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 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.
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.
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.
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.
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.
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.
“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.
“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.