STO Reports Net Profit Increased by 20 Million

The State Trading Organization Plc. (STO) has released its 2023 annual report, revealing a net profit of MVR 1.09 billion in 2023, slightly higher than the MVR 1.07 billion recorded in 2022. This represents a 1.3% increase and marks the highest net profit in the group's history. Meanwhile, STO's total revenue for the year...

Gov’t Recurrent Expenditure Sees MVR 627 Million Increase

The Maldivian government's recurrent expenditures increased by MVR 627 million in the first week of June this year compared to the same period last year. The Ministry of Finance's latest "Weekly Fiscal Development Report" shows recurrent expenditures increased by MVR 627 million over the previous year, with 14.12 billion spent as of June...

New Resorts to Boost Maldives Tourism with 2,700 Extra Beds: Minister

Minister of Tourism Ibrahim Faisal has revealed an additional 2,700 beds will be added to the Maldives tourism industry this year. In an exclusive interview with PSM News, Minister Faisal emphasized the government's commitment to enhancing the tourism industry, particularly in areas lacking tourist infrastructure. "With the launch of 12-15 new...

President’s Office Reveals SIDS Conference Trip Cost MVR 3.8 Million

The President's Office has disclosed that MVR 3.8 million was spent on President Dr. Mohamed Muizzu and his delegation's recent trip to attend the Small Island Developing States (SIDS) Conference in Antigua and Barbuda. The seven-day trip, undertaken from May 24 onwards, involved a delegation of 16 officials. A detailed breakdown of expenditures during...

Foreign Workers in Maldives Must Obtain Island-Specific Permits, Says Minister

Minister of Homeland Security and Technology Ali Ihusaan has revealed that the Maldivian government will introduce a new policy mandating foreign labourers obtain additional permits for each island they work on. During an exclusive interview with PSM News, the minister stated that the policy is part of a broader strategy to combat illegal immigration,...

Ooredoo Maldives Commemorates N. Landhoo as First Digital Island

Ooredoo Maldives has recognised N. Landhoo as the first Digital Island in the Maldives. On Sunday, Hussain Niyaz, the Chief Commercial Officer of Ooredoo Maldives, presented a special plaque to Abdul Azeez, the President of the N. Landhoo Council. Alongside this recognition, Niyaz also launched the official website of N. Landhoo, www.landhoo.gov.mv.

Winner of Dhiraagu’s ‘Win a Tesla’ Promotion Announced

Dhiraagu has announced the winner of its much-anticipated 'Win a Tesla' promotion. Mohamed Musthafa of Thulusdhoo secured the grand prize—a white Tesla Model III electric car. The announcement occurred last night during the Dhiraagu Eid Show at Central Park, Hulhumale'. The event featured various musical performances, culminating in the much-anticipated lucky draw.

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

With this year's European Championship (Euros) approaching fast, Ooredoo Maldives has announced Sony LIV Packs that will bring all the thrilling football action directly to customers’ screens. For just MVR 250, customers can enjoy a Sony LIV premium membership along with 250GB of free data, valid for 30 days. This special offer ensures fans can stream every...

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...

LATEST ARTICLES

STO Reports Net Profit Increased by 20 Million

The State Trading Organization Plc. (STO) has released its 2023 annual report, revealing a net profit of MVR 1.09 billion in 2023,...

Gov’t Recurrent Expenditure Sees MVR 627 Million Increase

The Maldivian government's recurrent expenditures increased by MVR 627 million in the first week of June this year compared to the same...

New Resorts to Boost Maldives Tourism with 2,700 Extra Beds: Minister

Minister of Tourism Ibrahim Faisal has revealed an additional 2,700 beds will be added to the Maldives tourism industry this year.

President’s Office Reveals SIDS Conference Trip Cost MVR 3.8 Million

The President's Office has disclosed that MVR 3.8 million was spent on President Dr. Mohamed Muizzu and his delegation's recent trip to...

Foreign Workers in Maldives Must Obtain Island-Specific Permits, Says Minister

Minister of Homeland Security and Technology Ali Ihusaan has revealed that the Maldivian government will introduce a new policy mandating foreign labourers...
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