Maldives’ Usable Reserves Rise to USD 63.2 Million
The Maldives Monetary Authority (MMA) has reported that the country’s usable reserves stood at USD 63.2 million at the end of 2024. This marks an increase of USD 15.1 million compared to November, when reserves were recorded at USD 45.8 million. The rise reflects ongoing efforts to stabilise the country’s financial situation amidst broader economic challenges.
New Companies Act Requirements Now in Effect in the Maldives
As of 1 January 2025, the regulatory changes introduced under the Companies Act (Law Number: 7/2023) are now fully in effect across the Maldives. The Act, along with the Private Companies Regulation (Regulation Number: 2024/R-99), has introduced significant compliance obligations for companies operating in the country. Businesses were granted a one-year transitional period to align themselves with...
VIA Starts Afcom Cargo Service with Tri-Weekly Flights from Chennai
On Sunday, Velana International Airport celebrated an important milestone with the arrival of the inaugural Afcom Cargo flight from Chennai, India. The shipment seamlessly connected to an Etihad Airways flight scheduled for departure.
Afcom Cargo is set to operate three flights per week between Chennai and Velana International Airport, providing a reliable cargo link...
Defence Minister’s India Visit Strengthens Maldives-India Ties
Defence Minister Mohamed Ghassan Maumoon’s three-day visit to India from 8 to 10 January marked an important milestone in bilateral relations, with significant progress achieved in defence and security cooperation. The visit focused on advancing the “Joint Vision for India-Maldives Comprehensive Economic and Maritime Security Partnership,” a framework established during President Mohamed Muizzu’s visit to India in...
Maldives Reaffirms Renewable Energy Commitments at IRENA 15th Assembly
The Maldives reaffirmed its commitment to renewable energy transition at the 15th Assembly of the International Renewable Energy Agency (IRENA) held in Abu Dhabi. Representing the Maldives, Minister of Climate Change, Environment, and Energy Thoriq Ibrahim outlined the nation’s significant progress in renewable energy adoption and its ambitious targets for the future.
The Maldives...
Maldives Sets USD 100 Million Threshold for Special Economic Zone Investments
President Dr Mohamed Muizzu has issued the first Presidential Decree of 2025, defining the types of economic activities permitted within Special Economic Zones (SEZs) under the Maldives Special Economic Zones Act (Act No. 24/2014). The decree, announced on Sunday, also establishes the minimum investment thresholds required for such activities.
The economic activities permitted in...
Tourism in the Maldives Kicks Off 2025 with 10% Growth
The Maldives continues to draw travellers worldwide, as tourism statistics for early January 2025 reveal steady growth compared to previous years. Between 1st and 11th January, the country welcomed 69,553 visitors, marking a 10.2% increase from the same period in 2024. This growth demonstrates the resilience and popularity of the destination despite global economic challenges.
Medtech Maldives Celebrates 16 Years of Excellence in Healthcare
Medtech Maldives Pvt Ltd marked its 16th anniversary yesterday, commemorating a journey of innovation, dedication, and excellence in the healthcare industry. Established as the first privately owned medical distribution and consultancy services company in the Maldives, the company has played a vital role in advancing medical solutions across the nation.
Expressing gratitude to its...
The CMFTA: A Game-Changer for Maldivian Professionals in China
The China-Maldives Free Trade Agreement (CMFTA) heralds a new era of collaboration between the two nations, with a focus on creating opportunities for service providers across both economies. By examining China's schedule of commitments within the service sector, it becomes clear that Maldivian businesses stand to benefit significantly—if they can navigate the intricacies of the agreement.
Over 5,600 Undocumented Migrants Deported from Maldives in 2024
Maldives Immigration has announced that over 5,600 undocumented migrants were deported in 2024 as part of intensified efforts to address illegal migration. The government’s focus on tackling this long-standing issue led to a series of targeted operations and new initiatives aimed at identifying and deporting those in violation of immigration laws.
Surpassing Targets...
EPA Warns Against Unauthorised Dredging in Sand Mining Areas
The Environmental Protection Agency (EPA) has announced stern action against those found using dredging equipment without proper authorisation in sand mining areas designated for public use. This warning follows a surge in complaints of unauthorised dredging activities in various regions of the Maldives.
In a public statement, the EPA highlighted that these designated sand...
President Muizzu to Undertake Historic Visit to Estonia
President Dr Mohamed Muizzu is set to make a historic official visit to the Republic of Estonia from 13 to 16 January 2025. This marks the first visit to Estonia by a sitting President of the Maldives, following an invitation from President Dr Alar Karis. The visit aims to deepen bilateral cooperation and explore opportunities for partnership...
STO’s Ramadan Bazaar 2025 Offers Discounts, Prizes, and a Grand Cash Reward
State Trading Organization (STO) unveiled its highly anticipated annual Ramadan promotion, “Ramazan Bazaar,” last Thursday. The promotion, featuring a range of discounts, in-store activities, and grand prizes, will run until 31 March, coinciding with the end of Ramadan.
Customers shopping at STO People’s Choice stores in Malé and the atolls will benefit from discounts...
MMPRC Kicks Off 2025 with Focus on Local Tourism in Ukulhas
The Maldives Marketing and Public Relations Corporation (MMPRC) has demonstrated its commitment to supporting local tourism by holding its first board meeting of 2025 in Aa. Ukulhas. This decision highlights the importance of community-level collaboration in advancing the nation’s tourism sector.
The meeting was led by MMPRC’s Managing Director, Ibrahim Shiuree, and Chairman, Abdullah...
Joint Initiatives Set to Expand Sri Lanka-Maldives Relations
Sri Lanka and the Maldives are intensifying their bilateral ties through a series of strategic collaborations aimed at enhancing trade, tourism, education, and community welfare. These initiatives are expected to build on the deep-rooted historical and cultural connections between the two nations while addressing logistical challenges and fostering economic growth.
The Sri Lanka-Maldives Business...
Maldives, China Focus on Expediting Infrastructure and Trade Projects
President Dr Mohamed Muizzu held discussions with His Excellency Wang Yi, China’s Minister of Foreign Affairs and Director of the Office of the Central Commission for Foreign Affairs, during a courtesy visit at the President’s Office. The meeting focused on strengthening Maldives-China relations and advancing ongoing projects and agreements.
During the meeting, President Muizzu...
Crystal Symphony Brings Over 200 Tourists to Maldives During High Season
The Maldives welcomed the arrival of the Bahamas-registered cruise ship Crystal Symphony, carrying 212 tourists, as it docked in Malé during its journey through the Indian Ocean. The ship arrived from Seychelles and departed for Sri Lanka after spending a day in the Maldives, according to the Maldives Association for Yacht Agents (MAYA).
Crystal...
President Muizzu: Fisheries Sector Can Drive Economic Prosperity
President Dr Mohamed Muizzu has highlighted the potential of the fisheries sector to significantly contribute to the Maldivian economy, pledging government support to address existing challenges and revitalise the industry. Speaking during his visit to GA. Dhevvadhoo, President Muizzu emphasised that fisheries remain a key driver for economic growth, capable of enriching the lives of Maldivians if...
Ooredoo 2025 Calendar Brings Maldivian Folklore to Life with AI
Ooredoo Maldives has launched its 2025 calendar, blending tradition with cutting-edge technology to celebrate Maldivian folklore in an unprecedented way. Titled Future Meets Nostalgia, the calendar was unveiled at a ceremony held at Ooredoo’s headquarters in Hulhumalé by Minister of Homeland Security and Technology, Mr. Ali Ihusan.
Marking a first for the Maldives, the...
New Foreign Exchange Act Introduces Registration Rules for Key Sectors
The Maldives Monetary Authority (MMA) has introduced new regulations under the Foreign Exchange Act, mandating certain businesses to register with the central bank. This marks a significant step in aligning foreign exchange operations with updated legal frameworks as the Act came into effect on 1 January 2025.
Key provisions target businesses operating in the...
Maldives Sees 4.7% Revenue Increase in December 2024, Driven by Tourism
The Maldives recorded a total revenue collection of MVR 2.33 billion in December 2024, reflecting a 4.7% increase compared to the same month in 2023. This growth was attributed primarily to increased Goods and Services Tax (GST) receipts, Green Tax, and Corporate Social Responsibility (CSR) fees. Notably, tourism-related fees surged following a 5.7% rise in November tourist...
Report: Maldives’ Year in Review – Major Economic Developments of 2024
The year 2024 marked a significant chapter for the Maldivian economy, with notable achievements in the tourism sector tempered by ongoing concerns about fiscal stability and external debt. While the Maldives further solidified its reputation as a premier global holiday destination, government authorities faced the dual challenge of implementing economic reforms and managing foreign currency inflows against...
Chongqing Airlines Resumes Direct Flights to Malé
Chongqing Airlines has resumed its direct flights to Malé as of 8th January, re-establishing a vital connection between the Maldives and Southwest China's largest commercial and industrial hub. The airline will operate three weekly flights on Monday, Wednesday, and Friday, with a stopover in Colombo. The route itinerary—Malé-Colombo-Chongqing—will also facilitate convenient connections with other airlines.
FTA Rules of Origin: What Maldivian Exporters Need to Know
The Free Trade Agreement (FTA) between the Maldives and China presents a transformative opportunity for Maldivian exporters, granting preferential access to one of the world’s largest and most dynamic markets. However, while the FTA reduces tariffs on key exports such as fisheries, the devil lies in the details, particularly in the rules of origin (ROO). These rules...
LATEST ARTICLES
Maldives’ Usable Reserves Rise to USD 63.2 Million
The Maldives Monetary Authority (MMA) has reported that the country’s usable reserves stood at USD 63.2 million at the end of 2024....
New Companies Act Requirements Now in Effect in the Maldives
As of 1 January 2025, the regulatory changes introduced under the Companies Act (Law Number: 7/2023) are now fully in effect across...
VIA Starts Afcom Cargo Service with Tri-Weekly Flights from Chennai
On Sunday, Velana International Airport celebrated an important milestone with the arrival of the inaugural Afcom Cargo flight from Chennai, India. The...
Defence Minister’s India Visit Strengthens Maldives-India Ties
Defence Minister Mohamed Ghassan Maumoon’s three-day visit to India from 8 to 10 January marked an important milestone in bilateral relations, with...
Maldives Reaffirms Renewable Energy Commitments at IRENA 15th Assembly
The Maldives reaffirmed its commitment to renewable energy transition at the 15th Assembly of the International Renewable Energy Agency (IRENA) held in...
