back to homepage

Business & Tourism

Row erupts over allocation of development funds for 2016

Days after President Abdulla Yameen told MPs he would not add new development projects for 2016, discontent over the scarcity of funds erupted into heated arguments between MPs and ministers with a minister calling MPs “idiots.”

Read More

No money for the folks back home

Why a government plan to levy a three percent tax on migrant worker remittances has drawn concern among human rights advocates.

Read More

MPs grill ministers over ‘unrealistic’ revenue targets

MPs on the parliament’s budget review committee questioned ministers today about targets in the 2016 budget after revenue this year fell far short of forecasts.

Read More

Contractor chosen for ‘China-Maldives Friendship Bridge’

The bidding process was launched in Beijing last Tuesday with a team of 11 experts evaluating bids from three companies shortlisted by the Chinese government. They were China Railway Major Bridge Engineering, CCCC Second Harbour Engineering, and Sichuan Road and Bridge Construction. The housing ministry has not revealed the chosen contractor.

Read More

Chinese company to construct 1,500 flats in Hulhumalé

The ministry of housing and infrastructure signed a contract with the China Machinery Engineering Corporation (CMEC) today for the construction of 1,500 medium-end housing units in the capital’s suburb Hulhumalé.

Read More

Maldives ‘safe for tourists’ despite state of emergency

The government of Maldives raised fear of a bomb plots in declaring an unprecedented nationwide state of emergency today, but insists that the honeymoon destination is safe for tourists.

Read More

Banks will lower interest rates, says finance minister

Commercial banks in the Maldives have agreed to lower interest rates on loans after the central bank slashed interest rates for the sale of treasury bills (T-bills) with effect from October 28, Finance Minister Abdulla Jihad has said.

Read More

Indian consortium awarded US$40m road construction project

The Housing Development Corporation (HDC) signed a contract with the Consortium of Mohan Mutha Exports and Ashoka Buildcon for “the construction and development of all major road networks in Hulhumalé Phase II, [and] connecting all the neighbourhoods and commercial areas such as the tourism district, yacht marina and knowledge park.”

Read More

Maldives resort owners back bill criminalising tourism boycott call

“The most commonly used method to call for a boycott is social media. We have a lot of trouble selling our packages in tourism fairs and catalogues because of this,” said Ahmed Nazeer, secretary general of the Maldives Association of Tourism Industry (MATI). He told MPs that a law criminalising calls for a tourism boycott is long overdue.

Read More

Maldives pursues fossil fuels and clean energy at once

The government, noting the need for reducing oil dependency, has signed its second renewable energy project in a month, but has also asked a visiting American research vessel to conduct tests for oil and gas near a UNESCO biosphere reserve.

Read More

Maldives ‘will not entertain’ foreign arms deals

The Maldives “will not entertain” private arms depots, the government has declared, after it emerged that a Malta based maritime security firm was planning to set up an armory in the remote north.

Read More

Malta company confirms plans to build private armory in Maldives

A Malta company has confirmed plans to set up a private armory in a northern island in the Maldives, supervised by the Maldivian army, to cater to the demand for maritime security for ships transiting the Indian Ocean.

Read More

Foreigners banned from mobile phone business

“The ministry believes that the mobile phone business has much potential. We would like to encourage and pave way for locals to invest in the trade,” Ali Abdulla, economic development ministry spokesperson, told The Maldives Independent.

Read More

Economic minister departs for investment forum in China

Saeed told reporters the main target of this year’s forum will be “opening the eyes of the world” to the potential of the Maldives’ banking and financial sector.

Read More

British company to invest US$10m in ‘historic’ agricultural project

“The purpose of the project is to develop controlled environment protected cropping. Temperature controlled greenhouses will be used to grow European variety salad crops and various berries,” the UK-based company Hummingboy Farms said. The goal of the project is “import substitution and additional food security for the Maldives,”

Read More

To cut costs, government halts spending on development

The finance ministry has put a halt to spending on development projects in a bid to reign in a ballooning budget deficit. The ministry has also imposed a hiring freeze, restricted overtime pay, and ordered offices to stop domestic and international travel. Offices are to be closed by 2:30pm at the latest.

Read More

Government’s estimate for 2015 economic growth unrealistic, says World Bank

High levels of public debt “driven by high and rising public spending” is the immediate macroeconomic challenge facing the Maldives, observed the World Bank’s South Asia Economic Focus report released last week. The government’s forecast for economic growth is 8.5 percent, but both the World Bank and the International Monetary Fund (IMF) expect the Maldivian economy to grow by 5 percent this year.

Read More