A dozen state-owned enterprises posted combined losses of MVR 281 million (US$ 18 million) in the first quarter of 2025, a quarterly review by the Privatisation and Corporatisation Board revealed. Out of budget-supported SOEs, the Road Development Corporation posted the largest loss with MVR 113.73 million followed by Fenaka (MVR 33.72 million), Addu International Airport (MVR 17.55 million), Fahi Dhiriulhun Corporation (MVR 14.05 million), Tradenet (MVR 10.55 million), Maldives Fund Management Corporation (MVR 7.15 million), Hajj Corporation (MVR 6.6 million), Public Service Media (MVR 5.72 million), Business Centre Corporation (MVR 3.65 million), and Maldives Posts Limited (MVR 2.26 million). From the self-sufficient companies, MTCC posted a loss of MVR 19.66 million as the national airline operator Island Aviation Services made a loss of MVR 46.36 million. WAMCO posted a profit of MVR 42.54 million after a loss of MVR 26.7 million in the corresponding quarter in 2024. SOEs employed more than 37,900 staff as of March 2025, up from 33,284 in Q1-2024.
The Maldives Industrial Fisheries Company announced reduced diesel prices for pole-and-line fishermen who sell skipjack tuna to the state-owned company. Under an arrangement with Fuel Supply Maldives, the price of diesel was cut from MVR 14.40 to MVR 13.90 (US$0.90) per litre. Boats landing more than three tons of tuna can buy diesel at a further reduced rate of MVR 13.72 per litre. MIFCO said that the general price of diesel has also been lowered to MVR 14.43 per litre.
Despite raising the monthly foreign transaction limit on debit cards linked to Rufiyaa accounts last month, the Bank of Maldives spokesman revealed that customers can only spend up to US$ 250 a month on e-commerce websites. According to details posted on X, the US$ 1,000 limit announced by the president on November 11 only applies to POS transactions overseas. ATM withdrawals remain limited to US$ 125 a month. But up to US$ 3,000 could be spent on flight tickets and hotel bookings.
The Malé City Council halted construction of a new building on Naseemee Hingun in Maafannu, after a section of the pedestrian walkway of the neighbouring house caved in during excavation work. Mayor Adam Azim visited the site and told Mihaaru the council will investigate whether the work was done according to the issued permit and regulations. Contracts require builders to take precautions for surrounding properties, such as using sheet piling or building retaining walls below ground level. A technical team was assigned to complete an assessment.
Moosa Ali Jaleel, a retired major general, has decided to run for mayor of Malé, Adhadhu reported. It was unclear whether he intended to seek the ruling party ticket or contest as an independent candidate.
Hussain Jawaz, the former secretary general of the Football Association of Maldives, testified in former FAM president Bassam Adeel Jaleel's money laundering trial. Bassam and FAM’s finance chief Mohamed Ageel had told Jawaz that a US$ 1 million check to Amin Construction was made to exchange dollars for Maldivian Rufiyaa, a common practice in FAM in order to pay staff salaries. Bassam and Ageel said the money was received in cash but was not deposited into FAM’s accounts, Jawaz told the court. Bassam is accused of embezzling FIFA funds to purchase two penthouses from Amin Construction.
The Judicial Service Commission invited applications for two new judges to the High Court to fill vacancies left by Judge Mohamed Niyaz who retired last week and Judge Mohamed Faisal who resigned last month.
The Maldives Ports Limited issued a notice to remove vessels docked near the Malé local market in the northern harbour ahead of planned road construction work, which include reclaiming part of the lagoon to expand the ring road to a four-lane drive.
The Food and Drug Authority advised Maldivians seeking medical treatment in Thailand to avoid medicines found by Thai authorities to contain a dangerous chemical. After the Southeast Asian regional authority issued an alert, the MFDA checked and confirmed that the medicines had not been imported to the Maldives.
