Maldives Refinances USD 75 Million of Velana Airport Loan
The Government of Maldives has refinanced USD 75 million of a USD 378 million loan initially taken from China’s Export-Import (EXIM) Bank in 2015 for the development of Velana International Airport (VIA). The refinancing agreement was executed on 23rd September 2024.
Refinancing involves the withdrawal of an additional loan to repay an existing debt,...
Tourism Ministry Opens Bidding for Ecotourism Project in Baarah
The Ministry of Tourism has announced the opening of public bidding for the lease of a 71,832 square metre plot of land in Baarah, Haa Alif Atoll, for the development, operation, and management of a tourist hotel. This project forms part of the Maldivian government's broader ecotourism initiatives, which are aimed at promoting sustainable tourism across the...
Op-Ed: Balancing Growth and Regulations, A Thoughtful Approach for the Maldives
By Sonu Shivdasani, CEO of Soneva
As someone who has long admired and invested in the Maldives, I offer my thoughts today not as criticism but as a reflection born from my deep affection for this beautiful country and its people.
My wife Eva and I opened Soneva Fushi in 1995...
President Proposes Raising Minimum Age to 21 for Tobacco Sales
President Dr Mohamed Muizzu has proposed raising the minimum legal age for purchasing tobacco products from 18 to 21 years. In a social media post, he emphasised the need for this change as part of broader efforts to discourage young people from adopting unhealthy habits. This proposal also includes a revision of the Tobacco Control Act, aiming...
Registrations Closing Soon for Ooredoo Nation Inter-Resort Championship
Ooredoo Maldives has announced that registrations for the highly anticipated Ooredoo Nation Inter-Resort Championship will close on 25th October 2024. This groundbreaking tournament, the first of its kind in the Maldives, is specifically designed for the resort community, providing participants with a unique platform to compete in the ever-growing world of eSports.
The championship...
Minister Calls for Greater Transparency in Statistical Data to Shape Effective Policy
The Minister of Homeland Security and Technology, Ali Ihusaan, has highlighted the importance of transparency in government statistics to create more effective policies. He delivered these remarks during the National Statistics Day event hosted by the Maldives Customs Service on October 20.
Minister Ihusaan pointed out that nearly 50% of the Maldives’ imports are...
Vape Products to Face 200% Duty Increase Before Import Ban Next Month
The government has announced a significant increase in import duties on e-cigarettes and related vaping products as part of amendments to the Export-Import Act. The new changes, proposed by Mahchangoalhi North MP Ibrahim Mohamed, are aimed at raising taxes on various vaping items and enforcing a ban on their import starting from mid-next month.
Can the Maldives Achieve Its 2 Million Tourist Arrival Goal for 2024?
As of 20th October 2024, the Maldives has recorded 1,598,345 tourist arrivals, based on data from the Ministry of Tourism. The country has set a goal to welcome 2 million tourists by the end of the year, leaving approximately 401,655 tourists still needed to reach this target.
Current Tourist Arrival Trends
Tourist arrivals in...
Gov’t to Mandate Chartered Accountants for State-Owned Companies
The Minister of Finance, Moosa Zameer, has announced plans to amend regulations requiring all government-owned companies to appoint a chartered accountant. This move, aimed at improving the financial management of state-owned enterprises (SOEs), was revealed during a press conference where the minister addressed issues related to public expenditure management.
Minister Zameer highlighted the government's...
Tax Enforcement Tightened: MIRA Gains Power to Freeze Accounts of Non-Payers
The Maldives Inland Revenue Authority (MIRA) has introduced amendments to its enforcement policies, enabling the agency to freeze the bank accounts of individuals and entities who fail to pay taxes. The changes, which took effect immediately upon publication in the Government Gazette on Sunday, are part of MIRA’s efforts to strengthen tax compliance and collection.
ACI’s Airport Excellence in Security Program Launched at Velana International Airport
Velana International Airport (VIA) has introduced the Airports Council International (ACI) Airport Excellence in Security (APEX Security) program. The initiative, focused on enhancing safety and security measures at the airport, was officially launched during a ceremony held at the Noovilu Seaplane Terminal on Sunday.
The APEX Security program involves a thorough assessment of the...
Maldives Set to Introduce India’s Unified Payment Interface (UPI)
President Dr Mohamed Muizzu, acting on a recommendation from the Cabinet, has announced a plan to introduce India’s Unified Payment Interface (UPI) in the Maldives. This move is expected to enhance the country's digital financial infrastructure, improve financial inclusion, and streamline payments for both locals and tourists. The decision comes after the Cabinet discussed a proposal submitted...
beOnd Celebrates One-Year Milestone and Unveils Second Aircraft
On 17 October 2024, beOnd, the world’s first premium leisure airline, marked its one-year anniversary with the unveiling of its second aircraft at Velana International Airport. The event celebrated the airline’s growth over the past year and its commitment to luxury air travel, drawing high-profile attendees, including the Minister of Transport & Civil Aviation, Captain Mohamed Ameen,...
Road Closures Announced for DMRR 2024
In preparation for the Dhiraagu Maldives Road Race (DMRR) 2024, scheduled for Friday, 25 October, road closures will be implemented to ensure participants' safety. The Ministry of Transport and Civil Aviation announced that the race routes will be closed to all non-essential vehicles during the race hours. Only authorised event vehicles will be permitted to access the...
Vice President Departs for CHOGM 2024 in Samoa
Vice President Hussain Mohamed Latheef has embarked on an official visit to Samoa to attend the Commonwealth Heads of Government Meeting (CHOGM) 2024. The event, which takes place from October 21 to 26, brings together leaders from across the Commonwealth to discuss pressing global issues. The Vice President is accompanied by a high-level government delegation and is...
Gov’t Prepares Supplementary Budget to Address Current Year Expenses
The Minister of Finance, Moosa Zameer, has confirmed that the government is preparing a supplementary budget to cover the current year’s financial needs. Speaking at a press conference held at the President’s Office, Minister Zameer explained that the additional budget is necessary due to discrepancies in the previous year’s annual budget.
The Minister noted...
MMA Advances Towards Regulation for Asset-Backed Online Money
The Maldives Monetary Authority (MMA) is taking steps towards developing a regulatory framework for asset-backed online money, according to Deputy Governor Ahmed Imad. He made this statement during a panel discussion at Maldives National University (MNU), where he discussed MMA's ongoing efforts to digitalise the nation’s financial system.
MMA has already introduced the Maldives...
STELCO Begins Upgrading Male’ City’s Electricity Network
State Electric Company Limited (STELCO) has commenced significant upgrades to the electricity networks in Malé City. The company announced the beginning of these enhancements via a social media post, explaining that the upgrades aim to improve electricity services amid rising demand during the peak season, which coincides with high temperatures.
As part of this...
Dhiraagu Distributes Race Kits for DMRR 2024
Dhiraagu has commenced the distribution of race bibs and kits for the highly anticipated Dhiraagu Maldives Road Race (DMRR) 2024. The distribution is taking place at the DMRR Bib Expo Centre, located on the ground floor of Dhiraagu's Head Office in Ameenee Magu. The expo, which started on 17 October 2024, will continue until Tuesday, 22 October...
MACL Launches ‘MACL Career 2024’ to Guide School Students Towards Aviation Careers
The Maldives Airports Company Limited (MACL) has launched a career guidance initiative, "MACL Career 2024," aimed at educating school children about the wide array of job opportunities available within the company. The first event of the program was held today at Ghaazee School as part of MACL's ongoing social responsibility efforts to promote career awareness among students.
MMA Reminds Businesses of Key Deadlines Under New Foreign Currency Regulation
The Maldives Monetary Authority (MMA) has announced several important deadlines and requirements for businesses under the new Foreign Currency Regulation. Companies, especially those in the tourism sector, are urged to comply with these regulations to avoid penalties.
MMA Registration Requirements
Businesses registered with the Maldives Inland Revenue Authority (MIRA) for...
Lhaviyani Atoll to Become Maldives’ Next Biosphere Reserve
The Maldivian government has announced plans to designate three additional areas in the country as biosphere reserves over the next five years. This significant step was revealed by Environment Minister Thoriq Ibrahim during a press conference at the Presidential Office. The first area set for designation under the current regime is Lhaviyani Atoll.
"We...
Finance Ministry Introduces Fines for Tender Offenses in New Rule
The Ministry of Finance has introduced a new rule imposing fines on bidders, suppliers, and contractors involved in state tenders, addressing offenses that were not previously covered by existing Finance Rules or the Finance Act. This new regulation marks an important step in ensuring greater transparency and accountability in government procurement processes.
The rule...
Maldives to Develop AI Masterplan for Economic Growth
President Dr Mohamed Muizzu has announced the development of a comprehensive masterplan aimed at harnessing artificial intelligence (AI) for economic growth in the Maldives. The initiative, which will follow regional best practices, focuses on risk management and the creation of a legal framework to regulate AI technology.
The decision to create the AI masterplan...
LATEST ARTICLES
Maldives Refinances USD 75 Million of Velana Airport Loan
The Government of Maldives has refinanced USD 75 million of a USD 378 million loan initially taken from China’s Export-Import (EXIM) Bank...
Tourism Ministry Opens Bidding for Ecotourism Project in Baarah
The Ministry of Tourism has announced the opening of public bidding for the lease of a 71,832 square metre plot of land...
Op-Ed: Balancing Growth and Regulations, A Thoughtful Approach for the Maldives
By Sonu Shivdasani, CEO of Soneva
As someone who has long admired and invested in the Maldives, I offer...
President Proposes Raising Minimum Age to 21 for Tobacco Sales
President Dr Mohamed Muizzu has proposed raising the minimum legal age for purchasing tobacco products from 18 to 21 years. In a...
Registrations Closing Soon for Ooredoo Nation Inter-Resort Championship
Ooredoo Maldives has announced that registrations for the highly anticipated Ooredoo Nation Inter-Resort Championship will close on 25th October 2024. This groundbreaking...
