With the island’s first inhabitants set to move into recently completed apartments, developers and investors have been left confused after the state-owned Gulhifalhu Investment Ltd was ordered to suspend the project.
A Tourism Goods and Service Tax (T-GST) hike from eight to 12 percent approved by parliament in February has come into force today. Industry insiders have suggested that the industry cannot withstand further rises.
Ibrahim Riyaz was jailed for 3 years by the Criminal Court today after being found guilty of using his influence to gain unlawful advantages in the award of a reclamation project to Heavy Load Maldives Pvt Ltd in 2010.
While tourist arrivals reached 901,004 guests by the end of September, visitors from Asia and Pacific countries accounted for 50 percent of all arrivals during the first nine months of the year, the tourism ministry noted.
The preliminary feasibility study will be followed by a project feasibility study. Afterwards, a design plan will be determined and the two governments will explore options to finance the project.
Company sources have confirmed that the economic council’s decision was made last month, informing the Indian firm that issues with the city council and a desire to use a state-owned company had influenced the decision.
“Government officials are spreading falsehoods to reduce investor confidence with the aim of obstructing Addu City Guesthouse Venture,” alleged the city council.
The first talks under the 2009 Trade and Investment Framework Agreement included discussion of labor, intellectual property, and the investment climate.
The Employment Tribunal has ordered MACL to pay MVR 987,000 in damages to 40 staff for discrimination in basic salaries in the first class action suit of is kind in the Maldives.