The State Trading Organisation renewed an agreement with the Maldives Airports Company Ltd to supply aviation jet fuel and marine gas oil to the Velana International Airport.
STO agreed to supply 1.5 million litres of A-1 jet fuel and 88,000 barrels of diesel per year to the airport operator. The rates have been revised upward to reflect higher global oil prices, STO CEO Abdulla Saeed told the press, without disclosing details.
Urbanco, the state-owned developer of artificial islands near the capital, announced the auction sale of 15 beachside and beachfront plots of land from Hulhumalé. The plots range from 1,270 square feet to 2,338 square feet. The base rate is MVR6,500 (US$422) per square feet for beachfront plots and MVR5,500 square feet for beachside plots. Only adult Maldivians or 100% locally-owned companies can submit bids.
Al Shaali Marine delivered the first vessel commissioned for use in the Raajje Transport Link’s ferry service in zone 5, which encompasses the Gaaf Alif and Gaaf Dhaal atolls (Huvadhoo).
RTL is a subsidiary of the Maldives Transport Contracting Company, which contracted Al Shaali Marine in September to manufacture and supply 65 speedboat ferries for the government’s ‘Integrated National Public Ferry Network Project.’ The reported cost of the two-year contract was MVR537 million (US$34.8 million).
“The ferries will be designed with 50 comfortable seating arrangement and air-conditioned cabin along with special arrangements to cater people with special needs (PWD),” MTCC said at the time.
The ferry service is currently under operation in the three northernmost atolls – which is considered zone one – under phase one of the project. The remaining 17 atolls are grouped into five more zones. Once the project is complete, all inhabited islands are expected to be connected through the RTL network.
Routes are designed for a commuter link to connect nearby islands, a non-commuter link for longer trips to domestic airports and business hubs, and a highway link to connect regional hubs. Customers can book and pay for tickets on the RTL website or app.
In its biannual Maldives update, the World Bank repeated advice for “a significant fiscal adjustment” to avoid a debt crisis, questioning the country’s ability to repay or rollover foreign debt when the cost of servicing it reaches US$1 billion in 2026 (up from an average of US$393 million annually over the next three years).
“Such high levels of public debt, and associated refinancing risks, make the Maldivian economy extremely vulnerable to domestic and external shocks. Further mobilisation of additional debt at non-concessional terms would further deteriorate these vulnerabilities,” the World Bank warned. “Thus, despite robust growth prospects, prudent debt management remains a top priority for improving fiscal sustainability, lowering the cost of growth-enhancing investments – especially with large debt service obligations coming due – and ensuring a more resilient economy going forward.”
Recommendations included reforming the Aasandha health insurance scheme and reducing subsidies to state-owned enterprises (including blanket food and energy subsidies).
In a series of tweets the day after the report was made public, Finance Minister Ibrahim Ameer addressed some of the concerns raised by the World Bank. Public debt increased due to the Covid-19 pandemic but the debt-to-GDP ratio will decline in the medium term, he assured. “Policy changes to achieve this will be made in a way that minimises impact on the public,” he added.
As tourist arrivals have increased 21.5% compared to last year, economic growth would be higher than the forecast of 6.6% for 2023, he suggested. While inflation was expected to rise to 5.7% mainly due to January’s goods and services tax hike, Ameer observed that the impact of rising global commodity prices has been low compared to neighbouring countries. The government is taking steps in response to fiscal risks posed by inflation, he said.
The eTukuri online shopping platform of the Maldives Post announced a Ramadan giveaway promotion in collaboration with the Badhige online store, offering the chance to win a gift pack with kitchen appliances.
To be eligible, participants must follow eTukuri and Badhige on Instagram, like and share the promotion post after tagging eTukuri, and then comment and tag three friends. Private accounts can send a screenshot through direct message.
The eTukuri service allows registered users to order from international sellers such as Amazon or Apple in America.
The Badhige store on the eTukuri local sellers platform offers a range of kitchen products.
National carrier Maldivian welcomed its new ATR42-600 aircraft with a water salute ceremony at the Velana International Airport.
The maintenance cost of the 42-seat fuel-efficient plane will be lower than previous aircraft used by the company, according to Maldivian. Along with the addition of two new 72-seater ATR aircraft in January, the airline’s domestic fleet has grown to 14 planes. Airbus aircraft are used for international flights.
The government-owned company is planning to phase out its two-decades-old Dash-8 aircraft by the end of 2024, deputy managing director Aishath Jennifer told state media. Five more ATR aircraft would be needed to completely overhaul the fleet used for domestic flights, she noted.
On its 22nd anniversary, the Housing Development Corporation – the state-owned developer of the artificial islands of Hulhumalé, Gulhifalhu and Thilafushi near the capital Malé – was rebranded as Urbanco.
Local hospitality group Villa Hotels & Resorts rebranded its Maldives resort portfolio.
A family-owned and locally-run business since 1986, Villa Resorts developed and operated five private island hotels: the five-star Sun Island, Paradise Island, and Royal Island resorts as well as the four-star Holiday Island and the three-star Fun Island. Two new resorts are under development.
As part of the rebranding in partnership with Luxury Branding, a leading hospitality consultancy, each resort was renamed with the ‘Villa’ prefix representing the parent brand. Paradise Island became Villa Nautica and Sun Island is now Villa Park.
Following a complete remodelling with 68 sea-facing villas with private pools, Holiday Island is due to reopen as the Villa Resorts’ luxury flagship, Villa Haven, in the fourth quarter of 2023. Royal Island will become Villa Village in late 2025. After a full renovation, Fun Island is scheduled to reopen in 2027 as Villa Eden, a luxury eco-resort under development on the island of Maanenfushi.
