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Business & Tourism

Airport hotel suspends six staff after protest

The suspension came after more than 60 Maldivian staff signed a petition demanding that the management lifts the suspension of a staff member accused of leaving without permission during duty hours.

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Maldives secured US$100m from India to shore up depleted reserve

The agreement with the Reserve Bank of India was the Maldives’ first currency swap deal.

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Tourism lobby scuttled rules banning resorts from selling dollars

The rules were aimed at alleviating a persisting dollar shortage and tackling an entrenched black market.

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President forms new tourism promotion company

Former Auditor General Niyaz Ibrahim has suggested that the government is planning to “bury” the scandal-ridden Maldives Marketing and Public Relations Corporation and replace it with the new tourism promotion company.

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Maldives resort owners alarmed by ‘falling revenues’

Expressing concern over declining revenues, MATI called on the government to increase destination marketing activities.

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Villa takes government to court over airport seizure

A civil court judge has granted a stay on the seizure of a domestic airport leased to Jumhooree Party leader Gasim Ibrahim’s Villa Group.

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President’s announcement revives rumours about the sale of Maldives atoll to Saudi Arabia

The president described the project as a township or an integrated development project involving various industries and open to travellers from all over the world.

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Maldives holds landmark conference on tourism and terrorism

The Maldives police and British counter-terrorism experts sat down this week with more than a 100 tourism sector security personnel to work out measures to protect visitors from potential acts of terror.

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Yameen dismisses concern over debt as Maldives turns to global bond markets

The president’s remarks come after the World Bank warned in its Global Economic Prospects report released last week that “rising debt levels” and “persistent political tensions” are among the risks facing the Maldivian economy.

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Major cyber attacks disrupt internet service across the Maldives

Disgruntled internet users are calling on telecoms companies for compensation after cyber attacks disrupted internet services across the Maldives for more than a week.

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Tourist arrivals register double-digit growth in November

Despite tourist arrivals growing by 4.6 percent annually as of November, revenue from Tourism Goods and Services Tax last year decreased by -4.4 compared to 2015, suggesting shorter stays and lower spending by tourists.

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Tourism firms win legal bids to recover property despite evidence of graft

Two companies involved in the MMPRC scandal have won legal bids to recover an island and a lagoon seized by the Maldivian authorities after an audit report revealed that the state did not receive acquisition fees.

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Media regulators, anti-graft watchdog drawn into fuel supply row

Media regulators and the anti-corruption commission have launched investigations in the bitter row between ruling party MP Riyaz Rasheed’s fuel supplier and the state ports company.

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National bank to set up airport kiosk for dollar sales

From January 8 onward, travellers can buy up to US$500 dollars per ticket through an online portal or at any BML branch. But the dollars must be collected from a dedicated area at the Velana International Airport after checking in at the departure terminal.

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Government offers sovereign guarantee for businesses

According to new regulations enacted by the finance ministry last week, sovereign guarantees will only be offered for loans taken with an interest rate below four percent to finance tourism-related projects, social housing projects that meet the government’s criteria, and high-priority development projects.

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Government defends plans to sell US$200m worth of sovereign bonds

In the face of criticism from the opposition, the finance ministry said the Maldives’ first ever international sovereign bond issuance would help raise finances for infrastructure projects and develop the country’s financial system and capital market.

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Fresh corruption allegations raised in 2014 tourism ministry audit

The audit report of the tourism ministry for 2014 has raised fresh allegations of corruption over the lease of islands and lagoons for resort development during the tenure of former Tourism Minister Ahmed Adeeb.

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