Indian Investment, SOE Profits, Ooredoo 5G

Thursday, August 4

Following an alert by its European counterpart, the Maldives Food and Drug Authority instructed businesses to stop the sale of specified batches of Häagen-Dazs ice cream that could be contaminated with pesticides.

Thursday, August 4

Bank of Maldives reopened applications from local NGOs for small grants funding worth MVR250,000 (US$16,200) each to support eight “community-based projects that address environmental issues and promote sustainable development.”

The deadline for submission is 15 September.

On Wednesday, the bank announced five winning proposals for financing from its Community Fund, including the development of fish filleting platforms, installation of reverse osmosis machines, and the renovation of a pre-school park.

Tuesday, August 2

Speaking at an India-Maldives Business Forum in New Delhi during his official visit to India, President Ibrahim Mohamed Solih invited Indian entrepreneurs to explore business opportunities in the Maldives and assured “commitment to facilitate a conducive environment for foreign investments.”

The president said that the government “intends to build a more resilient, diverse and climate-friendly economy” and “emphasised the country’s impressive track record of bouncing back from unforeseen hardships, highlighting that the country is to return to pre-pandemic tourist arrival levels in a relatively short period.” He also spoke about efforts to transition to renewable energy and protect the country’s fragile environment and rich biodiversity.

A similar forum was hosted in Mumbai by the Confederation of Indian Industry (CII) with prominent business leaders.

The president also visited the Bombay Stock Exchange (BSE) and held discussions about potential investments and opportunities to develop the fledgling capital market in the Maldives. The BSE’s board members and management staff “expressed interest in finding avenues to collaborate on developing Maldives’ stock markets,” according to the president’s office.

Tuesday, August 2

Monday, August 1

Qatari telecommunications company Ooredoo celebrated 17 years of operating in the Maldives and announced the expansion of its 5G network in the Greater Malé Region to cover the airport as well as Vilimalé and Hulhumalé phase one.

Monday, August 1

Sunday, July 31

The State Trading Organisation earned MVR4.9 billion (US$317 million) as revenue in the second quarter of 2022, up 22% from the previous quarter.

Sunday, July 31

Bank of Maldives announced an initiative to support the Maldives National Museum, including “the upgrading of its conservation and preservation laboratory as well as the development of interactive content to encourage public engagement and attract visitors to the Museum.”

Saturday, July 30

The Maldives Transport and Contracting Company earned revenue of MVR593 million (US$38 million) in the second quarter of 2022. The state-owned company’s profit for the year reached MVR130 million, up from MR125 million in the first half of 2021.

A total of 115 projects were carried out in Q2-2022, including the “construction of harbours, airports, shore protection, dredging and reclamation, roads, building and causeway”.

Saturday, July 30