Corporate Maldives

The Maldives Ministry of Finance has released its latest Weekly Fiscal Developments report, revealing a continuing fiscal deficit as of 12 December 2024. The report highlights a significant gap between cumulative government revenues and expenditures, with broader implications for the nation's economic stability. Revenue and Expenditure Insights Cumulative government revenue...

Maldives Ports Limited (MPL) has partnered with the Ihavandhoo Island Council to establish a dockyard in Haa Alifu Atoll, marking a significant step towards enhancing maritime support services in the region. The agreement was formalised with signatures from MPL CEO Mohamed Wajeeh Ibrahim and Ihavandhoo Council President Ahmed Sobah. Speaking at the signing ceremony,...

The Maldives remains one of the most sought-after destinations globally, celebrated for its unparalleled natural beauty, luxury resorts, and vibrant marine life. As we approach 2025, the Maldivian tourism sector is evolving to meet changing traveller preferences and economic opportunities. Here are the key trends set to define the industry in the coming year.

The Ooredoo Fun Run, widely recognised as the "Happiest 5K in the Maldives," concluded with great success on 20 December 2024 in Hulhumale’, bringing together over 6,500 participants in a vibrant celebration of community, fitness, and fun. The event was honoured by the presence of the Vice President of the Maldives, who attended as...

Maldivian, the national carrier of the Maldives, has announced additional flights to Thimarafushi, Kulhudhuffushi, and Funadhoo, enhancing connectivity across key domestic destinations during the peak travel season. The newly introduced schedules are as follows: DestinationDateRouteDepartureReturnThimarafushi21 December 2024Malé to Thimarafushi19:4021:00Kulhudhuffushi24 December 2024Malé to Kulhudhuffushi20:2521:50Funadhoo24 December 2024Malé to Funadhoo07:3008:45 These...

The Maldives Inland Revenue Authority (MIRA) has released a new version of its MIRAconnect User Guide (Version 24.1), designed to enhance the user experience and provide a comprehensive reference for navigating the updated online portal. This announcement follows MIRA’s continued efforts to improve accessibility and functionality for taxpayers. The revamped MIRAconnect platform serves as...

The Attorney General’s Office has declared that nine settlement agreements signed by the previous government’s Settlement Committee, amounting to over MVR 1 billion in funds and goods, are void ab initio. The decision, announced on Thursday, deems the agreements non-binding, instructing relevant institutions to disregard them and initiate legal revocations. Agreements Deemed Invalid

Government subsidies have long played a crucial role in supporting households and mitigating the impact of economic pressures on vulnerable communities. However, as fiscal challenges intensify and the need for more efficient resource allocation grows, a strategic shift in subsidy policy is taking centre stage. The transition from the 2024 to 2025 budgets reveals a marked change...

Ooredoo Maldives, in partnership with FitsAir, has announced an exclusive giveaway for participants of the highly anticipated Ooredoo Fun Run 2024. Two lucky winners will be awarded return tickets to Colombo, adding extra excitement to the event. To qualify for the giveaway, participants must download the GoPlay App between 17 December and 20 December...

Maldives Airports Company Limited (MACL) hosted a high-profile stakeholder event, bringing together leaders from the aviation, tourism, and maritime sectors. The event highlighted the shared success of these industries and their critical role in the Maldives’ tourism-driven economy. The gathering, held at Velana International Airport, was attended by key representatives from the Ministry of...

The Maldives Inland Revenue Authority (MIRA) has announced an increase in the Tourism Goods and Services Tax (TGST) rate from 16% to 17%, effective 1 July 2025. The adjustment, part of the 7th amendment to the Goods and Services Tax Act, aims to strengthen fiscal policy within the tourism sector, which is a cornerstone of the Maldivian...

In a scandal that has shaken the Housing Development Corporation (HDC) and raised questions about the integrity of government housing schemes, Managing Director Ibrahim Fazul has been suspended amid allegations that his brother, Mohamed Fazeel, attempted to acquire land in Hulhumalé under dubious circumstances. The controversy revolves around the government’s Binveriyaa scheme, designed to...

SIMDI Group has announced an exclusive promotion at its newly opened SIMDI CPD Maafannu Showroom, offering customers up to 15% off storewide on a range of premium products. The promotional campaign began on 19 December 2024 and will run until 31 January 2025, providing an ideal opportunity for customers to enjoy substantial savings while exploring renowned international brands. Located...

Ooredoo Maldives has launched its verified customer support channel on WhatsApp, providing users with a convenient, secure, and accessible platform for round-the-clock assistance. This development aligns with Ooredoo’s ongoing efforts to enhance customer experiences through digital innovation. With WhatsApp being one of the most widely used communication tools in the Maldives, Ooredoo’s verified account...

The Maldives Inland Revenue Authority (MIRA) has unveiled its Strategic Plan 2025-2028, setting out ambitious goals to enhance operational efficiency, stakeholder engagement, and digital transformation. The plan, marking the organisation’s journey toward 15 years of service, prioritises fostering voluntary tax compliance, leveraging advanced technologies, and improving taxpayer experiences​. Key Focus Areas: Efficiency and Digital...

Dhiraagu has launched an exciting promotion offering customers the chance to win a smart TV every week by upgrading to its Limitehneh 30M fibre internet package or higher. The campaign, which runs until 30 January 2025, is open to both new and existing Dhiraagu Fibre Broadband customers​. Eligible participants will be automatically entered into...

The Maldivian economy demonstrated mixed results in October 2024, with signs of recovery in some sectors, while others experienced significant challenges, according to the Maldives Bureau of Statistics' Monthly Indicators of Economic Growth (MIEG). The report highlights that monthly real GDP stood at MVR 8,593 million, reflecting 0.8% growth compared to October 2023, but showing a more substantial 10% increase over the...

The Maldives is entering a new era of residential living with the introduction of Aséria Homes and Townhouses. Situated at the northeastern edge of Hulhumale's Second Phase, this innovative development reimagines modern living by offering the country's first gated community. Combining privacy and exclusivity with a strong emphasis on community, Aséria is poised to transform the lifestyle...

The Maldives' Foreign Currency Act, ratified on 14 December 2024, will come into force on 1 January 2025, introducing comprehensive measures to regulate foreign currency transactions, particularly targeting the tourism sector and high-revenue businesses​. The Act replaces the long-standing Monetary Regulation of 1987 and seeks to ensure a streamlined approach to managing foreign exchange inflows....

The Ministry of Finance has appointed Asma Shafeeu as the Commissioner of Reform, a newly introduced role aimed at strengthening the state’s financial management and ensuring the implementation of the national reform agenda. Asma Shafeeu, formerly the Deputy Commissioner General of Taxation at the Maldives Inland Revenue Authority (MIRA), brings over a decade of...

Ooredoo Maldives Plc has announced the sale and transfer of 1.5 million shares of its subsidiary, Techfin Maldives Pvt Ltd, to OFT International LLC. The decision was approved by shareholders during the company’s Extraordinary General Meeting (EGM), held virtually on 15 December 2024​. Techfin Maldives was established on 16 May 2024 to comply with...

Minister of Fisheries and Ocean Resources Ahmed Shiyam has invited Chinese investors to support the development of the Maldives’ mariculture industry, citing significant growth potential in the sector. The invitation was extended during a meeting with Luo Zhaohui, Chairman of the China International Development Cooperation Agency (CIDCA), on the sidelines of the Third China-Indian Ocean Region Forum...

Minister of Fisheries and Ocean Resources Ahmed Shiyam has emphasised the importance of evidence-based science and innovative technology in advancing ocean and maritime development. He delivered the remarks during the Thematic Discussion on the Ocean Decade, held as part of the Third China-Indian Ocean Region Forum on Blue Economy Development Cooperation in Kunming, Yunnan Province, China.

Ooredoo Maldives Plc successfully held its Extraordinary General Meeting (EGM) on 15 December 2024, conducted virtually via the FahiVote Online Meeting Management System of the Maldives Securities Depository Company. The meeting saw the participation of 14 shareholders, representing 90.55% of the total issued shares, equating to over 133.8 million shares. Twelve shareholders attended in person, with...