Maldives Seeks UK Expertise to Boost Financial Sector at Commonwealth Roundtable
The Minister of Economic Development and Trade, Mohamed Saeed, has departed for the United Kingdom to participate in the Commonwealth Trade and Investment Roundtable, a key event to foster economic collaboration among member states.
The ministry revealed in a statement today that the primary goal of Minister Saeed's visit is to seek support from...
Green Tax Revenue Hits MVR 202 Million in First Two Months of 2024
The Ministry of Finance has announced that the Green Fund's balance stood at MVR 1.2 billion at the end of February. This follows deposits totalling MVR 102 million in February alone, with overall spending reaching MVR 94 million on various environmental projects during the first two months of the year.
The Green Fund is...
Maldives Parliament Passes Landmark Food Safety Bill
After three years of deliberation, the Maldivian Parliament passed a landmark Food Safety Bill into law on Monday. This legislation, initially introduced in 2021 under former President Ibrahim Mohamed Solih's administration, underwent extensive scrutiny by the parliament's Committee of Social Affairs, making it the most meticulously studied bill of the 19th Parliament.
The bill was passed during the...
Securing Blue Bonds A Major Hurdle for Small Island Nations, Says Minister
Maldives Minister for Economic Development and Trade Mohamed Saeed, while speaking at the Asia-Pacific Blue Economy Forum yesterday, highlighted the difficulties environmentally vulnerable countries face in securing eco-friendly financing facilities for sustainable development projects.
"While blue bonds are the most ideal financing facility for sustainable development projects, smaller nations face multiple challenges in securing...
IMF Urges Maldives Adopt Macroprudential Policies for Economic Stability
The Executive Board of the International Monetary Fund (IMF) has wrapped up its Article IV consultation with the Maldives, issuing recommendations aimed at addressing economic vulnerabilities and fostering sustainable growth in the island nation. Notably, directors urged Maldivian authorities to adopt macroprudential policies to mitigate systemic risks arising from the sovereign-bank nexus.
The...
April 2024 Monthly Revenue Collection Reaches MVR 2.11 Billion
The Maldives Inland Revenue Authority (MIRA) has released its latest statistics, revealing total revenue collection for April reached MVR 2.11 billion, including USD contributions, marking a significant uptick of 13.6% compared to last year.
Several key factors have been attributed to this surge in revenue. Notably, collections were substantially increased from Goods and Services...
Chinese Market Dominates Maldives Tourism, Surpasses 90,000 Arrivals
Chinese tourist arrivals to the Maldives have surpassed the 90,000 mark, according to data released by the Ministry of Tourism. As of May 12th, 2024, total tourist arrivals to the Maldives have soared to 822,723.
The latest statistics from the Ministry highlight the dominance of the Chinese market, which continues to hold the top...
Indian Government Grants Extension for Maldives’ Loan Repayment Deadline
The government of India has granted an extension to the Maldives for the repayment of USD 50 million out of the USD 100 million outstanding budget support borrowed in 2019 by the previous administration.
The State Bank of India (SBI) in Maldives has agreed to postpone the repayment deadline for USD 50 million of...
Corporate Maldives Magazine May 2024 Edition Now Published
Corporate Maldives has published the May 2024 edition of the ‘Corporate Maldives Magazine’. As a quarterly print publication, we are committed to providing comprehensive coverage of the Maldives’ business community.
This month, our Corporate Maldives Spotlight is on SJ Group, a leading company in the Maldives’ construction and trade industry. Our team had the...
Trade with India, China to Bolster Rufiyaa Against Dollar, Says Minister
Minister of Economic Development and Trade Mohamed Saeed, has disclosed a series of initiatives aimed at securing the value of the Maldivian Rufiyaa to the US Dollar, including increased trade relations with China and India.
Addressing attendees at a ceremony between the Maldivian government and Dubai’s International Freezone Authority (IFZA), Minister Saeed said collaborative...
Documentation Required for Individuals Carrying More Than USD 10k
Minister of Homeland Security and Technology Ali Ihusaan has revealed regulations mandating individuals carrying over USD 10,000 abroad to provide documentation on the source of funds, effective immediately, aimed at controlling cash exports from the Maldives.
Speaking at a press conference convened by the Home Ministry and its affiliated agencies, Minister Ihusaan outlined...
Transport Ministry to Restart Domain Tender Process
Minister of Transport and Civil Aviation Mohamed Ameen announced that the government plans to restart selling domains through a tender process, highlighting domain allocation issues.
Speaking on a Sangu TV programme, the minister assured that the government has devised a comprehensive plan for selling domains, which will be unveiled in the coming days....
Development Bank of Maldives to Commence Services in July
The Economic Minister, Mohamed Saeed, announced yesterday that the Development Bank of Maldives will commence operations in July.
During a ceremony to formalize agreements with the International Free Zone Authority (IFZA) in Dubai to develop the Special Economic and Financial Services Zone in Fonadhoo and the Maldives Economic Gateway in Ihavandhippolhu, Minister Saeed...
Aasandha Expenditure Rises By 4.8%, Hits MVR 838 Million
According to official records, in the first quarter of the fiscal year, Aasandha, the Maldives' state health insurance scheme, disbursed MVR 838 million, a 4.8% increase compared to last year's corresponding period.
Aasandha's expenditures during the first three months of this year amounted to MVR 838 million and facilitated medical treatment abroad for 1,691...
A Mother’s Day Resolution: Creating a Better Workplace for Mothers
The azure waters and vibrant culture of the Maldives mirror the growing aspirations of its female workforce. However, for many Maldivian mothers, balancing a fulfilling career with the joys and responsibilities of motherhood presents a unique challenge. This Mother's Day, Corporate Maldives spoke to working mothers across various industries to find insight on actionable steps companies can...
Zamani Islands: Sowing Seeds of Sustainability in Paradise
Zamani Islands emerges as the leading force in Maldivian hospitality, set to reformulate luxury with a conscience. As Zamani Islands prepares to become the region's inaugural resort to harness 100% renewable energy, the minds of Ashish Rakheja and AEON Integrated Building Consultants, revered for their proficiency in MEP design and sustainability, guide this bold venture.
Maldives Partners with Dubai’s IFZA for Economic Zone Development
The Maldivian government has partnered with Dubai’s International Freezone Authority (IFZA) to establish a special economic and financial services zone in Fonadhoo and an economic gateway in Ihavandhippolhu.
In a ceremony held this morning, Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Pedersen exchanged a Memorandum of Understanding.
Maldives Seeks Extension on USD 200 Million Loan Repayment to India
Foreign Minister Moosa Zameer has announced that he formally requested the Indian government to consider extending the repayment period for a USD 200 million loan provided to the Maldives as budgetary support in 2019 during Ibrahim Mohamed Solih’s presidency.
During a press conference yesterday at the President’s Office, Minister Zameer disclosed that USD 50...
Maldives, Qatar Seek Deeper Cooperation as Foreign Minister Zameer Visits Doha
Maldives Foreign Minister Moosa Zameer embarked on a landmark visit to Qatar on Saturday, marking his first official trip since the inauguration of President Dr Mohamed Muizzu's administration. The visit, scheduled to conclude on Monday, aims to bolster bilateral relations and explore new avenues for cooperation between the two nations.
During his stay in Doha, Minister Zameer is expected...
MVR 797 Million Collected in Outstanding Payments: MIRA
The Maldives Inland Revenue Authority (MIRA) has successfully recovered MVR 797 million in outstanding payments during the first quarter of this year.
The quarterly financial report released by MIRA highlights the collected amount encompasses various sources, including dunning processes, dues clearance, bank account freezing policies, and proactive reminders.
Breakdown of the...
MATI Backs EPA’s Decision to Halt Coastal Development Projects
In a united front against the mounting threat of coral bleaching, the Maldives Association of Tourism Industry (MATI) has thrown its full support behind the Environmental Protection Agency's (EPA) recent call to halt dredging and other coastal developmental activities.
The EPA's announcement last Thursday announced that all major coastal development projects and activities will...
Asia Pacific Blue Economy Forum to Address Sustainable Coastal Development
The Ministry of Economic Development, in partnership with the United Nations Development Programme (UNDP), is set to co-host the Asia Pacific Blue Economy Forum. Scheduled for 13-14th May, the forum aims to delve into the planning and execution of a new economic paradigm centered around coastal sustainability. Co-hosted by the Maldives, the event sees collaboration from the...
Bangladesh High Commission Hosts Independence and National Day 2024 Reception
The High Commission of Bangladesh to the Maldives hosted a reception on Thursday at the JEN hotel in Male' City to mark Bangladesh's Independence and National Day. Local Maldivian dignitaries and members of the diplomatic corps attended.
The Minister of Homeland Security and Information Technology, Ali Ihusaan, was the Guest of Honour.
STO Smart Store Goes 24/7 in Hulhumale’
The State Trading Organisation's (STO) Smart Store, located in Hulhumale' Phase One, has rolled out round-the-clock services.
Previously operating until 22:00 hrs daily, the Smart Store's transition to a 24-hour service model comes after meticulous planning. An STO official disclosed that while the Smart Store was initially designed to offer 24/7 services, the implementation...
LATEST ARTICLES
Maldives Seeks UK Expertise to Boost Financial Sector at Commonwealth Roundtable
The Minister of Economic Development and Trade, Mohamed Saeed, has departed for the United Kingdom to participate in the Commonwealth Trade and...
Green Tax Revenue Hits MVR 202 Million in First Two Months of 2024
The Ministry of Finance has announced that the Green Fund's balance stood at MVR 1.2 billion at the end of February. This...
Maldives Parliament Passes Landmark Food Safety Bill
After three years of deliberation, the Maldivian Parliament passed a landmark Food Safety Bill into law on Monday. This legislation, initially introduced in 2021...
Securing Blue Bonds A Major Hurdle for Small Island Nations, Says Minister
Maldives Minister for Economic Development and Trade Mohamed Saeed, while speaking at the Asia-Pacific Blue Economy Forum yesterday, highlighted the difficulties environmentally...
IMF Urges Maldives Adopt Macroprudential Policies for Economic Stability
The Executive Board of the International Monetary Fund (IMF) has wrapped up its Article IV consultation with the Maldives, issuing recommendations aimed...
