Report: Unravelling the Economic Fragility of the Maldives
The Calm Before the Storm
The Maldives, often perceived as a tropical haven, is on the brink of an economic meltdown. This looming crisis didn’t just happen overnight; it’s a catastrophe years in the making, echoing the chaos that crippled Sri Lanka. Internal strife, unchecked nationalism, deteriorating foreign relations, religious extremism, and unsustainable borrowing...
Shiuree Appointed as New Managing Director of MMPRC
Ibrahim Shiuree has been appointed the new Managing Director of the Maldives Marketing and Public Relations Corporation (MMPRC).
Shiuree has previously served on the Steering Committee of the World Bank's Enhancing Employability and Resilience of Youth project.
Notably, Shiuree currently holds the position of Vice President of the Table Tennis...
Dhiraagu Unveils Special Offers to Celebrate UEFA Euro 2024 and Eid-ul-Adha
At a special press conference held today at the Dhiraagu Head Office, the telecommunications company Dhiraagu announced its new offers to celebrate the upcoming UEFA Euro 2024 tournament and Eid-ul-Adha.
Hassan Sharih Adam, the Manager of Marketing Communications at Dhiraagu, expressed his excitement about the launch of two new offers designed to enhance the...
Ooredoo Announces Sony LIV Packs Ahead of Euros
Ooredoo has introduced Sony LIV Packs in anticipation of the upcoming UEFA EURO 2024.
Ooredoo stated these packs will provide customers with a Sony LIV premium membership priced at MVR 25, with 100GB of free data valid for 30 days.
Beyond the football action, Ooredoo highlighted the Sony LIV Packs offer...
MIFSA Discusses Development Bank in High-Profile Meetings Across the Middle East
The Maldives International Financial Services Authority (MIFSA) has been holding a series of high-profile meetings with development banks in the Middle East.
Today, MIFSA met with the Qatar Development Bank (QDB) for an introductory meeting to discuss the Development Bank of Maldives, which is slated to open in July.
Qatar Development...
Maldives Sets Sights on Indian Tourist Market with Multi-City Roadshow
The Maldives Association of Travel Agents and Tour Operators (MATATO), in partnership with the National Hotels & Guest House Association of Maldives (NHGAM) and the Maldives Marketing and Public Relations Corporation (MMPRC), has announced a roadshow across major cities in India to enhance tourism from the subcontinent.
In a press release shared today,...
Finance Ministry Announces State Internal Audit Conference 2024 For July
The Ministry of Finance has officially announced the State Internal Audit Conference 2024. As disclosed in a tweet earlier today, the conference is scheduled to take place from July 3rd to 4th, 2024.
Preparations for the upcoming event have been underway since yesterday's press release confirmed planning efforts have begun. The ministry said the...
MPL Chief Denies Lease Rumours, Emphasises Ongoing Discussions
Mohamed Wajeeh, CEO of Maldives Ports Limited (MPL), on Wednesday, addressed the recent rumours surrounding the future of Maldives' main commercial port. Contrary to reports in the media, Wajeeh confirmed that no decision has been finalised to lease the port to any external party.
Earlier in the week, speculation surfaced that a Philippine company...
Dhiraagu Supports “Palestine aa Eku Dhivehin” Telethon with MVR 300,000 Donation
Local telecommunication company Dhiraagu has contributed MVR 300,000 to the "Palestine aa eku Dhivehin" (Maldivians with Palestine) telethon. The event, organized by Public Service Media (PSM), aims to raise funds and support the Palestinian people.
This donation follows Dhiraagu's contribution of MVR 300,000 last year towards Palestine relief efforts and related funds.
Diesel Prices Reduced for Fishermen in Hulhumale
The price of diesel sold to fishermen in Hulhumale has been significantly reduced, aligning with the prices typically seen in sheds. The adjustment sees diesel now priced at MVR 13.92 per litre.
The changes seek to fulfil a key promise in President Mohamed Muizzu's election manifesto, said the Ministry of Fisheries and Marine...
Maldives ‘Spending Beyond Its Means’: World Bank
The World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris H. Hadad-Zervos, has raised concerns about the Maldives' increasing spending, highlighting that the country has been spending beyond its means for decades. According to his assessment, the Maldives will require USD 512 million for debt servicing in 2024 and 2025, with USD 1.07 billion...
Villa College Wraps Up International Conference on Social Research and Innovation
Villa College’s Institute for Research and Innovation (IRI) has successfully wrapped up the 2024 International Conference on Social Research and Innovation (ICSRI).
The theme, "Innovations for Sustainability: Forging the Path Ahead," set the tone for this year's conference, which commenced on June 8. The event drew significant interest, with more than 53 abstracts...
Construction and Real Estate Trends in the Maldives: Q1-2024 Insights
The Maldives’ construction sector exhibited a mix of growth and contraction during the first quarter of 2024, reflecting a complex interplay of factors shaping the industry. According to the Maldives Monetary Authority (MMA) Quarterly Economic Bulletin for Q1-2024, both positive and negative trends were observed in various sub-sectors of construction and real estate.
Dhiraagu Unveils Eid Promotion Offering Free WiFi Devices to Taxi Drivers
Dhiraagu has launched an Eid promotion to enhance connectivity for taxi passengers. As part of this special promotion, the Greater Malé Area taxi drivers can opt-in for a complimentary 'MiFi' device with 10GB of free data.This initiative is designed to provide passengers with high-speed internet access during their rides, reveals Dhiraagu, thereby improving overall travel convenience and...
Inflation Plummets to 0.6% in Q1-2024: MMA
Inflation saw a significant downturn in the first quarter of 2024, according to the Maldives Monetary Authority’s (MMA) latest Quarterly Economic Bulletin. Published today, the report reveals a notable deceleration in inflation, with rates plummeting to a mere 0.6% in Q1-2024, down from 2.3% in the previous quarter.
The GDP growth of 4.0% observed...
Dhiraagu Partners with HDC for Hulhumale’ Eid Ufaa 2024 Celebration
Dhiraagu, in partnership with the Housing Development Corporation (HDC), has announced a series of festive activities to celebrate Eid-ul-Adha under the banner of ‘Hulhumale Eid Ufaa 2024’. The event, also supported by Gold Partner Sheesha Maldives, will take place in Hulhumale’ from 15-17 June 2024.
The festivities promise a vibrant array of traditional and...
High Court Rules Against MMPRC in USD 2.5 Million Case
The High Court has ruled against the Maldives Marketing and Public Relations Corporation (MMPRC) in its appeal to recover USD 2.5 million (MVR 38 million) from Millennium Capital Management Pvt Ltd.
The case dates back to a 2019 Civil Court ruling that found insufficient evidence to support MMPRC's claim against Millennium Capital Management...
MMPRC Showcases Destination Maldives at JOTC Webinar
The Maldives Marketing and Public Relations Corporation (MMPRC) presented the latest promotions and updates from Destination Maldives during a series of webinars hosted by the Japan Outbound Tourism Council (JOTC). The JOTC, a division of the Japan Association of Travel Agents (JATA), organized these webinars to promote various travel destinations to the Japanese travel trade industry.
Male’ City Council to Manage Alimas Ufaa Fees Starting This Month
Male City Council will collect rent and maintenance fees for plots in the Alimas Ufaa Carnival area from this month onwards.
The Maldives Inland Revenue Authority (MIRA) announced today that this new arrangement will be effective from June 1st onwards.
MMA advises residents or businesses to contact the Male’ City Council...
Maldives Monthly Revenue Collection Sees Slight Decrease in May 2024
The latest financial report from the Maldives Inland Revenue Authority (MIRA) reveals a slight decrease in the country’s total revenue collection for May 2024. The total revenue collected in May 2024 amounted to MVR 1.66 billion, marking a 4.8% decrease compared to the same period in 2023.
The decline in revenue is primarily attributed...
Auditor General Warns of Rising Debt as Government Struggles to Curb Overspending
While the country is on track to meet its revenue goals, overspending in various areas has led to a high fiscal deficit and rising debt, reveals the Auditor General's Report on Review of Budget Position Report 2023 and Mid-Term Budget Review 2023.
According to the report, the government's revenue collection aligns with its targets,...
Dhiraagu Eid Show and ‘Win a Tesla’ Lucky Draw Set for 17 June 2024
Dhiraagu has announced the return of its highly anticipated Eid Show, set to take place on Monday, 17 June 2024. This year’s event promises to be a spectacular celebration, featuring a line-up of talented local musicians and culminating in the much-awaited ‘Win a Tesla’ lucky draw.
The Dhiraagu Eid Show, held in celebration of...
Maafushi Island Welcomes Dollar ATM Services
Maafushi Island has recently become the first location outside of Male City to offer Dollar ATM services.
In a press release shared today, the President's Office announced the successful launch of Dollar ATM services in Maafushi, fulfilling President Muizzu's campaign promise to bring financial services to rural areas.
The...
South Asian Travel Awards Announces Partners for 2024 Edition
The South Asian Travel Awards (SATA) announced its official partners for the 2024 edition during a grand signing ceremony yesterday in Malé City.
SATA, known for celebrating excellence in South Asian tourism and hospitality, brings together key industry stakeholders to honour outstanding achievements across various categories.
The esteemed partners are:
LATEST ARTICLES
Report: Unravelling the Economic Fragility of the Maldives
The Calm Before the Storm
The Maldives, often perceived as a tropical haven, is on the brink of an...
Shiuree Appointed as New Managing Director of MMPRC
Ibrahim Shiuree has been appointed the new Managing Director of the Maldives Marketing and Public Relations Corporation (MMPRC).
Dhiraagu Unveils Special Offers to Celebrate UEFA Euro 2024 and Eid-ul-Adha
At a special press conference held today at the Dhiraagu Head Office, the telecommunications company Dhiraagu announced its new offers to celebrate...
Ooredoo Announces Sony LIV Packs Ahead of Euros
Ooredoo has introduced Sony LIV Packs in anticipation of the upcoming UEFA EURO 2024.
Ooredoo stated these packs will...
MIFSA Discusses Development Bank in High-Profile Meetings Across the Middle East
The Maldives International Financial Services Authority (MIFSA) has been holding a series of high-profile meetings with development banks in the Middle East.
