New MIRA Guidelines Outline Reporting Requirements for SEZ-Linked Tax Concessions
The Maldives Inland Revenue Authority (MIRA) has gazetted new regulations to clarify reporting requirements for tax concessions linked to Special Economic Zones (SEZs).
Effective as of yesterday, the regulations outline the financial and operational details SEZ developers and investors are obligated to submit after entering investment agreements under the Special Economic Zone Act of...
Corporate Maldives Unveils “Network”: A New Business Networking Platform for the Maldives
Corporate Maldives has officially launched Network, an innovative platform designed to enhance networking for professionals and businesses. Network serves as a hub for business networking, B2B marketing, headhunting, and acts as a digital business directory for the Maldivian business community. It also provides professionals with opportunities to connect with potential clients and explore job opportunities.
Corruption Crackdown or Control Play? Debate Erupts Over ACC Amendments
The Maldivian government's recent proposal to amend legislation granting the President the authority to appoint the heads of the Anti-Corruption Commission (ACC) and the Elections Commission (EC) has sparked significant debate over the potential impact on the independence of these bodies.
Today, Deputy Speaker of Parliament Ahmed Nazim (PNC) expressed support for the amendments...
Parliament Approves MVR 5 Billion Supplementary Budget
Today, Parliament approved a supplementary budget of MVR 5 billion, which was proposed by the government to cover additional expenditures for the remainder of the year. The finance ministry presented the supplementary budget to the parliament last Thursday, seeking an increase to last year's budget. The proposal was reviewed by a parliamentary committee and was unanimously endorsed...
Bangkok Airways and British Airways Expand Codeshare Partnership
Bangkok Airways Public Company Limited and British Airways have announced an expansion of their codeshare agreement, enhancing travel options for passengers between Southeast Asia and the United Kingdom. This collaboration will offer seamless connections from London Gatwick Airport to popular destinations in Thailand and Cambodia served by Bangkok Airways.
British Airways is set to...
Parliament Approves Aishath Azeema as New High Commissioner to India
The Maldivian Parliament has officially endorsed the appointment of Aishath Azeema as the nation's new High Commissioner to India, following her nomination by President Dr Mohamed Muizzu. Azeema will succeed Ibrahim Shaheeb in the role.
In a parliamentary session, 79 members voted in favour of Azeema's appointment. The Foreign Relations Committee had unanimously approved...
Gov’t Sets Salary Cap but Safeguards Technical Staff Pay
Finance Minister Moosa Zameer announced on Monday that employees in professional and technical sectors within State-Owned Enterprises (SOEs) will not face salary reductions amid broader cost-cutting measures. Speaking before the parliamentary finance committee, Zameer emphasised the importance of retaining highly skilled workers, such as engineers and pilots, by safeguarding their salaries.
When questioned about...
Parliamentary Committee Approves MVR 5.1 Billion Supplementary Budget Without Amendments
The Maldivian Parliament’s joint committee, consisting of members from the Public Accounts Committee and the Economic Committee, has approved a government-proposed supplementary budget of MVR 5.1 billion, passing it without any changes. This supplementary budget, presented last Thursday, increases the total national budget for 2024 to MVR 55 billion, adding to the previously approved MVR 49.8 billion.
Maldives’ State-Owned Enterprises: A Deep Dive into the 2023 Financial Landscape
The Maldives’ State-Owned Enterprises (SOEs) have a substantial impact on the national economy, generating revenue, fostering employment, and providing essential public services. The recently published Annual Financial Review 2023 from the Privatization and Corporatization Board (PCB) outlines the sector’s growth, operational challenges, and areas needing reform. This analysis provides an in-depth look at the financial and governance performance of...
Dhiraagu Launches NetProtect to Enhance Online Security for Customers
Dhiraagu has launched NetProtect, a new digital security service designed to shield customers from a variety of cyber threats. Introduced at a press conference held at the Dhiraagu Head Office, this comprehensive service offers protection against phishing, harmful websites, spam, and other online risks, aiming to create a safer browsing experience.
NetProtect provides users...
STELCO Unveils Five-Year Strategic Action Plan to Drive Industry Growth
The State Electric Company (STELCO) has unveiled a comprehensive strategic action plan outlining its roadmap for the next five years. The plan, introduced by Managing Director Hussain Fahmy, sets out a clear direction for advancing the electricity, water, and sewerage sectors in the Maldives, aligning with the nation’s growth and development goals.
According to...
NSPA Announces Phased Reduction in Prices of Essential Medicines Covered by Aasandha
The National Social Protection Agency (NSPA) has announced a significant reduction in the prices of 250 essential medicines covered under the Aasandha public health insurance scheme, aiming to curb the rising costs of medicines and advance reforms in healthcare provision. The price cuts are set to be implemented in stages, with the first reduction for 87 medicines...
Air Arabia Launches Direct Daily Flights from Sharjah to the Maldives
Air Arabia, recognised as the Middle East and North Africa’s premier low-cost carrier, has commenced its first non-stop service between Sharjah International Airport and Velana International Airport in Malé. The daily flights, inaugurated on 27 October 2024, offer a new gateway for travellers seeking affordable travel options to the Maldives.
The inaugural flight was...
SBI Announces Sale of Maldivian Resort Lease Rights for Potential Investors
The State Bank of India (SBI) Male' branch has launched the sale of leasehold rights for two prominent Maldivian resorts—Dholhiyadhoo Island Resort in Shaviyani Atoll and the islands of Gaseveli, Dhekunuboduveli, and Kudafushi in Meemu Atoll. These actions follow legal proceedings and judgements issued by Maldivian courts, authorising the bank to recover outstanding dues linked to these...
Finance Ministry to Resume Weekly Fiscal Reports After Four-Month Hiatus
The Ministry of Finance has confirmed that it will resume publishing the Weekly Fiscal Developments (WFD) report this week, ending a four-month hiatus that has stirred concerns over financial transparency and accountability. Typically issued every Tuesday, the report provides a vital snapshot of government revenue, expenditure, and broader economic trends. The last update was released on 20th...
Maldives Secures Position on CATA’s Management Committee, Appointed as Regional Director for Asia
The Maldives has been elected to the Management Committee of the Commonwealth Association of Tax Administrators (CATA) and has been appointed as the Regional Director for Asia. These appointments were finalised during CATA’s 23rd Annual General Meeting, held in Mauritius from 21st to 25th October.
This election marks the third term for the Maldives...
Maldives to Host Tourism Symposium in Addu to Boost Southern Tourism
The Maldivian government has announced plans to host a tourism symposium in Addu next year, an initiative aimed at elevating the city’s profile as a prime destination in the Maldives. Tourism Minister Ibrahim Faisal revealed the plan during a ceremony on Friday, marking the launch of a dedicated brand and website to promote tourism in Addu.
Maafaru International Airport Resumes International Flights Following Runway Expansion
Maafaru International Airport in Noonu Atoll has resumed international flight operations after a period of halted service due to runway expansion. Originally inaugurated in 2019, the airport began serving international flights on 1st July 2020, quickly gaining popularity among private jet operators, particularly for tourists visiting luxury resorts in the nearby Noonu, Raa, and Baa Atolls.
Maldives Highlights Need for Innovation and Collaboration in Sustainable Fishing at Global Forum
Minister of Fisheries and Ocean Resources, Ahmed Shiyam, stressed the critical role of new technologies and innovations in advancing sustainable fishing at the Global Ocean Development Forum held in Shandong, China. Representing the Maldives, Minister Shiyam underscored the nation’s commitment to ocean preservation, emphasising that sustainable practices in the fishing sector have become a central focus for...
Ooredoo Maldives Launches Lucky Draw to Send Two Winners to Doha Marathon
Ooredoo Maldives has launched an exciting opportunity for its customers, offering an all-expenses-paid trip for two lucky winners to participate in the Doha Marathon 2025. This highly anticipated event, scheduled for 17th January 2025 in Doha, Qatar, marks the second time Ooredoo Maldives has given customers the chance to join this renowned international marathon.
Dharavandhoo Island Launches 2025 Tourism Campaign to Promote Local Culture and Sustainability
Dharavandhoo Island has officially launched the "Visit Dharavandhoo Year 2025" campaign, marking a dedicated effort to showcase the island's cultural heritage, natural beauty, and unique experiences for both international and local tourists. The initiative is part of a broader movement aimed at promoting local island tourism and encouraging visitors to experience the Maldives beyond its famed luxury...
MMA Governor Calls for Enhanced Climate Finance and Debt Relief at 2024 IMF and World Bank Meetings
In a stirring address at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, Ahmed Munawar, Governor of the Maldives Monetary Authority (MMA), urged global financial leaders to intensify efforts in climate finance, debt sustainability, and structural reforms.
Marking the 80th anniversary of the Bretton Woods Institutions, Governor...
Tourism Minister and Indian High Commissioner Explore Development Opportunities in Laamu
Minister of Tourism Ibrahim Faisal and Indian High Commissioner to the Maldives, Munu Mahawar, toured the islands of Baresdhoo and Gaadhoo in Laamu Atoll to explore opportunities for tourism development.
In a social media post, Minister Faisal shared that the discussions took place during the High Commissioner's tour of the islands. The focus was...
Gov’t Launches ‘Magey Solar Programme’ to Expand Solar Energy in Households
The Ministry of Climate Change, Environment and Energy is set to open applications on Monday for the 'Magey Solar Programme,' an initiative designed to bring solar energy to Maldivian households. The programme aims to lower electricity costs and advance sustainable energy practices across the country. Applications will be accepted online through the Fenaka Corporation’s website, with eligibility...