The government signed a negotiated settlement with Indian giant Tata to renew a 2010 housing agreement that was cancelled by the previous administration. Tata agreed to withdraw a claim filed at the Mumbai Centre for International Arbitration seeking US$195 million as compensation. In addition to land for building luxury villas, the government will hand over the Odion and Naadhee plots in Malé to develop and sell luxury apartments. Construction of 120 mid-range housing units and 30 luxury flats by subcontractor Sandal Mauritius is also ongoing in Hulhumalé as part of the deal with Tata.
The Addu City Council signed a framework agreement with Chinese company BUCNG and an MoU with Turkish developer Vizyon Villa to build 1,000 to 2,000 social housing units in the southernmost atoll.
Emirates was reported to be the top airline for the Maldives in 2021, carrying 265,000 passengers and operating four flights a day on average. The UAE flag carrier was the first to resume flights after borders reopened in July 2020.
The Maldives Inland Revenue Authority collected MVR2 billion (US$130 million) in December 2021, 45 percent higher than forecast with one-off payments for resort lease extension and a strong recovery in tourism. US dollar revenue in December was US$105.48 million.
Grants worth MVR12.4 million were awarded to 23 new businesses that won the ‘Pitch-up: Youth Entrepreneurship Challenge,’ a World Bank-backed joint initiative of the higher education and economic development ministries. Winning proposals were chosen from 192 business ideas.
New regulations on classifying micro, small and medium-sized businesses came into force. For tax and minimum wage purposes, businesses with zero to five employees and an annual revenue of MVR500,000 (US$32,400) will be considered a micro enterprise; six to 30 employees with annual revenues up to MVR1 million is small; and 31 to 100 employees with annual revenues of MVR20 million is medium.
M.U. Store stopped the sale of Campagna bolognese sauce. After the local wholesaler was informed that it contained pork, it promptly withdrew the non-halal product, alerted retailers and offered refunds. Pork and alcohol are prohibited outside of resort islands.
