Gov’t Clears USD 100 Million Loan Amid Rising Debt Concerns
The Ministry of Finance and Planning has confirmed the repayment of a USD 100 million loan taken from Cargill Financial Services International, a United States-based financial agency, during the previous Maldivian Democratic Party (MDP) government.
The loan, acquired in 2022 for budget support rather than a major development project, carried an interest rate of...
IAA Maldives Established to Strengthen Internal Auditing in the Maldives
The Internal Audit Association of Maldives (IAA Maldives) has been formally established, marking a significant step in enhancing governance, accountability, and professional standards in the country’s internal auditing sector.
IAA Maldives was officially registered on 1st September 2024 and has since experienced rapid growth, attracting over 70 members from various industries. The newly formed...
WAMCO Awarded Contract for Waste Management Projects in 32 Islands
The Waste Management Corporation (WAMCO) has been awarded a contract to construct waste management facilities and buildings in 32 islands across the Maldives. The agreement was signed between the Ministry of Tourism and Environment and WAMCO, with Environment Minister Thoriq Ibrahim representing the ministry and WAMCO’s Managing Director Mujthaba Jaleel signing on behalf of the corporation.
Mariyam Shamma Ismail Appointed as New Registrar of Companies
The government has appointed Uza. Mariyam Shamma Ismail as the new Registrar of Companies, following the resignation of her predecessor, Mariyam Visam, on 5th March.
Minister of Economic Development Mohamed Saeed confirmed Shamma's appointment on Monday, 10th March 2025, and extended his congratulations in a post on X.
Shamma holds a...
Ahmed Zayan Resigns from MMA Board as Government Faces Economic Criticism
Ahmed Zayan Mohamed, the Ministry of Finance's representative on the Maldives Monetary Authority (MMA) board, has tendered his resignation, with his notice period set to conclude by 15 May.
Zayan, who heads the Fiscal Affairs Department at the Finance Ministry, has not publicly disclosed the reason for his resignation. However, his departure follows ongoing...
Maldives Stresses Commonwealth’s Role in Supporting Small States
As Commonwealth Day is observed, the Maldives has reflected on the role of the Commonwealth in supporting small states and reaffirmed its commitment to the organisation’s core values.
The theme for this year’s Commonwealth Day, "Together We Thrive," underscores the significance of unity, resilience, and progress. For the Maldives, this theme aligns with the country’s long-standing...
Ooredoo Maldives Shareholders Approve MVR 3.43 Dividend for 2024
Ooredoo Maldives Plc held its Annual General Meeting (AGM) on Sunday, 9th March 2025, where shareholders approved key resolutions, including the declaration of a dividend of MVR 3.43 per share for 2024.
The AGM took place at the company's headquarters in Hulhumale’ and was accessible virtually via the Maldives Securities Depository’s “FahiVote” platform. A...
Gov’t Plans MVR 15 Billion Land Sale to Central Bank Amid Rising Debt Concerns
The Maldivian government is reportedly preparing to raise MVR 15 billion by selling a large plot of land in Hulhumale’ to the Maldives Monetary Authority (MMA) — a move that has triggered concerns over its economic impact.
The land, managed by the Housing Development Corporation (HDC), is expected to be sold for between MVR 14 billion and MVR 15 billion. While the...
Maldives’ Travel Agents Call for Action Against Unregulated OTA Dominance
The Association of Travel Agents (ATA) has voiced strong concerns over what it describes as the growing and unchecked influence of Online Travel Agencies (OTAs) such as Booking.com in the Maldives. In a statement, ATA criticised Booking.com’s role in what it perceives as attempts to undermine local travel businesses.
ATA argued that OTAs are...
February Revenue Up by 5.4% Year-on-Year Driven by Lease Extension Fees and Income Tax
Revenue collections for the Maldives have shown positive growth in February 2025, reaching a total of MVR 2.47 billion. This represents a 5.4% increase compared to the same month last year, mainly due to significant one-off payments from Lease Period Extension Fees and a notable rise in Corporate Income Tax.
The Goods and Services...
SDFC to Open Applications for Viyafaari Ehee Loan on 16 March
The SME Development Finance Corporation (SDFC) has announced that applications for its Viyafaari Ehee Loan will open on 16 March, providing financial support to small and medium enterprises (SMEs) facing daily operational challenges.
The Viyafaaru Ehee Loan is designed to offer financial relief for businesses struggling to manage routine expenses. According to SDFC, businesses that have...
Discover the Luxurious Story of Unit 9 at Bayfancy Residece
Experience the difference the moment you walk in — where every detail speaks of elegance and every space feels like home. Unit 9 offers an exceptional blend of luxury, style, and comfort, with a thoughtfully designed layout spanning approximately 1,658 to 1,714 square feet. Crafted for those who appreciate sophistication and serenity, this residence promises a living...
Construction Sector Growth Driven by Real Estate Projects in Q4 2024
The Maldives’ construction sector maintained steady growth in the final quarter of 2024, supported by rising bank credit and sustained real estate development.
According to the Maldives Monetary Authority's (MMA) latest Quarterly Economic Bulletin, the Gross Value Added (GVA) for the construction sector increased by 1.6% in Q3 2024 compared to the previous year....
Discussions Held on Traffic Flow Ahead of New VIA Terminal Opening
Authorities have held discussions to address potential changes to traffic flow around Velana International Airport (VIA) in preparation for the upcoming opening of the new international passenger terminal.
The meeting took place between the Ministry of Transport and Civil Aviation and Maldives Airports Company Limited (MACL), which operates VIA. Discussions focused on adjustments to...
JEN Maldives Welcomes Ramadan with an Exceptional Iftar Buffet and Exciting Giveaway
JEN Maldives Malé by Shangri-La has introduced a special Iftar buffet at Lime Restaurant to mark the holy month of Ramadan. The buffet combines a wide selection of international cuisines with a warm, Ramadan-inspired ambiance designed to create an inviting setting for families and friends.
The buffet features an extensive array of dishes, including...
Investment Opportunities Opened for Gan Island Development in Gaafu Dhaalu Atoll
Gadhdhoo Council has announced exciting investment opportunities on the uninhabited island of Gan, located in Gaafu Dhaalu Atoll. Both Maldivian and international companies have been invited to submit Letters of Expression (LOEs) by April 30, 2025, to participate in development projects across a range of sectors.
Currently managed by the Gadhdhoo Council and integrated...
Financial Sector Maintains Healthy Growth as Maldives Banks and Insurers Post Robust Results
The financial sector of the Maldives displayed continued strength and stability in the fourth quarter of 2024, according to the latest Quarterly Economic Bulletin released by the Maldives Monetary Authority (MMA).
The banking sector remained notably resilient, reporting robust capital adequacy and healthy profitability. The sector's total assets increased by 4%, reaching MVR 95.1...
Gov’t Agencies Explore Ways to Enhance Agricultural Business Opportunities
The Ministry of Agriculture and Animal Welfare, together with the Maldives Industrial Development Free Zone Company (MIDFZ) and Agronet, has conducted discussions aimed at enhancing business opportunities for local entrepreneurs in the agriculture sector.
These talks primarily centred around ways to facilitate better marketing channels for local farmers, enabling them to offer their produce...
Addu City Invites Investors to Develop New City Hotel in Feydhoo
Addu City Council has opened invitations for investors to develop a 45-room city hotel in Feydhoo, located in the Dhigihera Tourism Zone (S4), as part of its strategy to boost tourism and economic growth in the southern atoll.
The proposed hotel will occupy newly reclaimed land on the western side of Feydhoo, situated opposite...
Ooredoo Celebrates Ramadan with Inspiring ‘Roadhaige Noor’ Campaign
Ooredoo Maldives has unveiled its Ramadan campaign, ‘Roadhaige Noor’—a special initiative designed to celebrate the essence of the holy month through the eyes of a child experiencing her first Ramadan.
Translated as "The Light of Ramadan," the campaign centres around a young girl exploring the spiritual and cultural significance of Ramadan. Through the child’s...
Concerns Rise Over Maldives’ Marketing Strategy After ITB Berlin Appearance
The Maldives’ showcase at ITB Berlin 2025 has stirred unease within the tourism industry, with stakeholders voicing growing concerns over the event’s diminishing returns and the strategic direction of the Maldives Marketing and Public Relations Corporation (MMPRC). As the nation strives to maintain its reputation as a world-class luxury destination, the effectiveness of its participation in this...
MMA Reports Increase in Foreign Currency Assets in February 2025
The Maldives Monetary Authority (MMA) has released its financial position for February 2025, highlighting notable growth, particularly driven by an increase in foreign currency assets.
The statement shows that total financial assets held by MMA stood at MVR 29.89 billion at the end of February, up significantly from MVR 27.98 billion recorded at the...
Tourism Boost Supports Maldives Economy Despite Challenges in Q4 2024
The Maldivian economy experienced mixed outcomes during the fourth quarter of 2024, marked by robust growth in the tourism sector despite a significant downturn in fisheries and heightened inflation, according to the Maldives Monetary Authority’s (MMA) Quarterly Economic Bulletin.
Real GDP growth for the quarter was primarily driven by the thriving tourism industry, construction...
Food Safety Act Significantly Reduces Food-Related Issues in Maldives, MFDA Reports
The Maldives Food and Drugs Authority (MFDA) has reported a significant decline in food safety issues following the implementation of the Food Safety Act, which came into effect in May 2024.
The legislation proposed by the current administration sets stringent guidelines to regulate the safety of food and beverage products, ensuring all domestically produced,...
LATEST ARTICLES
Gov’t Clears USD 100 Million Loan Amid Rising Debt Concerns
The Ministry of Finance and Planning has confirmed the repayment of a USD 100 million loan taken from Cargill Financial Services International,...
IAA Maldives Established to Strengthen Internal Auditing in the Maldives
The Internal Audit Association of Maldives (IAA Maldives) has been formally established, marking a significant step in enhancing governance, accountability, and professional...
WAMCO Awarded Contract for Waste Management Projects in 32 Islands
The Waste Management Corporation (WAMCO) has been awarded a contract to construct waste management facilities and buildings in 32 islands across the...
Mariyam Shamma Ismail Appointed as New Registrar of Companies
The government has appointed Uza. Mariyam Shamma Ismail as the new Registrar of Companies, following the resignation of her predecessor, Mariyam Visam,...
Ahmed Zayan Resigns from MMA Board as Government Faces Economic Criticism
Ahmed Zayan Mohamed, the Ministry of Finance's representative on the Maldives Monetary Authority (MMA) board, has tendered his resignation, with his notice...
