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Business & Tourism

Hundreds of non-Maldivian fishing vessels operating illegally

Hundreds of non-Maldivian fishing vessels have been operating illegally in the nation’s waters, according to an assessment from the Ministry of Fisheries and Agriculture. The assessment was conducted with help

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Audit flags US$22k ‘missing’ from ports company

A special audit of the Southern Transport Link has flagged more than MVR350,000 (US$22,700) worth of income gone missing from the subsidiary of the state-owned Maldives Ports Limited.

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State utility firms running huge losses

State utility firms are operating at a loss, a parliamentary committee has heard, with one power company’s debt standing at around MVR1.6 billion (US$103 million).

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Rising European tourist numbers offset dwindling Chinese market  

Tourist arrivals to the Maldives increased by 5.9 percent as traditional European markets offset a decline in Chinese holidaymakers.

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Housing minister departs for China for bridge beams

Muiz told reporters at the airport that he would “watch the fabrication work at the factory, seek detailed information, meet with engineers, and see how the work is going.”  

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President opens expanded Kooddoo airport and new resort

The runway of the privately-managed airport was lengthened from 1,200 to 1,800 meters to accommodate the Airbus A320, the Boeing 737, and private jets such as the Bombardier Global 5000. A new VIP lounge and two staff accommodation blocks were also part of the upgrading project.

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Petrol and diesel prices hiked

The changes were prompted by price increases in the global market, the State Trading Organisation said. The prices of crude oil presently stand at US$48.6 per barrel, up from US$46 at the end of June. 

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Central bank governor steps down

Dr Azeema Adam has stepped down as governor of the central bank to relocate with her husband who recently took up the double post of permanent representative to the United Nations and ambassador to the United States.

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Villa slams tax authority over lawsuits to recover US$166m

Villa and its subsidiary companies do not owe any money to the state, the legal team insisted in a statement Monday, accusing the Maldives Inland Revenue Authority of trying to “discredit the companies and damage the businesses”.

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Multi-resort project underway in lagoon near Malé

Phase one of the project comprises “a three-island-resorts concept, with a core island township bringing a veritable wealth of world-class food and beverage, retail, entertainment, recreation and leisure-lifestyle experiences to the Maldives for the very first time,” according to the Thai developer.

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IMF restates advice for mitigating risks over high debt

The current administration’s ambitious infrastructure scale-up “has the potential for transforming the economy but also carries risks given the country’s large fiscal and external imbalances,” a visiting IMF delegation warned.

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Maldives sells debut US$200m sovereign bond

The Maldives has raised US$200 million from the sale of its debut sovereign bond issue in the international finance market.

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Test flight lands at new Dhaalu airport

A test flight from the national airline Maldivian landed Thursday morning at the newly-built domestic airport on southern the island of Kudahuvadhoo in Dhaalu atoll.

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Islamic Development Bank pledges US$117m

Finance Minister Ahmed Munawar secured the funds during meetings held on the sidelines of the IDB’s annual meeting in Jeddah, Saudi Arabia from May 16 to 21.

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New tourism company evaluating bids for picnic island near Malé

The Maldives Integrated Tourism Development Corporation is evaluating bids for developing a picnic island for public use after reclaiming seven hectares from the Galufalhu lagoon near Malé.

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Fitch assigns stable outlook rating for Maldives

The B+ rating reflects strong economic growth and high government revenue from the tourism sector weighed against high debt and low foreign currency reserves.

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Tourist arrivals increase 4.3 percent in first quarter

Arrivals grew by 15.6 percent in January, the peak season for the industry which also coincided with the Chinese New Year. But the growth rate was marginal in February at 0.3 percent and registered a 2.1 percent decrease in March.

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