Corporate Maldives

The Ministry of Finance reported expenditure and revenue figures for the first week of President Dr. Mohamed Muizzu's administration. According to the Ministry, MVR 520 million was spent on salaries and various projects, while the revenue collected amounted to MVR 614.5 million. The major portion of the expenditure, amounting to MVR 314 million, was...

Urbanco has implemented an online system allowing individuals to submit questions, feedback, and concerns directly to the Managing Director, Ibrahim Fazul Rasheed.  The company announced this development via a tweet, stating that citizens and businesses can now inquire from any part of the country. https://twitter.com/hdcmaldives/status/1732373916453306545?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1732373916453306545%7Ctwgr%5E523fcff712cc5f856a766e5b1e027287a712eaba%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.plus.mv%2Fenglish%2Furbanco-facilitates-direct-queries-with-md-through-new-online-platform%2F To facilitate...

Urbanco Managing Director Fazul Rasheed guided the company's employees in a significant cleanup effort in Hulhumale'. Initiated on November 30, the cleanup drive resulted in the collection of 60 tonnes of waste from Hulhumale' Phase 1, Phase 2, and the Hiyaa area. Urbanco has consistently worked to maintain Hulhumale' as a clean and comfortable...

State Trading Organization (STO) has appointed Amir Mansoor as its new Chairman. Currently serving as the Managing Director of Lily F&B, Amir Mansoor brings valuable experience to his new role. Alongside Mansoor, Mohamed Murad has been appointed as a new board member. STO's board, now consisting of seven members, has...

Urbanco's Managing Director, Fazul Rasheed, has confirmed the recent decision to reduce MVR 200,000 from the lease payment for Hiyaa flats, resulting in a shortened lease period from 27 years to 26 years and three months. The announcement on Tuesday outlined that the reduction would bring the monthly rent down to MVR 3,984.21 for...

The Company Act, passed by Parliament on December 5, 2023, significantly changes business entity registration in the nation. Previously requiring a minimum of two shareholders, the newly passed act allows a single individual to initiate company registration. The Company Act is pending law status, awaiting the President's ratification and Gazette publication. It covers registration...

President Dr Mohamed Muizzu has officially terminated the previous government's practice, allowing private individuals to submit proposals for government projects without a competitive bidding process. The decision to revoke this policy was published in the gazette yesterday. President Muizzu stated that one of the reasons for abolishing the policy is to ensure maximum openness...

The Maldives has witnessed a significant surge in tourist arrivals, reaching a milestone of 1.7 million for the first time since the outbreak of COVID-19. This marks a notable increase from the previous year, signalling a robust recovery of the tourism sector in Maldives. In comparison to the same period last year, the Maldives had welcomed 1.5...

Dhiraagu and Women in Tech Maldives have announced their partnership in hosting 'Hour of CodeTM @ Let’sCodeMV 2023' across the Maldives. ‘Hour of Code’ is a global event held to mark International Computer Science Week, celebrated worldwide every year in December. The Ministry of Education endorses the programme and aims to reach over 1000...

Naiya Shareef recently secured a promotion at Dhiraagu, stepping into the Manager for Brand and Events position effective 1 August 2023.  Having been with Dhiraagu for 17 years, Naiya brings considerable experience to her new role. Throughout her time at Dhiraagu, Naiya Shareef has held different roles, indicating a career progression...

Bank of Maldives continues its annual wheelchair donation program targeted for people with mobility impairments across the Maldives with a donation of an additional 30 wheelchairs this year. With this donation, the program which began in 2017 has now seen the successful delivery of over 230 wheelchairs to over 90 islands. Bank of Maldives...

Ibrahim Fazul Rasheed, the Managing Director of Urbanco, visited the Vinares flats to assess the status of pending work in the area and discuss strategies to expedite the ongoing projects.  The visit included the presence of the project contractor, China Machinery Engineering Corporation (CMEC). During the inspection, Rasheed also visited the loading/unloading Jetty and...

The Male' Water and Sewerage Company (MWSC) has disclosed its intention to link Male' and Hulhumale' water supply systems in the upcoming year. In 2018, MWSC contracted China Harbour Engineering Company Limited to facilitate the connection of water supply systems via the Thilamale Bridge. However, the project has encountered a five-year delay.

President Dr Mohamed Muizzu declared that the Maldives Industrial Fisheries Company Limited (MIFCO) is now a 100 per cent state-owned enterprise.  He made this announcement in a press conference held at the President’s Office, following yesterday’s Cabinet meeting. Muizzu stressed the importance of strengthening MIFCO to enhance the overall fisheries sector....

President Dr Mohamed Muizzu announced his decision to include routine medical check-ups and IVF services free of charge under the government's universal healthcare insurance scheme, Aasandha. He announced at a press conference held after today’s Cabinet meeting at the President's Office. Reflecting on the three Presidential pledges made by the Administration regarding the Aasandha...

President Dr Mohamed Muizzu announced that following cabinet discussions, the government has granted island councils the ability to incorporate uninhabited islands and lagoons in their atolls under their jurisdiction, under specific guidelines, to boost their revenue. He made the announcement at a press conference held after today's Cabinet meeting at the President’s Office. The...

Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) is showcasing the Maldives’ luxury experiences at the flagship show of International Luxury Travel Market (ILTM), ILTM Cannes 2023. This event is being held at the Palais des Festivals et des Congrès from 4th to 7th December 2023, kicking off with the Global Forum on the first day...

Aminath Zeeniya, the recently appointed Managing Director of Aasandha, has outlined plans to tackle the rising costs associated with the healthcare scheme. Zeeniya acknowledged the financial strain imposed on the state by Aasandha and underscored the necessity for cost-cutting measures and sustainable management. Zeeniya acknowledged concerns about elevated expenses abroad but clarified that data...

Urbanco has announced its commitment to advancing Corporate Social Responsibility (CSR) initiatives, reinforcing its role as a significant contributor to community welfare efforts in Hulhumale'. The corporation, with a longstanding focus on supporting various offices and government ministries, has disclosed a new project addressing the needs of parents and students at Rehendhi School. In...

B. Fulhadhoo has opened 26 plots for commercial and economic purposes, according to an announcement by the Fuladhoo Council. The decision was made during the council's general meeting on September 6, 2023. These plots have been made available to address social issues arising from current business and economic activities conducted in limited spaces.

Parliament has passed the Government's Company Bill, aimed at revamping the business landscape of Maldives.  The bill, which succeeds the previous Companies Act, includes key provisions concerning the formation, registration, and dissolution of companies. It aims to remove obstacles hindering economic growth and includes provisions for investment targeted at economic purposes, and aligns with...

The Ministry of Construction and Infrastructure has reported ongoing discussions with the Road Development Corporation (RDC) concerning the pending construction of segments 12 and 13 on Ameenee Road, a project under the oversight of RDC. The two incomplete segments, recognised as the busiest section on Ameenee Road, are scheduled for construction to mitigate traffic...

Minister of Housing, Land and Urban Development Dr Ali Haidar Ahmed has announced government efforts to establish a waiting list to address housing needs.  At a Parliament's Petitions Committee meeting, Minister Dr Haidar stated that 7,000 complaints had been submitted to the Anti-Corruption Commission (ACC) regarding the allocation of 4,000 flats. The ACC directed...

The Maldives' commercial maritime sector is poised for a pivotal shift with the planned relocation of the nation's main commercial port. The plan to move the commercial port to Thilafushi, which is recognized as the industrial capital of the Maldives, marks a return to the original plan outlined in 2013. The previous government...