Business & Tourism
Maldives ‘safe for tourists’ despite state of emergency
The government of Maldives raised fear of a bomb plots in declaring an unprecedented nationwide state of emergency today, but insists that the honeymoon destination is safe for tourists.
04 Nov 2015, 9:00 AM
Banks will lower interest rates, says finance minister
Commercial banks in the Maldives have agreed to lower interest rates on loans after the central bank slashed interest rates for the sale of treasury bills (T-bills) with effect from October 28, Finance Minister Abdulla Jihad has said.
02 Nov 2015, 9:00 AM
Indian consortium awarded US$40m road construction project
The Housing Development Corporation (HDC) signed a contract with the Consortium of Mohan Mutha Exports and Ashoka Buildcon for “the construction and development of all major road networks in Hulhumalé Phase II, [and] connecting all the neighbourhoods and commercial areas such as the tourism district, yacht marina and knowledge park.”
31 Oct 2015, 9:00 AM
Maldives resort owners back bill criminalising tourism boycott call
“The most commonly used method to call for a boycott is social media. We have a lot of trouble selling our packages in tourism fairs and catalogues because of this,” said Ahmed Nazeer, secretary general of the Maldives Association of Tourism Industry (MATI). He told MPs that a law criminalising calls for a tourism boycott is long overdue.
28 Oct 2015, 9:00 AM
Maldives pursues fossil fuels and clean energy at once
The government, noting the need for reducing oil dependency, has signed its second renewable energy project in a month, but has also asked a visiting American research vessel to conduct tests for oil and gas near a UNESCO biosphere reserve.
22 Oct 2015, 9:00 AM
Maldives ‘will not entertain’ foreign arms deals
The Maldives “will not entertain” private arms depots, the government has declared, after it emerged that a Malta based maritime security firm was planning to set up an armory in the remote north.
21 Oct 2015, 9:00 AM
Malta company confirms plans to build private armory in Maldives
A Malta company has confirmed plans to set up a private armory in a northern island in the Maldives, supervised by the Maldivian army, to cater to the demand for maritime security for ships transiting the Indian Ocean.
20 Oct 2015, 9:00 AM
Foreigners banned from mobile phone business
“The ministry believes that the mobile phone business has much potential. We would like to encourage and pave way for locals to invest in the trade,” Ali Abdulla, economic development ministry spokesperson, told The Maldives Independent.
19 Oct 2015, 9:00 AM
Economic minister departs for investment forum in China
Saeed told reporters the main target of this year’s forum will be “opening the eyes of the world” to the potential of the Maldives’ banking and financial sector.
18 Oct 2015, 9:00 AM
British company to invest US$10m in ‘historic’ agricultural project
“The purpose of the project is to develop controlled environment protected cropping. Temperature controlled greenhouses will be used to grow European variety salad crops and various berries,” the UK-based company Hummingboy Farms said. The goal of the project is “import substitution and additional food security for the Maldives,”
15 Oct 2015, 9:00 AM
To cut costs, government halts spending on development
The finance ministry has put a halt to spending on development projects in a bid to reign in a ballooning budget deficit. The ministry has also imposed a hiring freeze, restricted overtime pay, and ordered offices to stop domestic and international travel. Offices are to be closed by 2:30pm at the latest.
13 Oct 2015, 9:00 AM
Government’s estimate for 2015 economic growth unrealistic, says World Bank
High levels of public debt “driven by high and rising public spending” is the immediate macroeconomic challenge facing the Maldives, observed the World Bank’s South Asia Economic Focus report released last week. The government’s forecast for economic growth is 8.5 percent, but both the World Bank and the International Monetary Fund (IMF) expect the Maldivian economy to grow by 5 percent this year.
11 Oct 2015, 9:00 AM
Maafushi council president suspended over alleged conflict of interest
“[Mohamed] Musthafa has been presiding over Maafushi council meetings and participating in the decision making process of matters directly relating to guest houses of the island. He is an owner of a guesthouse. There is a clear conflict of interest,” Abdulla Varis, vice president of the atoll council, told The Maldives Independent.
08 Oct 2015, 9:00 AM
Counterfeit MVR500 notes in circulation
Mariyam Hussein Didi, assistant governor of MMA, told reporters on Monday that some 20 counterfeit MVR500 notes had reached the bank so far.
06 Oct 2015, 9:00 AM
Tourist arrivals increase in August as occupancy rate continues to fall
After registering a four percent decline in July, arrivals from China increased by 7.8 percent in August despite a slowdown in the Chinese economy and a surprise devaluation of the Yuan. China remains the largest source market for tourists to the Maldives with a 31.6 percent market share.
04 Oct 2015, 9:00 AM
Government enforces employment freeze as cost-cutting measure
The government has ceased filling vacancies in the civil service in a bid to reduce recurrent expenditure. The cost cutting measures suggest the government was unable to raise the forecast revenue of MVR21.5 billion (US$1.3 billion) for 2015.
01 Oct 2015, 9:00 AM
Australian company to build wave farm in Hanimadhoo
An Australian mining company Stonehenge Metals has announced plans to install a 2MW wave energy farm off the coast of Hanimaadhoo Island.
29 Sep 2015, 9:00 AM
Maldives pledges 10 percent reduction in carbon emissions by 2030
The Maldives has pledged to reduce greenhouse gas emissions by 10 percent before 2030 in a new action plan. The target falls far short of ambitious plans announced by President Mohamed Nasheed in early 2009 to become carbon neutral by 2020, which has since been scrapped by successive administrations.
29 Sep 2015, 9:00 AM
Vice president inaugurates Maafaru airport project
The project to develop a domestic airport in Noonu Maafaru was awarded in November 2013 to Millennium Capital Investment – a local company involved in a US$6 million corruption scandal implicating then-Tourism Minister Adeeb in October 2014.
24 Sep 2015, 9:00 AM
Government seeks developers for 10,000 flats on Hulhumalé
The housing ministry on September 17 opened up a call for proposals for 7,120 social housing units and 3000 medium-end housing units on the newly reclaimed land on Hulhumalé.
20 Sep 2015, 9:00 AM
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