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Business & Tourism

Government seeks developers for 10,000 flats on Hulhumalé

The housing ministry on September 17 opened up a call for proposals for 7,120 social housing units and 3000 medium-end housing units on the newly reclaimed land on Hulhumalé.

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Court ruling barring bank limits on cash withdrawal is “risky,” says ex economic minister

A High Court verdict barring banks from imposing limits on the amount of money customers can withdraw from their accounts is a “risky move” that could send “send shocks throughout the banking system,” former Economic Minister Mahmood Raazee has said.

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No deal with DP World on Thilafushi port project

The government had said that a joint venture agreement would be signed with the global marine terminal operator in April, but Fisheries Minister Dr Shainee revealed this week that the government’s board of investment decided that DP World’s proposal for the port project would not be beneficial for the Maldives.

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Saudi Arabia grants US$80m loan for Hulhumalé development

Speaking at a ceremony held this morning for signing the loan agreement, finance minister Abdulla Jihad said the loan was arranged within two to three months, which was “a record” in the ministry’s history and demonstrated the close ties between the Maldives and Saudi Arabia.

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Negotiations launched for China-Maldives free trade agreement

The Maldives and China signed a memorandum of understanding (MoU) today to launch negotiations to establish a free trade agreement between the countries.

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Government widens age range for foreign domestic servants

The immigration department has widened the age range for foreign domestic servants, drivers and attendants to between 23 and 58 years of age.

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Government’s economic policies are “failing,” says MDP

The MDP has expressed concern over a “ballooning budget deficit,” and said the Maldives will not meet targeted 1.4million arrivals, or raise expected revenue from SEZs.

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Tourist arrivals increase in July despite decline in Chinese visitors

Arrivals from China declined last month by 4 percent compared to July 2014. However, Total arrivals from January to July rose 1.7 percent compared to the corresponding period in 2014, reaching 713,622 visitors by the end of July.

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Minimum reserve requirement for banks reduced to 10 percent

The government has reduced the minimum reserve requirement (MRR) for commercial banks at the Maldives Monetary Authority (MMA) from 20 percent to 10 percent, Vice President Ahmed Adeeb revealed last night.

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Hundreds of resort workers quitting over non-payment of wages

Mauroof Ahmed, the secretary general of TEAM, said delays and non-payment are common in resorts operated by three Maldivian companies – Villa Hotels, J Resorts and the AAA Hotels and Resorts.

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Investment forum in Beijing postponed to October

Economic development minister Mohamed Saeed told the press on Thursday that more than 3,400 invitations have been sent out ahead of the 2nd edition of the investment forum and many participants have already registered.

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Villa workers strike as company struggles to bounce back

A number of Maldivian workers at a Villa Group resort have gone on strike over unpaid service allowances. The company is struggling after months of government imposed sanctions and has announced plans to sell off one of its luxury resorts to get back on track.

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Plans underway to build floating luxury islands in the Maldives

Dutch Docklands, the company which plans to build a floating 18-hole golf course in the Maldives, has announced a new project to build luxury floating island homes, able to withstand rising seas.

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ADB identifies ‘risk factors’ hindering Maldives economic development

A three-year study by the Asian Development Bank (ADB) titled “The Maldives: Overcoming The Challenges of a Small Island State” found that the government’s effectiveness declined after 1996 whilst the ranking for rule rule of law has fallen since 2005, with the exception of 2012.

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Fuvahmulah concerned over government plans to sell off its land

The government has identified several plots of lands in Fuvahmulah to lease or sell for economic development, without consultation with the island’s residents or its council.

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UK company offers to conduct oil exploration in Maldives

Fisheries minister Dr Mohamed Shainee held a press conference at the president’s office with officials from the company yesterday amidst skepticism over the possibility of extracting oil and opposition to the move on environmental grounds.

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Judiciary to fast-track cases involving unpaid loans

On the government’s request, the Chief Justice Abdulla Saeed has agreed to expedite judicial processes in cases involving unpaid loans so that a final judgement could be enforced in six months.

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