Business & Tourism
Maldives to pay Indian firm at least US$250m in damages for cancelling airport deal
Indian infrastructure firm, GMR, has won at least US$250million in damages from the Maldivian government for abruptly cancelling a lucrative contract to develop and manage the country’s main airport
28 Oct 2016, 9:00 AM
Steep decline in Chinese tourist arrivals continues
As of August this year, Chinese arrivals have fallen by -11.5 percent, prompting Mega Maldives Airlines, which pioneered direct flights to China, to downsize and freeze hiring plans.
16 Oct 2016, 9:00 AM
Ruling party MP threatens to sue state ports company
Maldives Ports Limited CEO Mohamed Junaidh told the press this morning that Meridiam Services has been billing for 160,000 litres a month despite MPL’s vehicles needing only 60,000 litres, resulting in a loss of MVR1.2 million (US$78,000) every month.
12 Oct 2016, 9:00 AM
Ports company ordered to buy diesel exclusively from MPs’ company
The civil court granted the temporary order pending a judgment in a lawsuit filed by Meridiam Services, which claims the Maldives Ports Limited is buying diesel from other suppliers in breach of an agreement signed last April.
11 Oct 2016, 9:00 AM
Saudi Arabia pledges US$150m ‘bailout loan’ to Maldives
The US$150m loan will be used to service the Maldives’ foreign debt. The opposition claims the move is a signal that the Maldives is heading towards a balance of payment crisis.
07 Oct 2016, 9:00 AM
STO reassures shareholders after merger with debt-ridden fisheries company
The State Trading Organisation, the largest state-owned enterprise and the country’s primary wholesaler, has assured its shareholders that a merger with the debt-ridden state fisheries company will not result in losses.
04 Oct 2016, 9:00 AM
President faces cross-party backlash over hike in food prices
Yameen said he had no choice but to hike food prices following a backlash from within his own party. The opposition has meanwhile accused him of mismanaging the economy
02 Oct 2016, 9:00 AM
State fisheries and trading companies merged
President Abdulla Yameen has decided to bring the debt-ridden and loss-making state-owned Maldives Industrial Fisheries Company under the umbrella of the behemoth State Trading Organisation.
01 Oct 2016, 9:00 AM
Government hikes food and electricity prices
Shops across the Maldives reported running out of food staples on Friday as customers rushed to buy rice, flour and sugar following an abrupt announcement by the government that it plans to cut food subsidies starting on Saturday
30 Sep 2016, 9:00 AM
Government resigned to missing target of 1.5m tourist arrivals
Tourism Minister Zameer blamed the opposition’s alleged scaremongering about religious extremism in the Maldives for lower than anticipated arrivals growth. Bad press in international media about Maldivian jihadis in Syria was more damaging that an Al Jazeera corruption expose aired earlier this month, he said.
28 Sep 2016, 9:00 AM
Minister departs for final round of China-Maldives free trade deal
Economic Development Minister Saeed said the Maldives is hoping to secure duty-free status for fish and processed seafood exports. The Maldives’ first bilateral free trade deal is expected to be signed in early 2017.
26 Sep 2016, 9:00 AM
Saudi Fund lends Maldives US$100m for new airport terminal
“This is a concessional loan from the Saudi Fund to be repaid within 25 years, with a grace period of five years, at an interest rate of two percent,” the finance ministry said. It will be used to finance the development of a new passenger terminal by the Saudi Binladin group.
26 Sep 2016, 9:00 AM
Government announces austerity measures to rein in deficit
The finance ministry has slashed travel budgets, imposed a freeze on appointments, and ordered government offices to close by 2:30pm as it struggles to meet ambitious revenue targets.
25 Sep 2016, 9:00 AM
Anti-corruption watchdog launches fresh inquiry after Al Jazeera exposé
“Several individuals we want for questioning, including those who have been in hiding despite Interpol red notices, have confessed to their part in the scandal. In the light of these confessions, we have to interview more people and investigate,” said Hassan Luthfy, president of the ACC.
21 Sep 2016, 9:00 AM
Foreign currency reserves decline amid dollar shortage
Reserves at the Maldives Monetary Authority readily available for use in the foreign currency exchange market declined by US$1.5 million in July as the central bank took steps to alleviate a dollar shortage.
04 Sep 2016, 9:00 AM
Moody’s assigns Maldives’ first sovereign credit rating
The Maldives was assigned a local and foreign currency issuer rating of B2, which is considered “speculative and subject to high credit risk.” According to Moody’s, the rating and stable outlook reflect healthy growth prospects driven by the tourism sector, low institutional strength, and a high and rising debt burden.
03 Sep 2016, 9:00 AM
Government offers land for sale in Hulhumalé
The properties for sale in Hulhumalé include 38 beachfront plots and 38 beachside plots, each between 1,000 to 1,800 square feet. Bidding will start at MVR3,000 (US$195) per square feet.
28 Aug 2016, 9:00 AM
Yameen sets up new tourism firm
The Maldives Integrated Tourism Development Corporation is aimed open up the Maldives’ lucrative tourism sector to small and medium businesses, the president’s office said.
14 Aug 2016, 9:00 AM
Electricity, commercial housing projects launched in Hulhumalé
President Abdulla Yameen laid the foundation stone Sunday for a new power station in the capital’s suburb Hulhumalé. The state-owned housing corporation has meanwhile signed several contracts for commercial housing projects in the reclaimed artificial island.
02 Aug 2016, 9:00 AM
Tourist arrivals decline in May
Tourist arrivals fell by -2.3 percent in May compared to the same period last year on the back of a steep decline in Chinese visitors.
03 Jul 2016, 9:00 AM
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