Gov’t Plans to Offer Tax and Rent Concessions to Boost Tourism in Remote Areas
The Ministry of Tourism is working on a new policy to offer tax and land rent concessions to attract investors to regions with lower demand for tourism. The move, announced by Minister of Tourism Ibrahim Faisal, aims to address the challenges of expanding tourism to more remote areas of the island nation.
Speaking to...
Tax Expenditure Report 2024: Maldives’ Revenue Losses Under the Microscope
The Ministry of Finance has released the Tax Expenditure Report 2024, offering a detailed analysis of revenue foregone due to various government tax policies. The report highlights the significant impact of tax incentives and deviations from benchmark systems on national revenue, with the total tax expenditure (TE) for 2023 reaching MVR 7.98 billion.
Maldives and Azerbaijan Explore Investment and Cooperation Opportunities
The Ministry of Foreign Affairs of the Maldives hosted the first round of bilateral consultations with the Ministry of Foreign Affairs of Azerbaijan today. The discussions were led by Her Excellency Fathimath Inaya, Foreign Secretary of the Maldives, and His Excellency Elnur Mammadov, Deputy Minister of Foreign Affairs of Azerbaijan.
Held at the Ministry...
Maldives and Estonia Forge New Partnerships in Tech, Climate, and Education
President Dr Mohamed Muizzu’s official visit to Estonia is underway, marking the first time a Head of State from the Maldives has visited the Baltic nation. Invited by Estonian President Dr Alar Karis, President Muizzu arrived with a high-level delegation, including representatives from the Maldives’ technology sector, aiming to explore opportunities for collaboration.
The...
Maldives Introduces New Edition of MVR 100 Note
The Central Bank of Maldives (MMA) has announced the introduction of a new edition of the MVR 100 note, set to enter circulation on 19th January 2025. This updated currency note brings fresh design elements while retaining ties to the celebrated 'Ran Dhiha Faheh' series introduced nearly a decade ago.
The new MVR 100...
Maldivian Passport Leads Region with Visa-Free Access to 94 Destinations
The Maldivian passport has once again secured its position as the strongest in South Asia, according to the latest Henley Passport Index. Maldives Immigration, in a recent announcement on X, celebrated this achievement, highlighting the nation’s consistent ranking as a leader in the region.
What is the Henley Passport Index?
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...
LATEST ARTICLES
Gov’t Plans to Offer Tax and Rent Concessions to Boost Tourism in Remote Areas
The Ministry of Tourism is working on a new policy to offer tax and land rent concessions to attract investors to regions...
Tax Expenditure Report 2024: Maldives’ Revenue Losses Under the Microscope
The Ministry of Finance has released the Tax Expenditure Report 2024, offering a detailed analysis of revenue foregone due to various government...
Maldives and Azerbaijan Explore Investment and Cooperation Opportunities
The Ministry of Foreign Affairs of the Maldives hosted the first round of bilateral consultations with the Ministry of Foreign Affairs of...
Maldives and Estonia Forge New Partnerships in Tech, Climate, and Education
President Dr Mohamed Muizzu’s official visit to Estonia is underway, marking the first time a Head of State from the Maldives has...
Maldives Introduces New Edition of MVR 100 Note
The Central Bank of Maldives (MMA) has announced the introduction of a new edition of the MVR 100 note, set to enter...
