Report: The Battle for Quality, How Low-Quality Products are Undermining Consumer Health in the Maldives
In the Maldives, a growing concern is emerging among consumers who prioritise the health and well-being of their families over cost. The quest for genuine, high-quality products has become increasingly difficult as the market is flooded with inferior goods. This troubling trend raises significant questions about the sustainability of quality products and the broader implications for public...
MPL Announces Rent Charges for Apartment Residents
Maldives Ports Limited (MPL) has announced it will commence charging rent from its flat recipients starting October. The decision was conveyed to flat recipients via a notice from the company's Human Resources (HR) department.
The accommodation provided by MPL consists of 534 apartments, catering to the housing needs of its staff members. These apartments...
HSBC to Wind Down Maldives Branch
The Hong Kong and Shanghai Banking Corporation (HSBC) has decided to shut down its branch in the Maldives within the next 6-12 months. The move comes as part of the bank's strategic restructuring efforts. HSBC, one of the world's largest banks renowned for its diverse banking services, stated in a press release that the decision follows a...
IMF Report Sheds Light on the Maldives’ External Public Debt: A Detailed Analysis
An International Monetary Fund (IMF) report has highlighted the significant external public and publicly guaranteed (PPG) debt challenges facing the Maldives. This article delves into the details of the country’s debt structure, key creditors, and the financial obligations that impact its economic stability.
The Scope of Maldives’ External Debt
As...
Supreme Court Overturns High Court’s Suspension of Gulhifalhu Reclamation Project
The Supreme Court yesterday overturned the High Court’s interim order to suspend the Gulhifalhu reclamation project. The matter was initially brought to the High Court by environmental activist Humaida Abdul Ghafoor during the administration of former President Ibrahim Mohamed Solih. Humaida contended that without a temporary stay order, the reclamation could result in irreparable damage to the...
Villa College and BCC Sign MoU to Boost SMEs
Villa College and the Business Centre Corporation (BCC) inked a Memorandum of Understanding (MoU) on Tuesday to bolster small and medium enterprises (SMEs) and foster educational opportunities in business-related fields.
The MoU was signed by Samih Adam, Deputy Managing Director of BCC, and Dr Ali Najeeb, Vice-Rector of Villa College, at a ceremony...
Maldivian Seeks Airbus Lease to Boost Direct International Routes
sland Aviation Services Limited, the parent company of Maldivian, the national airline of the Maldives, is seeking to add a narrow-body aircraft to its fleet, inviting eligible parties to submit proposals to lease either an Airbus A319ceo or A320ceo aircraft.
Specifically, the company is eyeing a preferred lease period of three years for the...
Minister Saeed Meets UK Counterpart for Trade Collaboration
UK and Maldives engaged in discussions aimed at bolstering trade relations as Minister of Economic Development and Trade Mohamed Saeed yesterday convened with Gregory William Hands, the Minister of State for Trade Policy, in the UK. Minister Mohamed Saeed, who is currently undertaking an official visit to the UK, convened with his counterpart, Minister Hands, to...
MMPRC CEO Highlights Record Growth and Sustainability on BBC’s CEO Edit
In a recent interview with BBC’s CEO Edit programme, Ms Fathmath Thaufeeq, Chief Executive Officer and Managing Director of Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives), offered valuable insights into the Maldives’ flourishing tourism industry, the nation’s focus on diversification, and its steadfast commitment to environmental and economic sustainability.
Ms Thaufeeq began...
Dhiraagu Launches Innovative ‘Vaahaka’ Add-On for Prepaid Customers
Dhiraagu has unveiled an exciting new offer for its Prepaid customers, allowing them to make unlimited calls to their friends and family within their Vaahaka Circle. This innovative add-on is now available through the Dhiraagu App, bringing a new level of connectivity to users across the Maldives.
The ‘Vaahaka’ add-on not only enables...
SIMDI Group Invites Mixologists to Showcase Talent at Monin Cup 2024
SIMDI Group has announced The Monin Cup 2024, a global competition slated for 22nd June 2024. The event promises to celebrate talent and creativity and showcase the best in mixology.
The Monin Cup 2024, organized by Monin International, invites participants to display their originality and technical expertise to win the coveted Monin Trophy. With...
MMA Urged to Strengthen Financial Regulation and Board Independence
The International Monetary Fund (IMF) has called upon the Maldives Monetary Authority (MMA) to enhance its financial regulation and strengthen the independence of its board. This recommendation comes in light of a recent Article Four report, which highlighted the need for improved oversight and governance within the country's financial sector.
The IMF's assessment revealed that the...
Maldives Named Official Partner Destination of ITB China 2024
ITB China has announced the Maldives as the Official Partner Destination for ITB China 2024, which will take place from 27 to 29 May in Shanghai. This partnership aims to draw more Chinese tourists to the Maldives, highlighting the island nation’s appeal within China’s outbound travel market.
"We are thrilled and honoured to be...
Maldives to Integrate India’s RuPay Card Network
Minister of Economic Development and Trade, Mohamed Saeed, has revealed plans to introduce India’s international card payment network, RuPay, within Maldives.
Minister Saeed conveyed that the card will be formally utilised for transactions denominated in rupees within Maldivian territory.
“We are currently engaged in discussions with India to explore avenues...
Maldives Seeks UK Expertise to Boost Financial Sector at Commonwealth Roundtable
The Minister of Economic Development and Trade, Mohamed Saeed, has departed for the United Kingdom to participate in the Commonwealth Trade and Investment Roundtable, a key event to foster economic collaboration among member states.
The ministry revealed in a statement today that the primary goal of Minister Saeed's visit is to seek support from...
Green Tax Revenue Hits MVR 202 Million in First Two Months of 2024
The Ministry of Finance has announced that the Green Fund's balance stood at MVR 1.2 billion at the end of February. This follows deposits totalling MVR 102 million in February alone, with overall spending reaching MVR 94 million on various environmental projects during the first two months of the year.
The Green Fund is...
Maldives Parliament Passes Landmark Food Safety Bill
After three years of deliberation, the Maldivian Parliament passed a landmark Food Safety Bill into law on Monday. This legislation, initially introduced in 2021 under former President Ibrahim Mohamed Solih's administration, underwent extensive scrutiny by the parliament's Committee of Social Affairs, making it the most meticulously studied bill of the 19th Parliament.
The bill was passed during the...
Securing Blue Bonds A Major Hurdle for Small Island Nations, Says Minister
Maldives Minister for Economic Development and Trade Mohamed Saeed, while speaking at the Asia-Pacific Blue Economy Forum yesterday, highlighted the difficulties environmentally vulnerable countries face in securing eco-friendly financing facilities for sustainable development projects.
"While blue bonds are the most ideal financing facility for sustainable development projects, smaller nations face multiple challenges in securing...
IMF Urges Maldives Adopt Macroprudential Policies for Economic Stability
The Executive Board of the International Monetary Fund (IMF) has wrapped up its Article IV consultation with the Maldives, issuing recommendations aimed at addressing economic vulnerabilities and fostering sustainable growth in the island nation. Notably, directors urged Maldivian authorities to adopt macroprudential policies to mitigate systemic risks arising from the sovereign-bank nexus.
The...
April 2024 Monthly Revenue Collection Reaches MVR 2.11 Billion
The Maldives Inland Revenue Authority (MIRA) has released its latest statistics, revealing total revenue collection for April reached MVR 2.11 billion, including USD contributions, marking a significant uptick of 13.6% compared to last year.
Several key factors have been attributed to this surge in revenue. Notably, collections were substantially increased from Goods and Services...
Chinese Market Dominates Maldives Tourism, Surpasses 90,000 Arrivals
Chinese tourist arrivals to the Maldives have surpassed the 90,000 mark, according to data released by the Ministry of Tourism. As of May 12th, 2024, total tourist arrivals to the Maldives have soared to 822,723.
The latest statistics from the Ministry highlight the dominance of the Chinese market, which continues to hold the top...
Indian Government Grants Extension for Maldives’ Loan Repayment Deadline
The government of India has granted an extension to the Maldives for the repayment of USD 50 million out of the USD 100 million outstanding budget support borrowed in 2019 by the previous administration.
The State Bank of India (SBI) in Maldives has agreed to postpone the repayment deadline for USD 50 million of...
Corporate Maldives Magazine May 2024 Edition Now Published
Corporate Maldives has published the May 2024 edition of the ‘Corporate Maldives Magazine’. As a quarterly print publication, we are committed to providing comprehensive coverage of the Maldives’ business community.
This month, our Corporate Maldives Spotlight is on SJ Group, a leading company in the Maldives’ construction and trade industry. Our team had the...
Trade with India, China to Bolster Rufiyaa Against Dollar, Says Minister
Minister of Economic Development and Trade Mohamed Saeed, has disclosed a series of initiatives aimed at securing the value of the Maldivian Rufiyaa to the US Dollar, including increased trade relations with China and India.
Addressing attendees at a ceremony between the Maldivian government and Dubai’s International Freezone Authority (IFZA), Minister Saeed said collaborative...
LATEST ARTICLES
Report: The Battle for Quality, How Low-Quality Products are Undermining Consumer Health in the...
In the Maldives, a growing concern is emerging among consumers who prioritise the health and well-being of their families over cost. The...
MPL Announces Rent Charges for Apartment Residents
Maldives Ports Limited (MPL) has announced it will commence charging rent from its flat recipients starting October. The decision was conveyed to...
HSBC to Wind Down Maldives Branch
The Hong Kong and Shanghai Banking Corporation (HSBC) has decided to shut down its branch in the Maldives within the next 6-12...
IMF Report Sheds Light on the Maldives’ External Public Debt: A Detailed Analysis
An International Monetary Fund (IMF) report has highlighted the significant external public and publicly guaranteed (PPG) debt challenges facing the Maldives. This...
Supreme Court Overturns High Court’s Suspension of Gulhifalhu Reclamation Project
The Supreme Court yesterday overturned the High Court’s interim order to suspend the Gulhifalhu reclamation project. The matter was initially brought to...
