Business & Tourism
Tycoon funds airport project with US$4m interest-free loan
The loan is to be “repaid at the government’s convenience” with no deadline, the tourism minister told the press at a ceremony held to sign a US$2.5 million contract with the UAE-based Gulf Cobla to reclaim land for the airport project.
04 Jun 2018, 9:00 AM
Maldives tax authority seeks US$20m from GMR
The Indian firm says it is not liable for any taxes due to an arbitration payout over the cancellation of its airport development deal.
04 Jun 2018, 9:00 AM
Raa Atoll airport project handed over to Island Aviation
A Maldives’ NGO has warned that not enough is being done to minimise the damage caused by airport construction.
31 May 2018, 9:00 AM
Minister defends price tag of Chinese-funded bridge
The opposition has long criticised the cost of the current administration’s flagship projects as wildly inflated, alleging graft and misuse of public funds.
25 May 2018, 9:00 AM
Tourist arrivals hold steady in April
Visitor numbers reached 119,713, down from 119,774 in the same period last year.
23 May 2018, 9:00 AM
Fish exports up nearly 80 percent
The value of fish exports rose to MVR368 million in April, up from MVR208 million in the same period last year.
22 May 2018, 9:00 AM
MTCC awarded MVR13m project to redevelop artificial beach
Housing Minister Dr Mohamed Muizz told the press that the swimming area will be deepened and an outdoor gym, cafés, seats and open showers will be built at the beach.
17 May 2018, 9:00 AM
New lagoon acquisition costs published
The tourism ministry published new rules for calculating acquisition costs to separately lease lagoons of islands leased for tourism development.
08 May 2018, 9:00 AM
Maldives lists US$100m bond on Abu Dhabi exchange
The Maldives listed a US$100 million sovereign bond on the Abu Dhabi Securities Exchange (ADX) last Thursday in a private placement by the Abu Dhabi Fund for Development.
07 May 2018, 9:00 AM
Guesthouses ‘desperately’ need government support
The Maldives has around 600 guesthouses across 76 islands, whereas in 2010 there was just one guesthouse.
06 May 2018, 9:00 AM
Maldives foreign debt rises to US$1.2bn
Government borrowings, which accounted for 91 percent of the total external debt stock, “grew significantly by US$316.2 million and totalled US$1.1 billion” as debt-to-GDP ratio rose to 26 percent.
06 May 2018, 9:00 AM
Maldives tax receipts rise for Q1
The majority of GST collected – 68 percent – was from the tourism sector which represents a 17.4 percent increase from last year.
03 May 2018, 9:00 AM
Outward remittance dips by almost 40 percent
The Maldives Monetary Authority said US$66.8 million dollars was wired as foreign remittance in 2017, with 46 percent of it going to Bangladesh and most of the rest sent to India and Sri Lanka.
02 May 2018, 9:00 AM
Central bank governor concerned over mounting national debt
A study from a US think-tank said that Chinese lending in particular was putting the Maldives at risk of debt distress.
30 Apr 2018, 9:00 AM
BML reports MVR260 mn Q1 profit
The bank said its operating profit was up 11 percent compared to the same period last year.
29 Apr 2018, 9:00 AM
Maldives tax authority sues Mega Maldives
Mega Maldives voluntarily liquidated in February after shutting down operations last May as they could not secure an investor to restart them. It had served as a domestic and international airline.
29 Apr 2018, 9:00 AM
Maldives tax authority drops Villa lawsuits
Villa Group’s bank accounts were unfrozen on Wednesday, having been frozen, unfrozen then frozen again in recent years.
26 Apr 2018, 9:00 AM
Let it go: Villa Group bank accounts no longer frozen
Villa Group has experienced several setbacks since the Jumhooree Party split with the ruling coalition and allied itself with the opposition.
25 Apr 2018, 9:00 AM
Gasim’s Villa Group scores Supreme Court win
The ruling could lead to the unfreezing of Villa’s assets and accounts and is some good news for the group, which has experienced several setbacks in recent years.
19 Apr 2018, 9:00 AM
Tourist numbers jump 18.5 percent in March
According to statistics, 133,466 tourists visited the Maldives during March 2018.
17 Apr 2018, 9:00 AM
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