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Business

News in Brief

  • Islamic Minister reportedly planning Islamic university in Maldives
  • University opens admission for over 200 courses
  • Former council president sentenced to 11 years’ exile
Saudi investment firm to develop US$100 million resort in Laamu atoll thumbnail

Saudi investment firm to develop US$100 million resort in Laamu atoll

Vadinolhu island will be developed into a five star resort through the Best Choice Real Estate Development company, which has urged developers to take care of the Maldives’ “investment friendly policies”.


Fisheries ministry commences long line fishing training programme thumbnail

Fisheries ministry commences long line fishing training programme

Fisheries Minister Dr Mohamed Shainee told the press today that it was important for local fishermen to be active in all areas of the country to prevent encroachment by foreign fishing boats as the coastguard could not patrol the entire Exclusive Economic Zone.


Saudi prince’s Maldives visit makes global headlines thumbnail

Saudi prince’s Maldives visit makes global headlines

While the world’s media has focused on the Prince Salman’s alleged reservation of three entire resorts, Saudi papers have revealed that the visit will include discussions on investments in tourism, transport, energy, and Islamic affairs, as well as a US$300million soft loan facility.


Reduced petrol imports discussed as Indian minister concludes visit thumbnail

Reduced petrol imports discussed as Indian minister concludes visit

During his Maldives visit, Indian Minister of External Affairs Salman Khurshid also pledged US$10 million for the renovation of IGMH. The Maldivian government expressed gratitude for the resumption of construction material imports and the easing of visa restrictions.


TEAM fears resort workers’ income may be indirectly affected by T-GST rise thumbnail

TEAM fears resort workers’ income may be indirectly affected by T-GST rise

The trade union has suggested that certain resorts are reducing the amount of service charge given to employees, calling upon the government to improve regulation. Meanwhile, others in the industry have expressed doubt that such practices exist.


Government to reclaim property awarded to ferry service providers thumbnail

Government to reclaim property awarded to ferry service providers

More than 200 plots of land were awarded by the MDP government to companies contracted to provide ferry services at a loss to the state, President Yameen said last night, characterising the public-private partnership programme as wasteful and the most corrupt in Maldivian history.


Majority of dollar receipts spent on imports: MMA assistant governor thumbnail

Majority of dollar receipts spent on imports: MMA assistant governor

Three quarters of the US dollars entering the Maldives are spent on importing goods to the country, Maldives Monetary Authority Assistant Governor Dr Azeema Adam said yesterday at a ceremony launching the central bank’s Quarterly Business Survey.


IMF delegation surprised by resilience of Maldivian economy thumbnail

IMF delegation surprised by resilience of Maldivian economy

“For a long time we’ve been saying that reserves at the MMA are very low and that the fiscal deficit is quite difficult and we expect the economy to run into some problems. But somehow the economy has shown resilience, a lot of resilience, and we’ve been surprised,” Dr Koshy Mathai told MPs yesterday.


Air Asia ex: low-cost carrier suspends Maldives operations due to “challenging” conditions thumbnail

Air Asia ex: low-cost carrier suspends Maldives operations due to “challenging” conditions

“Despite our efforts, external factors such as the depreciation of Asian currencies against the US dollar and the chronic lack of hotel room supply in Maldives resulted in cancellation of thousands of bookings by travel operators,” said the carrier’s CEO.


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Torture victims in the Maldives tell their stories