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Business & Tourism

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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Maldives’ main airport renamed ‘Velana International Airport’

Velana is a reference to former President Ibrahim Nasir, the president’s office explained, who oversaw the development of the Maldives’ first international airport as prime minister in 1964.

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Feydhoo Finolhu leased to Chinese company for US$4m

Feydhoo Finolhu, the nearest uninhabited island to Malé and the international airport, has been leased to a Chinese company for 50 years at an acquisition cost of about US$4 million.

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Maldives to pay US$15m for scrapping Nexbis border control deal

Malaysia-based security firm Nexbis Solutions has won an arbitration award of US$15 million as compensation for the Maldivian government’s termination of a US$39 million border control project.

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PPM MPs’ fuel supplier wins lawsuit against ports company

The civil court ordered the state-owned Maldives Ports Limited to buy diesel for its vehicles exclusively from Meridiam Services, a company linked to ruling party MP Riyaz Rasheed.

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OPEC Fund lends US$50m for new airport terminal

The government signed Sunday a US$50 million loan agreement with the OPEC Fund for International Development to finance the expansion of the Ibrahim Nasir International Airport. According to the finance ministry,

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Money laundering checks are a burden on small countries, says Yameen

President Abdulla Yameen has described international money-laundering checks as “red tape” that inflicts disproportionate burdens on small economies.

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Concern over investor confidence after appeals court approves seizure of Villa properties

The high court has ruled the government’s seizure of two lagoons leased to Gasim Ibrahim’s Villa Group lawful in a verdict that critics claim was politically motivated and would affect investor confidence in the Maldives.

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