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Business & Tourism

Maafushi council president suspended over alleged conflict of interest

“[Mohamed] Musthafa has been presiding over Maafushi council meetings and participating in the decision making process of matters directly relating to guest houses of the island. He is an owner of a guesthouse. There is a clear conflict of interest,” Abdulla Varis, vice president of the atoll council, told The Maldives Independent.

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Counterfeit MVR500 notes in circulation

Mariyam Hussein Didi, assistant governor of MMA, told reporters on Monday that some 20 counterfeit MVR500 notes had reached the bank so far.

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Tourist arrivals increase in August as occupancy rate continues to fall

After registering a four percent decline in July, arrivals from China increased by 7.8 percent in August despite a slowdown in the Chinese economy and a surprise devaluation of the Yuan. China remains the largest source market for tourists to the Maldives with a 31.6 percent market share.

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Government enforces employment freeze as cost-cutting measure

The government has ceased filling vacancies in the civil service in a bid to reduce recurrent expenditure. The cost cutting measures suggest the government was unable to raise the forecast revenue of MVR21.5 billion (US$1.3 billion) for 2015.

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Australian company to build wave farm in Hanimadhoo

An Australian mining company Stonehenge Metals has announced plans to install a 2MW wave energy farm off the coast of Hanimaadhoo Island.

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Maldives pledges 10 percent reduction in carbon emissions by 2030

The Maldives has pledged to reduce greenhouse gas emissions by 10 percent before 2030 in a new action plan. The target falls far short of ambitious plans announced by President Mohamed Nasheed in early 2009 to become carbon neutral by 2020, which has since been scrapped by successive administrations.

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Vice president inaugurates Maafaru airport project

The project to develop a domestic airport in Noonu Maafaru was awarded in November 2013 to Millennium Capital Investment – a local company involved in a US$6 million corruption scandal implicating then-Tourism Minister Adeeb in October 2014.

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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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