourism Growth

The Maldives Inland Revenue Authority (MIRA) has reported total revenue of MVR 2.12 billion for August 2025, reflecting a 6.9 percent increase compared to the same month last year. Collections also surpassed projections by 3.1 percent.

USD-denominated revenue amounted to USD 89 million, accounting for a significant share of the month’s intake. The bulk of receipts came from taxes linked to tourism activity, with Goods and Services Tax (GST) alone contributing more than half of the total. Income Tax followed as the second-largest contributor, while Green Tax, the Airport Development Fee, Departure Tax and Work Permit Fees also played key roles.

MIRA attributed the higher collection levels to stronger tourism performance. Tourist arrivals in August 2025 rose by 11.5 percent compared to the same month in 2024, which boosted receipts from Tourism GST (TGST), Green Tax, and airport-related levies. The impact of the increased Green Tax rates effective from January 2025 and higher airport taxes introduced in December 2024 also fed into this growth.

Beyond regular collections, revenue was lifted by one-off payments under the Corporate Social Responsibility Fee. MIRA also noted improved recovery of overdue payments, with 22.9 percent of August revenue coming from outstanding dues, while targeted enforcement actions secured a further 9 percent.

The data shows that while tourism-linked taxes continue to dominate government revenue, the rise in overdue collections underscores ongoing challenges in tax compliance. At the same time, the stronger-than-expected performance offers some relief against fiscal pressures, as the government faces high debt and spending obligations.

Gov’t and World Bank Launch Scholarships to Strengthen Agriculture Sector

The government, in partnership with the World Bank, has announced a new scholarship initiative to build capacity in the Maldives’ agricultural sector.

Ten fully funded scholarships will be offered under the ‘Transforming Fisheries Management in Southwest Indian Ocean Region and Maldives’ project. The Ministry of Fisheries and Ocean Resources confirmed that the scholarships will support enrolment in the Diploma in Agricultural Science at the Maldives National University (MNU).

According to the ministry, the programme is designed to cultivate specialised expertise in agricultural science and expand the pool of trained professionals. Officials noted that strengthening human resources in this field is key to improving domestic food production and reducing the country’s reliance on imports.

Applications are being accepted until 18 September through the Project Management Unit of the Fisheries Ministry. Candidates also have the option to apply electronically via email.

The scholarship package includes full tuition coverage. Students enrolled in the blended learning programme, particularly those travelling from the atolls to Malé, will be provided with round-trip airfare and a travel allowance. In addition, each recipient will receive a monthly stipend for the duration of their studies.

Cabinet Approves STO Bulk Imports to Address Rising Food Prices

President Dr Mohamed Muizzu has announced that the Cabinet has approved a decision to import a range of essential food items in bulk through the State Trading Organisation (STO), in a move aimed at easing pressure on household budgets and addressing growing concerns over food security.

The plan will see STO take on the import of 10 types of fruits, 10 types of vegetables, as well as staples including rice, sugar, flour, lentils, eggs, and potatoes. The decision follows weeks of sharp increases in food prices, with apples and oranges rising from MVR 4–5 to as high as MVR 13.

STO has already begun selling oranges at MVR 35 per kilogram as part of the initiative. The company has previously intervened in the market by importing goods such as coconuts to stabilise prices. Past administrations have similarly relied on STO bulk imports, particularly during Ramadan, to keep basic foodstuffs affordable.

The rise in food prices comes against the backdrop of sustained currency pressures. Traders attribute the surge to the cost of foreign currency, with the black market exchange rate for the US dollar holding above MVR 20 for several weeks, compared to around MVR 16 earlier in the year. Businesses have also reported sluggish activity due to fewer development projects, reducing overall circulation in the economy.

While the government has described the move as part of its broader food security policy, critics argue it falls short of ensuring long-term resilience. Former Finance Minister Ibrahim Ameer said that real food security requires cultivating commonly imported crops within the Maldives, not simply importing them through state-owned enterprises. He also warned that the policy could put private traders at risk by displacing them from markets they have long served.

Ameer further claimed that STO’s role is funded by resources collected from private businesses and tourists, which he argued may hurt the wider business community. He cautioned that reducing prices through state imports does not equate to true food security, which would mean the country could sustain itself without dependence on external supplies during emergencies.

For the government, however, the decision aligns with commitments outlined in President Muizzu’s manifesto, with the administration presenting it as part of its efforts to improve access to affordable food and shield the public from price shocks.

MMA Reports Higher Financial Assets but Weaker Reserves

The Maldives Monetary Authority (MMA) reported an expansion of its financial position in August 2025, with total assets rising to MVR 30.3 billion compared to MVR 29.4 billion in July.

The growth was mainly driven by an increase in both foreign and local currency financial assets. Foreign currency assets climbed to MVR 14.6 billion, up from MVR 14.2 billion the previous month, supported by higher cash balances with banks and receivables. Local currency assets also rose to MVR 14.8 billion, largely reflecting higher cash holdings with banks and additional investments in government securities.

On the liabilities side, total financial liabilities reached MVR 28.7 billion, up from MVR 27.7 billion in July. Foreign currency liabilities accounted for MVR 12.3 billion, while local currency liabilities amounted to MVR 16.4 billion. The increase in foreign liabilities was influenced by higher balances payable to the Asian Clearing Union and deposits from money changers. Meanwhile, government deposits in local currency surged, rising to MVR 1.1 billion from MVR 739 million in July.

The central bank’s reserves showed a decline, with equity falling from MVR 1.7 billion in July to MVR 1.5 billion in August. This was attributed to a reduction in reserves held by the Authority.

While the MMA’s financial position reflects an overall strengthening of assets, the rise in liabilities and the decline in equity highlight ongoing pressures. The growth in obligations to the Asian Clearing Union and increased reliance on deposits from domestic institutions point to underlying liquidity management challenges.

These figures come at a time when credit agencies have flagged concerns over the Maldives’ fiscal vulnerabilities. Moody’s, in its latest assessment, maintained a cautious outlook on the country’s creditworthiness, citing the strain from high debt and external imbalances. The MMA’s latest statement underscores the delicate balance between strengthening financial assets and managing liabilities within this broader economic context.

Ooredoo Maldives Announces Seventh Winner of #LiveUnlimited Anniversary Campaign

Ooredoo Maldives has named Hurriyath Mohamed from Lh. Naifaru as the seventh winner of its ongoing #LiveUnlimited Anniversary Campaign. Hurriyath will receive a fully sponsored Umrah trip, with the prize collected on her behalf by Ali Rasheed.

The #LiveUnlimited campaign was launched to mark Ooredoo Maldives’ anniversary and is rewarding 19 customers with Umrah trips every 20 days. The campaign will conclude with a grand prize of a Hajj trip for two, awarded to the 20th winner.

Ooredoo Maldives CEO and Managing Director, Khalid Al-Hamadi, said the initiative was about creating meaningful experiences for customers. “With #LiveUnlimited, we set out not only to thank our customers for their loyalty but to offer them moments that resonate on a deeper, more personal level. We congratulate Easa and look forward to celebrating many more journeys of faith and fulfilment,” he said.

Customers can enter the draw by spending over MVR 250 on bill payments or add-ons within a 30-day period, while new customers qualify with a minimum spend of MVR 400. In addition, customers must use Ooredoo services such as calls or data on at least 25 of the past 30 days. The campaign is open to Postpaid, Prepaid, and SuperNet users.

12th Maldives Finance Forum Opens with Focus on Resilient and Inclusive Capital Market

The 12th edition of the annual Maldives Finance Forum, organised by the Pension Office, opened today at Kurumba Maldives. Since its inception in 2012, the forum has served as a key platform for financial leaders and stakeholders to meet, exchange ideas, and deliberate on pressing issues shaping the financial sector.

This year’s forum is centred on the theme “Building a Resilient and Inclusive Capital Market.” Discussions will focus on the opportunities and challenges faced by businesses, investors, and the public in the development of the Maldivian capital market.

The agenda includes keynote speeches, presentations, and panel discussions by local and international experts, all addressing topics related to market resilience, inclusivity, and long-term financial growth. The organisers highlighted that the forum aims to foster collaboration and innovation within the financial sector while encouraging broader participation from the community.

The Finance Forum has become one of the most prominent events on the country’s financial calendar, consistently drawing attention to emerging issues and pathways for sustainable economic development.

JICA Grant to Fund Seawall Upgrades and Drainage Systems in Malé

The Maldives and the Japan International Cooperation Agency (JICA) have signed a grant agreement to strengthen disaster resilience in Malé through seawall upgrades and improved stormwater drainage systems.

The agreement, worth 1.56 billion Japanese Yen (approximately USD 10.5 million), was formalised on Tuesday at a ceremony hosted by the Ministry of Finance and Planning. Deputy Minister of Finance and Planning Hassan Miras signed on behalf of the Maldives, while JICA Maldives Office Resident Representative Taki Motoo signed for JICA. Japan’s Ambassador to the Maldives, Ishigami Rumiko, attended the event along with senior officials from the Ministries of Finance, Foreign Affairs, and Construction, Housing and Infrastructure.

The signing follows the Exchange of Notes between the two governments on 26 July this year, which outlined cooperation to strengthen disaster preparedness in the capital. The project is expected to protect residents, safeguard economic activity, and support community resilience in the face of growing climate-driven challenges.

Taki noted Japan’s long-standing support to the Maldives, recalling that the seawalls constructed with Japanese assistance between 1988 and 2006 played a decisive role in shielding Malé during the 2004 Indian Ocean tsunami. He said the new project would build on that legacy by introducing advanced drainage systems to cope with high waves and heavy rainfall.

Deputy Minister Miras stressed that the initiative is essential to address the mounting risks of flooding and water-related hazards in the capital, which is home to a large share of the population and economic life of the country. He added that the project would help safeguard both public safety and economic stability.

The Maldivian government expressed gratitude to Japan and JICA for their continued commitment to resilience-building and sustainable development in the country.

Dhiraagu and Medianet Launch Exclusive Asia Cup 2025 Viewing Offer

Dhiraagu has partnered with Medianet to bring cricket fans an exclusive opportunity to watch the Asia Cup 2025 at a discounted rate.

Under the promotion, customers can subscribe to Medianet TV for MVR 50 and access live coverage of all matches on Sony Sports TEN 1, 2 and 5. The service is available for both Prepaid and Postpaid Dhiraagu customers, who can conveniently activate the subscription through the DhiraaguApp.

The Asia Cup, one of the region’s most celebrated cricket tournaments, began on 9 September and will run until 28 September. The competition features leading national teams from across Asia, including India, Pakistan, Sri Lanka, Bangladesh, Afghanistan and Nepal, as they battle for regional supremacy.

According to the company, the partnership reflects Dhiraagu’s commitment to making world-class entertainment more accessible while providing affordable and user-friendly digital solutions.

Gov’t Forms Pharmaceutical Entity to Tackle Supply Challenges

President Dr Mohamed Muizzu has announced the formation of the State Pharmaceutical and Medical Supply Corporation Limited, a fully state-owned company responsible for the procurement and distribution of medicines, medical consumables, and equipment across the Maldives. The company was established under the authority of Section 15 of the Companies Act (Act No. 7/2023), with all its shares held by the Government.

The new corporation will assume responsibilities previously handled by the State Trading Organization (STO), aiming to streamline medical supply chains and ensure consistent access to essential healthcare products throughout the country.

In recent months the Maldives has faced repeated challenges in sourcing medicines, with shortages of essential drugs affecting patients across the country. Many people have struggled to access basic medicines such as pain relievers, treatments for long-term illnesses, and paediatric drugs. Delays in payments from the national health insurance scheme created difficulties for importers, while price controls reduced incentives for retailers to stock certain medicines. Restrictions on who could import pharmaceuticals further limited the ability of STO to fill supply gaps.

To address these problems, STO sought partnerships abroad to improve supply reliability. It also worked with international agencies to bring in medicines through global procurement systems at more affordable prices. While these measures eased some pressure, public frustration has continued, with many patients still reporting difficulties in getting the medicines they need.

The creation of the State Pharmaceutical and Medical Supply Corporation comes against this backdrop of persistent difficulties in the supply chain. By centralising procurement within a dedicated government-owned entity, the authorities aim to tackle long-standing weaknesses and establish a more stable and reliable framework for healthcare delivery. The government has stated that the reform is intended to ensure continuity and accessibility of medicines across the country.

Malé Labour Market Improves in Q1 2025, Services Sector Dominates Employment

Employment in Malé City saw a modest increase in the first quarter of 2025, according to the latest Labour Force Survey released by the Maldives Bureau of Statistics. The data shows an overall strengthening of the labour market, although gender disparities and rising numbers outside the labour force remain notable.

The working-age population in Malé stood at 187,390 during the quarter, with Maldivians making up 68 percent (127,696 people) and foreigners accounting for 32 percent (59,694 people). Out of this population, 142,431 were in the labour force.

Employment rose by 584 people compared with the previous quarter, reaching 140,255 in Q1 2025. This represents about three-quarters (74.8 percent) of the working-age population. The increase was mainly driven by foreign men, whose participation rose, while Maldivian men recorded a decline.

Unemployment dropped sharply to 2,176 persons, a 34 percent fall from the previous quarter. Almost all of the unemployed were Maldivians, with women slightly outnumbering men. The overall unemployment rate fell to 1.5 percent, down 0.8 percentage points, though the rate among Maldivians was higher at 2.5 percent. For Maldivian women, unemployment was 3.2 percent, compared with 1.9 percent for men.

Despite low unemployment, labour underutilisation remains a concern. The survey reported 2,783 people in time-related underemployment, representing 2 percent of those employed. More significantly, the potential labour force – individuals not actively seeking work but available to take up jobs – increased by 11 percent to 7,622. Combined, these figures pushed the broader measure of labour underutilisation (LU4) to 8.4 percent, with a much higher rate for women (15.9 percent) compared to men (5.3 percent).

Industry data showed that the economy of Malé is heavily service-oriented. The tertiary sector employed 113,412 people, representing over 80 percent of all jobs. The secondary sector accounted for 26,404 jobs (19 percent), while the primary sector, largely concentrated in the atolls, employed just 196 people. The quarter’s net job gains came entirely from services, while employment in the secondary sector declined.

At the same time, the number of people outside the labour force rose by 1,861 to 44,959, meaning 36 percent of the working-age population in Malé were neither employed nor seeking employment. Women made up the majority of this group, with household responsibilities cited as the main reason for non-participation, while men more often reported studying or long-term illness.

The survey highlights a dual reality: while employment and unemployment indicators improved in early 2025, a growing share of the population remains on the margins of the labour market, with women disproportionately affected by underutilisation and inactivity.

Maldives to Present New Resolution on Sea-Level Rise at UN Human Rights Council

The 60th regular session of the United Nations Human Rights Council (HRC) opened yesterday in Geneva, Switzerland, and will continue until 8 October 2025.

UN High Commissioner for Human Rights Volker Türk began the session with a statement on the global human rights situation.

In line with its national priorities, the Maldives will deliver statements under several agenda items during the session. Among these, it will present a new resolution on the impacts of sea-level rise on the full and effective enjoyment of human rights. The Maldives will also table the triennial resolution on the role of prevention in the promotion and protection of human rights.

The country is set to deliver a joint statement on behalf of Small Island Developing States (SIDS) under the agenda item on Technical Assistance and Capacity-Building, reflecting the unique challenges faced by these nations.

As a member of the Non-Aligned Movement and the Organisation of Islamic Cooperation, the Maldives will join collective statements voicing concern over the rising trend of human rights violations globally. In its national capacity, the Maldives will also highlight the humanitarian crisis in Palestine and participate in the Interactive Dialogue with the Special Rapporteur on Myanmar.

The Human Rights Council, comprising 47 Member States, serves as the UN’s principal body for addressing human rights issues and violations. The Maldives’ current term as a member of the Council will conclude in 2025.

Browns Investments Signs Agreement to Sell Barceló Whale Lagoon Maldives for USD 57.5 Million

Browns Investments PLC (BIL) has signed a Sale and Purchase Agreement to sell the assets and business of the Barceló Whale Lagoon Maldives Resort for USD 57.5 million.

The agreement was signed by BIL’s subsidiary, Browns Ari Resort (Private) Limited, with ASB Hotel Properties Maldives Private Limited, a local subsidiary of Dubai-based Albwardy Investment. Completion of the transaction is subject to regulatory and third-party approvals in the Maldives.

Barceló Whale Lagoon Maldives, located in South Ari Atoll, is a five-star property comprising 100 villas and suites. Positioned near the South Ari Marine Protected Area (SAMPA), the resort is known for offering guests opportunities to encounter whale sharks and manta rays. It features three restaurants, a snack bar, three bars, two infinity pools, a spa, a fitness centre, and a wide range of water sports and excursions.

The move comes as Browns Investments continues to reshape its leisure portfolio in the Maldives. Earlier this year, the company opened Barceló Nasandhura Malé, a 16-storey seafront hotel in the capital city. The project, valued at USD 100 million, includes 136 rooms and 116 serviced apartments, alongside extensive MICE facilities such as two grand ballrooms.

Albwardy Investment, the acquiring party, maintains a growing international hospitality portfolio across four continents, often developed in partnership with major hotel brands. Its acquisition of the South Ari property marks a further expansion of its presence in the Maldives tourism sector.

A further announcement will be made once the transaction has received all necessary approvals.

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