Investors proposed hefty sums for two of 13 islands and lagoons put up for tender to develop new resorts, the tourism ministry revealed after the bid openings. Five parties submitted bids for the three-hectare island of Alidhuffarufinolhu in Haa Alif Atoll. The highest bid proposed a lease acquisition cost that was 585.7% higher than the minimum amount, which was set at US$350,000.
Three parties submitted bids for the 3.5-hectare island of Thaa Olhufushi (which includes the 0.5 hectare Olhufushifinolhu sandbank) with the highest bidder proposing a lease acquisition cost that was 114.2% higher than the minimum US$700,000.
Both islands would be eligible for reclamation to expand their land area.
The tourism ministry announced public tendering for the “lease, development, operation and management” of 14 new resorts in January, inviting bids for the acquisition of leaseholder rights for 50 years. The bid submission deadlines fell in late March.
Boahura, an uninhabited island in the lagoon of Meemu Muli, was removed from the list in February following concern from the surfing community over the potential loss of “one of the most precious” surf breaks in the country.
A 36-month construction period was offered with nine of the islands and lagoons available for reclamation. An additional period of up to 18 months could be granted if the development involves land reclamation.
The minimum lease acquisition cost ranged from US$200,000 to US$2.5 million with the lowest rates for islands in the northernmost atolls of Haa Alif and Haa Dhaal.
The announcement was made with a “special focus” on the north after the inauguration of a US$123 million project to upgrade the Hanimaadhoo International Airport, “which will need 8,000 tourist beds in coming years for smooth functioning” of the new hub, according to the tourism ministry.
With the exception of the Kaashidhoo lagoon in Kaafu Atoll, the other locations are all outside the central region, including five islands in the southern atoll of Huvadhoo (Gaaf Alif and Gaaf Dhaal).
Aside from the proposed acquisition cost, the bid evaluation criteria includes higher scores for low carbon development and commitments to hire more local and female staff.
The Regional Airports Company invited parties interested in developing guesthouses on 18 plots of land at the newly-built Faresmaathoda airport to register for a tender.
The domestic airport, which was built by reclaiming land from the Faresmaathoda lagoon, is located away from the island’s populated area.
The Supreme Court overturned a stay order issued by the High Court in September that halted the Housing Development Corporation’s termination of an agreement signed in 2017 to establish a water theme park in Hulhumalé together with a six-storey hotel.
The Waterfront and Leisure Company challenged the contract termination and sought a stay order from the civil court. An appeal was filed when the civil court refused to grant the injunction. The High Court halted proceedings pending a judgment on the legality of the lower court’s denial of the stay order.
The HDC (since rebranded as Urbanco) challenged the High Court decision before the Supreme Court. The apex court ruled that the High Court should have expeditiously reached a judgment on the appeal instead of granting a stay order.
The finance ministry invited bids for the development of cold storage facilities in Gaaf Alif Kooddoo (4,000 tonnes), Meemu Mulah (500 tonnes) and Kaafu Gandu Oiy Giri (200 tonnes). The cold storage units for freezing fish are to be financed by the Saudi Fund for Development as part of a project to develop the fisheries sector.
The government has been seeking to boost buying and storage capacity.
Earlier this month, the Maldives Industrial Fisheries Company welcomed its new refrigerated cargo ship. Along with cranes on both sides to lift up fish catch, the Jazeera 103 has a freezing capacity of 120 metric tonnes per day with storage capacity of 420 metric tonnes, according to the government company, which suggested that the vessel was “sure to be a game changer in the industry.”
During bountiful fishing seasons in the southern atolls last year, fish catch exceeded MIFCO’s capacity, prompting protests from fishers. The new collector vessel will travel to regions with the highest fish catch to serve boats at sea, MIFCO’s CEO said.
Indian billionaire Shapoor Mistry’s SP Group is considering the sale of Afcons Infrastructure, a Mumbai-based construction company that is building the Thilamalé bridge and roads in Addu City, according to media reports. The sale of a controlling stake in Afcons could raise US$2 billion with the parent company seeking to “free up cash as rising interest rates rattle the SP Group.” But considerations were reported to be at an early stage.
Afcons, SP Group’s flagship engineering arm, has ongoing projects in more than 25 countries across Asia, Africa and the Middle East.
A potential sale of Afcons would not affect the Thilamalé bridge project, the president’s spokesman told the press on Thursday.
The project manager assured last week that the bridge remains on schedule. Work has started on pre-casting segments of the bridge’s deck in the casting yard at Afcons’ worksite in Gulhifalhu, the infrastructure ministry said on Thursday. Work is also ongoing on 12 pillars at the Malé and Vilimalé ends. The V-shaped pile cappings or “superstructures” to be installed on top of pillars are also being manufactured in Gulhifalhu.
The Bank of Maldives announced a new promotion offering an all-inclusive trip for two to watch the UEFA Champions League final in Istanbul, Turkey.
The promotion is open for Mastercard cardholders for local and international transactions between 12 April to 9 May 2023.
Mastercard is the official sponsor of UEFA Champions League, Europe’s elite football competition.
A cash-back promotion for local transactions processed via American Express cards is also ongoing until 30 April.
The tax authority collected MVR2.19 billion (US$140 million) in March, down 1.2% from the same period last year. Receipts from corporate income tax and withholding tax were slightly lower as some taxpayers had “opted to pay income tax final payment for 2021 prior to the deadline during March 2022,” the Maldives Inland Revenue Authority explained. The tourism land rent receipts were also lower because the deadline was extended to April.
But revenue collection was 6.4% higher than forecast as tourism arrivals exceeded projected figures.
