Business & Tourism

The ropemakers of Kulhudhuffushi

The livelihood of ropemakers in Kulhudhufusshi is under threat because of plans for a new airport.

Tourist arrivals grow by six percent

The continuing decline of Chinese holidaymakers was offset by strong numbers from traditional European markets and double-digit growth from new markets like India, Thailand and South Korea.

Maldives slips on World Bank’s doing business ranking

The Maldives slipped one position in the World Bank’s ease of doing business report for 2018, ranking 136 out of 190 economies.

Buyout firm Bain in Maldives seaplane operator bid: report

TMA calls itself the world’s largest seaplane operator, saying it flew close to a million passengers around the Indian Ocean archipelago last year on more than 120,000 flights.

Qatar Airways land first Airbus A350 as new airlines begin direct flights

Qatar Airway’s new service coincided with two new airlines launching direct flights to Malé ahead of the peak season of the tourism industry from December to March.

Government lends US$3m to debt-ridden fisheries company

The loan is intended to “compensate the challenges faced by fishermen of the skipjack tuna industry and pave the way for modern development of the fisheries industry of the Maldives.”

President inaugurates Dhaalu airport

The Dhaalu airport is the largest domestic airport in the country and the only one that can accommodate private jets in addition to the 42 ATR or Dash-8 aircraft used for domestic air travel.

Majlis approves supplementary budget

The supplementary budget was passed with 39 votes exclusively from ruling coalition lawmakers in the 85-member house after opposition lawmakers boycotted the sitting.

Finance minister submits US$32m supplementary budget for 2017

The new spending plans for the last two months of the year include MVR330 million for the Aasandha health insurance scheme and MVR26 million to hold seven parliamentary by-elections.

Abu Dhabi Fund approves loan for Maldives airport expansion

A loan agreement to finance the airport expansion was signed with the Abu Dhabi Fund for Development during President Abdulla Yameen’s ongoing official visit to the United Arab Emirates.

Government scraps domestic airports deal with Malaysian company

The government has terminated contracts signed with Malaysia’s Gryphon Energy Corporation in March to build five domestic airports in four atolls at a cost of US$57.5 million.

Central bank governor troubled by Maldives vulnerability to external shocks

“Although the growth rate is likely to exceed expectations in the short term, substantial downside risks continue to cloud the medium-term and long-term growth prospects of the Maldivian economy,” Naseer at the annual meeting of the IMF and World Bank in Washington DC.

After allowance cuts, STO promises higher ‘incentive-based’ pay

The state-owned wholesaler announced a review of its pay structure in the wake of the media reporting that staff allowances and working hours will be reduced on October 21 as a cost-cutting measure.

US$875m lost or stolen from state coffers says Maldives

The Maldives declares that more than MVR13billion (US$875 million) has been lost or stolen from state coffers since 1999, as it announces efforts to recover assets lost in high-profile corruption case from former president Maumoon Abdul Gayoom’s era.

Ministers lay foundation for SME park

Financed from the government budget, the MVR30 million (US$1.9 million) project for a six-storey building in Hulhumalé was jointly undertaken by the state-owned Housing Development Corporation and Business Center Corporation.

Maldives tax receipts dip in September

The revenue statistics for last month, published on Wednesday by the Maldives Inland Revenue Authority, records a total revenue of MVR989 million (US$64 million).

Maldives introduces new ‘passport card’

The ‘passport card’ can be used to make payments and also serve as a national identity card, a health card, and an insurance card.

Quarter of Maldives youth unemployed: World Bank

The employment share of Maldivians in the booming tourism and construction industries – the main drivers of economic growth – is relatively low as both sectors attract many migrant workers.

Fenaka under fire for Addu City power cuts

State utility firm Fenaka has been fiercely criticised for power cuts in Addu City, where four generators have failed.

Hundreds of non-Maldivian fishing vessels operating illegally