construction

Maldives faces $1.7b annual economic loss from 88 unfinished resorts

The Maldivian tourism industry is grappling with a substantial setback as 88 resorts designated for development remain incomplete, resulting in an annual economic loss of $1.7 billion, as per the Finance Ministry’s fiscal statement for 2024-26. Maldives, heavily reliant on tourism, considers these unfinished resorts a linchpin of its economic prosperity. However, these 88 islands, […]

Male', Capital City

Fitch affirms Maldives’ B- rating, cites economic and financial challenges

Fitch Ratings, a leading global credit rating agency, has affirmed the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a Negative Outlook. This decision is based on a careful assessment of various economic and financial factors affecting the nation. Here are the key rating drivers and highlights from Fitch’s assessment: Negative Outlook: The […]

Maldives: 1,261 Tourist Facilities in Operation

The Ministry of Tourism recently announced that as of September 12, 2023, a total of 1,261 tourist facilities in operation. The breakdown of these tourist facilities is as follows: 172 resorts, 913 guesthouses, 14 hotels, and 162 live-aboard vessels. This diverse range of accommodations caters to travelers with various preferences and budgets, ensuring that all […]

World Tourism Day: A celebration of tourism’s importance to the Maldives

As World Tourism Day 2023 approaches, the picturesque nation of Maldives eagerly prepares to join the global celebration under the theme of “Tourism and Green Investments.” In a world that’s becoming increasingly aware of the importance of sustainable practices, the Maldives, with its breathtaking natural beauty and reliance on tourism, is at the forefront of […]

Velana Airport

Maldives establishes new company to strengthen air traffic control

The Maldives government has established a separate company to strengthen air traffic control services in the country. The new company, Maldives National Air Traffic Service Pvt Ltd, will be responsible for all air traffic services in the Maldives, including air traffic control, air navigation services, and communication, navigation, and surveillance/air traffic management (CNS/ATM) systems. Air […]

Maldives Aerial Generic Islands

MVR 4b in resort lease rent penalties waived

A 2020 amendment to resort development regulations has resulted in the waiving of approximately MVR 4 billion in fines for non-payment of rent after the construction period’s expiration on leased islands designated for resort development. The amendment, which took effect in December 2020, reduced the penalty for non-payment of rent from 0.5% to 0.0493% for […]

International Housekeepers Week 2023: Celebrating the hard work of unsung heroes

International Housekeepers Week is celebrated every year from September 10-16 to recognize the hard work and dedication of housekeepers around the world. In the Maldives, where tourism is the main economic driver, housekeepers play a vital role in ensuring the cleanliness and comfort of guests at the country’s many resorts. Housekeepers are responsible for cleaning […]

Al Dahr General Trading Co: Pioneering sustainable hospitality supply

Empowering sustainable choices in the luxury hospitality sector In the picturesque landscape of the Maldives, luxury resorts and hotels strive to provide unparalleled experiences to their guests. Behind the scenes, a crucial partner plays a pivotal role in ensuring that these establishments have access to top-quality products while adhering to sustainable practices. Franck Mottais, the […]

Urbanco awards GPL Holdings contract to develop marina in Hulhumale

Urbanco has awarded GPL Holdings Pvt Ltd the contract to develop a marina for yachts and speedboats in Hulhumale. The marina, which will be developed south of the Hulhumale Ferry Terminal, will be developed for speedboats and luxury yachts. A dedicated port and support facility will be established there. The marina will have a convenient […]

Maldives Instant Payment System “Favara” revolutionizes financial landscape as three banks join the innovation wave

The Maldives financial sector has taken a significant leap towards digital transformation with the official inauguration of the Maldives Instant Payment System, “Favara.” In a momentous ceremony on August 26, 2023, Vice President Faisal Naseem launched the pioneering payment system, highlighting its potential to revolutionize the nation’s financial infrastructure. The inception of the Favara payment […]

Joel Parkinson claims historic win at Four Seasons Maldives Surfing Champions Trophy

Joel Parkinson has made history by becoming the first surfer to win all three rounds and the grand final of the Four Seasons Maldives Surfing Champions Trophy. The Australian surfer put on a masterclass in wave selection and execution, scoring a perfect 10 in each of his heats to take the overall title. Parkinson faced […]

Senior executives at luxury hotels express concern about staffing issues

Maldives has long been a coveted destination for travelers seeking luxury and relaxation. However, behind the idyllic fa├žade, the senior executives at luxury hotels are grappling with a pressing concern – staffing issues. A recent global research study commissioned by Communications Specialist Ltd, a leading communication technology company, sheds light on the challenges faced by […]

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