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Corporate Maldives | February 24

Managing Director & CEO Akhmeem Abdul Razzaq

Chief Operating Officer Ahmed Nasir

Director - Chief Content Officer Mohamed Khoorsheed

Director - Chief Digital Officer Ibrahim Areef

Chief Commercial Officer Raaya Abdulla

Chief Design Officer Zaya Ahmed

Chief Editor Nashama M.

Art Director Hamdhoon W.

Publisher’s Note Greetings and welcome to the February 2024 edition of Corporate Maldives Magazine. As a bi-monthly print publication, we are committed to providing comprehensive coverage of the Maldives business community.

Managing Editor Iyasha Arif Assistant Editor Ibrahim Maiz Assistant Editor Aishath Lafwa

This month, our Corporate Maldives Spotlight is on Bank of Maldives (BML), the leading financial institute in the Maldives. Our team had the privilege of sitting down with Karl Stumke, the CEO and Managing Director of BML, to gain insight into their operations. Additionally, along with the company’s numerous milestones over the years, we highlight BML’s various services and commitment to sustainable banking practices.

Content Manager Ma’aan Abdulla Multimedia Journalist Ahmed Raaif Multimedia Journalist Ahmed Shaif Multimedia Journalist Afaaf Adam Office Assistant Mohammad Ratan Consultant Ali Sageef Consultant Mohamed Lihaz

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In our People section, we feature insightful interviews from three industry leaders. Rajesh Mehta, Chief Business Officer of Ooredoo Maldives, reflects on his 25 years in telecommunications and the sector’s shift towards digital services. Ali Fauzy, CoFounder and Managing Director of Steel Hardware, discusses juggling diplomatic duties and business growth, and transforming his company into a top Maldivian supplier. Additionally, RJ Reddy, CEO of Jalboot Marine Services Pvt Ltd, shares his career journey and vision for enhancing the company’s role in the Maldives’ marine sector. Our news segments cover a broad range of industries and business sectors in the Maldives, including tourism, construction, banking, technology, trade, fisheries and agriculture, among others. We hope you find this edition informative and engaging. Happy reading!

Corporate Maldives | February 24

Corporate Maldives Spotlight: Bank of Maldives

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Corporate Maldives Spotlight: Bank of Maldives

Karl Stumke CEO & MD of Bank of Maldives

Corporate Maldives | February 24

In the dynamic financial landscape of the Maldives, Bank of Maldives (BML) shines under the stewardship of Karl Stumke, its CEO & Managing Director. His visionary leadership has been instrumental in reinforcing BML’s status as the leading financial institution in the archipelago. With a keen focus on international best practices and customeroriented service, Karl has guided BML through transformative growth, ensuring its relevance and prominence in the Maldivian banking sector. Karl Stumke’s tenure at BML is marked by a deep commitment to the community and a strategic approach towards inclusive banking. Under his leadership, the bank has extended its reach, touching the lives of nearly every citizen and business in the Maldives. This extensive network is a testament to Karl’s philosophy of being more than a financial institution; it’s about being a partner in success for individuals, families, and businesses. His dedication to creating longterm value for shareholders, coupled with a firm commitment to community development, encapsulates the essence of BML’s mission under his direction.

Corporate Maldives Spotlight: Bank of Maldives

What drew you to the Bank of Maldives, and how did your journey lead you there? My first visit to the Maldives was in December 1997, where I experienced the pristine beauty of the islands. Over the years, I returned regularly with my family. Upon retirement at 55, I reflected on my career, which predominantly involved revitalising underperforming businesses for large institutions. This often required a rigorous cost-cutting process, personnel restructuring, and strategic realignment. As I approached the end of my career, I wanted to run a business that didn’t require fixing. The prospect of running a stable, profitable bank appealed to me as a new challenge. The Bank of Maldives presented itself as an excellent opportunity—it was already a strong and dominant player in the market with a solid brand and efficient systems. My aspiration was to test my abilities in enhancing an already well-functioning bank. The vision was to leave a lasting legacy of improvement, ensuring that when I eventually step down, the bank would be in an even better position for my successor to continue the journey.

How has your experience in leading international businesses influenced your approach towards managing BML, given its unique geographical location? My experience in leading international businesses has significantly shaped my approach to managing the Bank of Maldives (BML), considering its unique geographical location. The distinction between leadership and management is crucial to this discussion. In my view, leadership revolves around inspiring people, while management focuses on supervision.

Corporate Maldives Spotlight: Bank of Maldives

In the international context, leadership is paramount, a principle I aim to instil at BML. The mindset shift from management to proactive leadership is essential for making a substantial impact on the organisation. This shift becomes particularly challenging in BML’s established legacy, where the emphasis has traditionally been on management rather than leadership. One aspect is the need to challenge the conventional command and control approach. Managers should evolve into leaders, delegating authority and fostering a culture of individual responsibility. This shift is vital for breaking away from the longstanding 40-year legacy and introducing a more dynamic and forwardthinking ethos. As an expatriate CEO, my international experience affords a unique perspective. I bring an impartial stance to decision-making, free from political affiliations or family associations. This freedom allows me to prioritise the bank’s and its stakeholders’ best interests. Drawing from my 38 years of international experience, I aim to introduce innovative practices to BML. For instance, my previous organisation successfully implemented a paperless system, significantly enhancing efficiency and aligning with sustainability goals. During my tenure, I aspire to lead BML towards becoming a paperless organisation, emphasising efficiency and environmental responsibility. In the Maldives’ small and close-knit community context, the challenge of managing people, especially friends, becomes apparent. The interpersonal dynamics within small islands make performance management a delicate task. Branch managers, for example, may have personal connections with everyone on the island, from football friends to fishing buddies and family members. Expecting them to deliver tough messages becomes a complex and conflicted responsibility, reflecting the unique challenges of leadership in a tightly interconnected community.

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How do you handle the responsibility and pressure that comes with leading the nation’s primary bank? Handling the responsibility and pressure of leading the nation’s primary bank is a unique challenge beyond the typical role of managing a financial institution. Unlike my previous experiences running large banks in sizable countries where the banks were systemically important, the Bank of Maldives carries a greater weight. The distinction lies in the fact that any misstep doesn’t just affect the bank; it directly affects the entire economy. If the bank encounters issues, such as a three-day closure due to system failures, the entire country feels the impact. The responsibility is immense because the bank’s smooth operation is integral to the functioning of the national economy. The extra burden of getting things right is not solely a personal concern. It extends to the expectations of the entire nation. The consequences of any failure or disruption in operations have far-reaching effects. Furthermore, being a Maldivian bank adds another layer of responsibility. Some decisions must be made not purely based on economic rationale but with a societal responsibility in mind. Not every action can be solely profitdriven. There are instances where the bank must prioritise actions that benefit society, even if they don’t maximise economic gains. An example is our decision to reduce student loan rates, a move that, while costing the bank money, we want to make education more affordable for the upcoming generation. I benefited from a good quality education because of low-interest rates, and we need to do the same thing as a bank.

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Are there any international banking practices or trends you believe BML could benefit from adopting? In my January speech, I highlighted a global trend: the decreasing emphasis on physical branches in the banking sector. This shift is evident as banks worldwide continue to close branches due to the increasing adoption of digital services. This transformation is not unique to the global landscape; it’s happening in the Maldives as well. Since the onset of COVID-19, there has been a notable surge in digital adoption, particularly among the younger generation. However, culturally, we in the Maldives value the presence of physical branches. They contribute to our brand visibility and engender trust among the public. It’s a tangible representation of our existence, not just a virtual entity in the cloud. While acknowledging the global trajectory towards digital interactions, we in the Maldives anticipate the continued importance of physical branches. It’s not an “either-or” scenario but a synergistic blend of both brick-and-mortar and digital platforms. Over the next decade, we foresee a reduction in the number of branches, but they will persist alongside a growing digital presence. Unlike the UK and other countries, the Maldives has a unique opportunity to consider going cashless. Being an island community, we could explore the prospect of becoming a cashless society in the future. This transition, however, needs to be mindful of the significant older generation still relying on traditional forms of payment. Another area of interest is the integration of Artificial Intelligence (AI). Embracing AI can significantly enhance operational efficiency by automating mundane tasks, allowing human resources to focus on more creative and complex aspects. In the coming year, I aim to see BML leverage AI, particularly in areas such as compliance and Anti-Money Laundering (AML) issues. This involves experimenting with AI applications, including potential collaboration with platforms to explore their effectiveness in enhancing various aspects of banking operations.

Corporate Maldives Spotlight: Bank of Maldives

What is your attitude towards innovation? I’m a strong advocate for innovation, recognising that companies must continually evolve. The only constant is change, and this was a challenge I faced at BML. I aim to instil an innovative culture within the organisation, where each individual is tasked with achieving two innovative feats or implementing two process changes despite the initial resistance from employees. Despite the initial shock, the expectation is for everyone to adapt to this changing culture. Over time, people become accustomed to it, and in three years, it becomes second nature. Our goal is to seek ways to enhance our processes continually. While I can only personally oversee some things in the bank, I have 2,000 pairs of eyes observing daily operations and identifying areas for improvement. We need these 2,000 eyes and hands to actively contribute to fixing identified issues to expedite the process. Relying solely on a few experienced individuals would be a slow endeavour. We’re making gradual progress, and it will gain momentum over time. I firmly believe in the power of innovation. The subsequent step involves teams becoming comfortable with change, leading to more challenges across divisional teams. However, certain practices within the bank are detrimental to customer service, and we must address these shortcomings for improvement.

How does BML plan to attract and retain the younger generation as employees and customers? In the Maldives, given its small size, individuals often find it difficult to secure employment in their desired fields, even after pursuing relevant education at university. The mismatch between career aspirations and available job opportunities is a prevalent issue.

Corporate Maldives Spotlight: Bank of Maldives

Being one of the largest employers in the economy, our organisation inevitably becomes a destination for many job seekers. Unfortunately, this sometimes leads to individuals being in roles they are not passionate about. This situation is disheartening for two reasons: firstly, it results in people working with us who would prefer not to, and secondly, it often leads to disengagement and short tenures. It’s difficult to attract individuals who aspire to be bankers. In today’s job market, especially with the dynamics of Generation Z and Generation X, employees tend to stay with an organisation for a relatively short period, typically not exceeding four years. The traditional employment history of 40, 15, or 10 years is no longer the norm. As employers, we need to adapt to this changing landscape and communicate to the youth that our organisation offers a valuable career progression and serves as a training ground. It’s crucial to acknowledge the reality of higher turnover rates and not perceive it as a negative aspect. In fact, it can be beneficial for both individuals and the organisation. Embracing a more dynamic workforce means letting go of the expectation of jobs for life. Instead, we should view ourselves as a training

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ground, encouraging talented individuals to stay while understanding and supporting those who choose to explore opportunities in different fields. We encourage the good ones to stay and understand those who need to move on to other backgrounds.

How does BML intend to leverage the tourism industry, given its significance in the Maldivian economy? Firstly, as the largest bank in the Maldives, BML naturally becomes a focal point for businesses in the tourism sector. Due to our substantial balance sheet, we can cater to the financial needs of these businesses more effectively than smaller banks. This positions BML as a primary choice for those in the tourism industry seeking substantial financial support. However, the more compelling aspect lies in exploring how the Maldivian economy can diversify away from an overreliance on tourism. While tourism is a vibrant sector, there is a need to identify and nurture alternative industries. Beyond the well-established tourism and fishing sectors, there’s an opportunity to explore industries like agriculture, transshipments, light manufacturing, and other sectors that can contribute to economic resilience.

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In addition to supporting existing ventures, BML aims to introduce innovative financial solutions within the tourism industry. This includes tailoring repayment schedules to mirror seasonal variations. By aligning repayments with the high and low seasons of tourism, businesses can better manage their cash flows. Furthermore, BML is considering more creative financial instruments within the tourism sector. This may involve exploring equity financing options for resorts potentially acquiring a stake in these businesses. Leasing arrangements and even resort ownership with subleasing strategies are also being considered. These initiatives are part of a broader effort to adapt financial structures to the unique characteristics of the tourism industry. BML envisions launching new initiatives in the coming year to support these strategies. The overarching goal is not only to cater to the current needs of the tourism industry but also to facilitate economic diversification by encouraging the development of alternative industries in the Maldives.

What’s next for BML? The decision on the future direction of BML lies with the board, and recent strategy sessions, including the upcoming one on the 27th of this month, are pivotal in shaping that direction. The fundamental question is whether BML

Corporate Maldives Spotlight: Bank of Maldives

maintains its status as the dominant bank in the Maldives. This decision would tie the bank’s success to the fluctuations of the local economy, with good years yielding better results and bad years presenting greater challenges. Another option under consideration is a strategic shift towards expansion, involving potential local acquisitions or even venturing beyond the borders of the Maldives. However, this expansion comes with its risks and challenges, including the need to define a unique selling point and assess what BML can offer that surpasses the capabilities of other countries. The financial implications and potential impacts on the bank’s core operations are also significant. The timeline set in January, indicating the possibility of some form of international presence outside of the Maldives within 18 months, is approaching. While acknowledging the leeway, there is an anticipation that a decision will be reached by January, with the board set to deliberate on this matter in the next two weeks. Importantly, the discourse emphasises that there’s merit in being a Maldivian bank, provided BML excels in its role and strives to be the best. The aspiration is for customers to choose BML not out of obligation but because they genuinely want to bank with the institution. This shift in perspective is crucial to achieving success and underscores the commitment to excellence in the core role of a Maldivian bank.

Corporate Maldives Spotlight: Bank of Maldives

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Corporate Maldives Spotlight: Bank of Maldives

BML’s 41 Years: Navigating the Seas of Financial Innovation On the 11th of November 1982, the financial landscape of the Maldives underwent a transformative change with the establishment of the Bank of Maldives (BML), marked by the opening of its first branch. This event marked the genesis of a financial institution that would play a climactic role in shaping the nation’s economic trajectory. As the nation’s leading bank, it is essential to reflect on the key milestones that have defined its journey.

Inception and Expansion The Bank of Maldives (BML) navigated its formative years with unshakable determination, a period distinguished by significant achievements and strategic accomplishments. By 1982, the bank had already initiated loans and financing services, setting the stage for its role in supporting economic development. International money transfers became part of its offerings, enhancing the country’s connectivity to the global financial system. In 1983, BML expanded its footprint by opening its first atoll branch in Gan, Addu. A Development Banking Cell was founded in the 1990s, stressing BML’s drive towards economic progress. Dhoni Banking, introduced in 1992, further facilitated financial transactions for the local population. A major technological leap occurred in 1997 with the implementation of the first core banking system, Cobas. Entering the new millennium, BML continued to innovate. In 2000, the introduction of ATM services and cash card facilities brought convenience to customers. A strategic partnership with AMEX in 2004 strengthened the bank’s position in the market. Internet banking was rolled out in 2007, marking a significant leap in the accessibility of financial services. The introduction of cash and cheque deposits using Deposit Machines in 2012 marked another historic moment. Following the implementation of Temenos T24 as the core banking system in 2014, BML showcased its resolve to remain at the very top of banking technology. The same year saw the initiation of Islamic Banking services.

Technological Advancements and Social Impact In subsequent years, BML not only prioritised technological advancements but also expanded its presence to encompass every atoll by 2016. The bank garnered acclaim for its exceptional performance, earning prestigious accolades such as the Elite Quality Recognition Award from JP Morgan Chase Bank and the title of Most Innovative Banking Team Indian Ocean 2016 from Capital Finance International, London. The bank has held several CSR events, including the BML Rewards Loyalty Programme and numerous community projects. The projects include the National Library and Maldives National Museum upgrade. BML Fehi Project spans five years to plant 50,000 trees to reforest and rejuvenate island land spaces to 5 islands each year. BML has been recognised for its quality and innovation throughout its history. Awards such as JP Morgan Chase Bank’s Elite Quality Recognition Award and the World HRD Congress and Employer Branding Institute’s Asia’s Best Employer Brand Award attest to the bank’s excellence. The future looks bright for BML, which celebrated its 41st anniversary in November last year. The recent launch of the Digital Wallet on the Mobile Banking App in 2022 illustrates the bank’s continuous efforts to remain at the cutting edge of digital innovation. BML continues to be a driving force for positive change in the Maldives, from assisting local businesses through the Startup Grant Fund to investing in healthcare with the Oncology Ward at IGM Hospital. As the bank moves forward, its legacy of financial innovation and community benefit will serve as a beacon for the Maldives’ financial sector.

Corporate Maldives Spotlight: Bank of Maldives

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Diverse Financing Options Tailored BML Nurtures for Business Needs Business and SME Retailers’ Loan: Businesses can now obtain up Banking with Tailored to three times their monthly point of sale (POS) sales average as a Retailer’s Loan, catering to Financing Solutions various business needs. This option proves ideal for daily operational expenses or funding business expansion.

Bank of Maldives (BML) has strategically evolved beyond the conventional confines of a financial institution, standing as an ally to fostering success. At the core of BML’s strategy is a diverse range of financing solutions meticulously designed to cater to the varied needs of businesses.

Business Development Loan: Tailored for all business types, this loan allows borrowers to secure funds based on their specific needs. Key features include a low equity contribution, flexible repayment periods, and customisation options aligning with business requirements.

These financial options, marked by a blend of innovation and reliability, aim to give businesses the essential financial support required for their growth.

Guest House Loan: Geared towards investors venturing into the guest house business, this loan offers financial options for construction and working capital. It features a competitive 12% interest rate, a 30% equity requirement, and a loan amount of up to MVR 30 million.

BML distinguishes itself with products like Corporate Credit Cards, Online Banking Solutions, and comprehensive services through the Business Centre. These services provide a competitive edge, offering specialised advantages not commonly found among other market players.

Real Estate Loan: Ideal for funding real estate projects, including land purchase and development of residential or commercial premises. It offers varying equity and interest rate options, with no deposit required and a repayment period of up to 15 years. Vessel Finance Loan: Providing financing for vessel-related needs, this option requires a 30% equity contribution, with a fixed repayment period based on the borrower’s capacity.

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Cutting-edge Merchant Services Revolutionising Transactions Complementing these financing options, BML extends seamless transactions through its Merchant Services, featuring cutting-edge payment solutions: Merchant Portal & mPOS: Offering effortless online transactions, businesses can accept payments with BML’s Merchant Portal or mPOS App. The setup is fast and free, supporting all major payment methods without the need for a traditional card machine. Payment Gateway: Elevating online businesses, BML’s Payment Gateway boasts 3D secure features, quick fund settlements, and real-time information, ensuring a secure and streamlined e-commerce experience.

Corporate Maldives Spotlight: Bank of Maldives

POS Terminals: Embracing the future of transactions, BML’s merchant network allows businesses to accept contactless payments, digital wallets, and major international card brands with no setup or monthly fees. BML EasyPay: Adding an extra layer of convenience for high-value goods, this feature is activated on request, ensuring immediate payments upon settlement and enhancing the shopping experience without additional charges. The Bank of Maldives acts as a reliable partner and refrains from merely being a bank, presenting a suite of financing solutions and cutting-edge merchant services to propel businesses on their journey to success.

Corporate Maldives Spotlight: Bank of Maldives

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Discover Tailored Corporate Banking Solutions with BML Bank of Maldives (BML) presents a suite of corporate banking services designed to cater to the distinct needs of corporate clients. The Corporate Banking Division at BML serves as the main touchpoint for corporate customers via our Relationship Managers, offering dedicated personal assistance and efficient business relationship models. BML’s efforts to understand varied sectors and individual customer needs have resulted in transformed customer relationships. Notably, the bank has made tremendous progress in building trust between corporate customers and the bank, forming an everlasting partnership.

Overview of Corporate Banking Services BML stands out by providing a full spectrum of client-focused services meticulously structured to align with the risk profiles and specific needs of clients. The superior product delivery, industry benchmark service levels, and strong customer orientation position BML as the ideal partner to enhance and propel businesses forward.

Facilitating Business Operations with Tailored Account Services Recognising the crucial role of smooth business operations, BML offers a range of account services to support daily business needs. This includes Current Accounts in multiple foreign currencies (MVR|USD|EURO), Escrow Accounts, and Fixed Deposit Accounts. Corporate customers can schedule a meeting with their Relationship Manager to conveniently open an account.

Expert Financial Advisory Services As the leading corporate bank with over 30 years of experience and a widespread network, BML is the preferred choice for foreign direct investors

seeking local banking support. The dedicated Corporate Banking team provides expert financial advisory services, delivering optimal solutions to businesses, including Foreign Direct Investment Advisory, Project Financing Advisory, and Syndication of Facilities.

Customised Financing Solutions Relationship Managers at BML work closely with clients to offer customise financing solutions that meet specific requirements, whether for everyday expenses or expanding businesses locally or internationally. The comprehensive financing options include Working Capital Financing, Project Financing and Syndications, Demand Loans, and Structured Financing.

Empowering International Trade with Specialised Solutions For businesses engaged in international trade or with overseas operations, BML’s specialist teams provide support to maximise international trading potential. From optimising transaction turnaround times to expanding into new markets while minimising risk, the array of trade-related products includes Letter of Credit (LC), Trade Collections, Trade Finance, Bank Guarantees (BG), Telegraphic Transfer (TT), and more.

Integrated Cash Management Services Understanding the intricacies of business management, BML offers a truly integrated range of trade services. From information and risk mitigation to financing and settlement solutions, BML supports the entire value chain, from procurement to processing to post-sales. For businesses seeking a reliable partner in effective business management, the Bank of Maldives stands as the trusted choice.

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Corporate Maldives Spotlight: Bank of Maldives

Government & Economy

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New Horizons in Maldives-China Relations: Economic and Trade Cooperation Set to Expand

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In a landmark State Visit to China, President Dr Mohamed Muizzu ushered in a new chapter in economic collaboration between the two nations. The visit, spanning from January 8 to 12, 2024, signified a deepening of ties and commitment to mutual prosperity. Key discussions focused on bolstering the Maldives’ economic landscape, with China reiterating its support for the island nation’s sovereignty and development goals. In turn, the Maldives reaffirmed its adherence to the one-China principle, a cornerstone of its foreign policy. Central to the economic dialogue was the Belt and Road Initiative (BRI), with both nations agreeing to pursue high-quality cooperation. This endeavour is set to synergize their development strategies, enhancing cooperation in green development, the digital economy, and the burgeoning blue economy. These sectors represent significant growth opportunities for the Maldives, promising to diversify its economy beyond tourism. Moreover, the Action Plan for a China-Maldives Comprehensive Strategic Cooperative Partnership (2024-2028) was signed, marking a strategic roadmap for bilateral economic and technical cooperation. This plan encompasses areas crucial for the Maldives’ development,

Government & Economy

such as infrastructure construction, medical services, new energy, and marine environment protection. The Maldives’ appreciation of China’s unwavering support was apparent, particularly for its contributions to the island nation’s socioeconomic development. China, in response, pledged continued assistance, aligning with Maldivian priorities. Furthermore, the establishment of the ChinaMaldives Joint Committee on Economic and Trade Cooperation aims to enhance trade facilitation and foster a high-quality development of economic ties. This mechanism is expected to guide and boost bilateral investment, providing a structured approach to economic exchange. The visit has been hailed as a significant step in elevating the China-Maldives comprehensive strategic cooperative partnership, with mutual benefits and common development at its core. It underscores the shared vision of both nations for a prosperous and sustainable future driven by enhanced economic and trade cooperation. President Muizzu’s visit not only cements the traditional friendship between China and the Maldives but also opens new avenues for economic growth and development, setting a positive tone for future bilateral interactions.

Government & Economy

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Maldives National Budget 2024: Balancing Economic Priorities and Political Challenges

The Maldivian Parliament has passed the National Budget for 2024, marking a pivotal moment in the country’s economic and political landscape. Under the newly inaugurated President Dr Mohamed Muizzu’s leadership, the budget of MVR 49.5 billion reflects a blend of ambitious economic goals and political intricacies.

The 2024 budget sets a significant financial plan with Total Expenditure earmarked at MVR 47.3 billion and an anticipated Revenue and Grants intake of MVR 33.5 billion. The resulting budget deficit, projected at MVR 13.8 billion, represents 12.0 percent of the GDP, indicating a substantial increase from the MVR 8,620 million deficit in 2023. This shift underscores the administration’s expansive fiscal policy amidst challenging economic conditions.

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Government & Economy

The budget allocation reveals a strong emphasis on economic affairs, health, education, and public services:

Economic Affairs (MVR 8,884.2 million) A considerable portion is allocated for enhancing transport infrastructure, including airport development and port expansion.

Healthcare (MVR 7,459.4 million) This allocation aims to improve hospital services and medical support, reflecting the government’s commitment to public health.

Education (MVR 5,279.9 million) Investment in education includes funding for primary education, scholarships, and student loans.

General Public Services (MVR 9,230.3 million) Investment in education includes funding for primary education, scholarships, and student loans.

The budget also sheds light on the political dynamics under President Muizzu’s administration. The controversial Fushidhiggaru Falhu reclamation project, initially allocated MVR 400 million in the state budget, became a political flashpoint. The opposition-led Parliament’s decision to divert these funds to other Public Sector Investment Programs (PSIPs), and the subsequent outsourcing of the project to a Sri Lankan company without clear disclosure of funding sources, has sparked debates over transparency and legality. President Muizzu faces criticism for this decision, highlighting the friction between his administration and the Parliament. While the 2024 budget shows an increase in expenditure and deficit compared to 2023, it is essential to understand these figures in the context of the government’s broader economic and political agenda. The increase in allocations for key sectors like health, education, and infrastructure reflects the administration’s focus on long-term developmental goals. However, the elevated deficit and the controversy surrounding the Fushidhiggaru Falhu project suggest a need for careful fiscal management and political tact. As Maldives embarks on this ambitious fiscal journey in 2024, the balancing act between economic growth and political stability becomes crucial. President Muizzu’s administration must navigate these waters carefully, addressing the budget’s fiscal challenges while fulfilling campaign pledges and managing political opposition. The success of this budget will not only depend on its economic outcomes but also on how effectively the administration can uphold transparency and legality in its execution.

Government & Economy

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PCB Implements New Director Behavior, Complaint, and Action Policy The Privatization and Corporatization Board stated compliance with the “Privatization, Corporatization and Monitoring and Evaluation of State Business Establishments Act” from 2020. In line with this legislation, the Board has officially ratified the “Standards of Directors of State-Owned Companies Act, 2020,” in a meeting held on 14th September 2023. This newly enacted regulation delineates the disciplinary criteria that directors appointed to the boards of state-owned companies must observe in carrying out their responsibilities. It also lays out the process for

registering complaints with the Privatization & Corporatization Board in cases of norm violations. Adopting this rule is of considerable significance, as it provides a structured framework for suspending and implementing corrective measures against directors who breach the code of conduct or established norms. Hence, directors of state-owned companies are expected to adhere to this rule, effective October 3, 2023.

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Government & Economy

Economic Ministry Allows Registration for Single Shareholder Companies The Ministry of Economic Development and Trade announces the permission for individuals to register single shareholder companies under the enacted Company Act, effective January 7, 2024. The Company Act, greenlit by Parliament on December 5, 2023, represents a significant departure from previous business registration norms, which mandated a minimum of two shareholders. Pending the President’s ratification and Gazette publication, the act encompasses registration procedures for various entities, including private, public, government, local authorities, and foreign investment companies. A key highlight of the Company Act is the permission for a company to be formed with a single shareholder, and private companies

can now accommodate up to 100 shareholders. The legislation introduces mandatory annual general meetings for companies with multiple shareholders. For foreign companies, the act mandates compliance with the Foreign Investment Act, eliminating the prior requirement for a local agent. Embracing modern measures, the act includes provisions for electronic meetings, and every non-private company must appoint a secretary to ensure legal compliance. The restructuring of the fee system is another notable aspect, with the annual fee being replaced by a one-time MVR 2,500 fee at the time of company registration.

Government & Economy

Maldives Economic Growth Forecast Positive Amid Global Challenges, World Bank Reports The latest Global Economic Prospects Report by the World Bank provides an insightful analysis of the economic trends in the South Asia Region (SAR). According to the report, the Maldives’ economy is set to expand by 5.2 per cent in 2024 and 5.5 per cent in 2025. This growth trajectory places the Maldives in a favourable position within the SAR, which is expected to see a marginal decrease in overall growth from 5.7 per cent to 5.6 per cent in 2024. The Maldives’ economic growth is primarily driven by a recovery in the tourism sector, with significant contributions expected from major economies, including China. The expansion of Velana International Airport and related investments in the tourism sector are key factors bolstering this growth. This positive outlook positions the Maldives as one of the fastestgrowing economies in the emerging market and developing economy (EMDE) regions. However, the report highlights certain risks that could impact this growth trajectory. The primary concerns for the Maldives, as with other countries in the region, include the potential escalation of conflict in the Middle East, leading to higher energy and food prices. Additionally,

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larger-than-expected increases in policy rates in advanced economies could have adverse spillovers, affecting the Maldives’ economy. The World Bank report also demonstrates the risks posed by extreme weather events. The Maldives, being a small island nation, is particularly vulnerable to climate-related disasters, which could have severe implications for poverty levels, health conditions, and food security. The implications of these climaterelated disasters extend beyond immediate physical damage. They have the potential to disrupt the critical tourism sector, which is a major driver of the Maldivian economy. The loss of coastal areas and degradation of coral reefs, which are essential for marine life and attract tourists, could have substantial economic repercussions. While the economic outlook for the Maldives is optimistic, the potential risks highlight the need for robust policy measures to mitigate these challenges. The Maldives’ situation highlights the urgent need for comprehensive climate resilience strategies. These include investing in sustainable infrastructure, implementing stringent environmental protection measures, and enhancing disaster preparedness and response capabilities. Furthermore, the country’s plight highlights the broader global issue of climate change, stressing the importance of international cooperation and support, particularly for vulnerable nations like the Maldives, in combating the adverse effects of global warming. The World Bank’s report serves as a reminder of the interconnectedness of environmental health and economic stability, particularly for island nations on the frontline of climate change.

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Government & Economy

Gov’t Establishes International Financial Services Authority President Dr Mohamed Muizzu inaugurated the “Maldives International Financial Services Authority” on Sunday, a new government entity aimed at enhancing the country’s financial services sector. This establishment is in line with the powers granted to the President under Article 116 of the Constitution of the Republic of Maldives and falls under the jurisdiction of the Ministry of Economic Development and Trade. The Maldives International Financial Services Authority is set to play a crucial role in the development of both onshore and offshore financial services. This initiative aligns with the objectives outlined in the Special Economic Zones Act, which includes the provision of legal frameworks for onshore financing services. The Authority’s creation is a strategic step towards diversifying and strengthening the financial capabilities of the nation.

As per the directive issued, all official communications directed to the Maldives International Financial Services Authority should reference the number 498, adhering to the standard numbering system for state agencies. This will facilitate streamlined and efficient correspondence. The President’s Office has released a formal announcement providing further insights into the objectives and operational functions of the new Authority. These details shed light on the comprehensive plan to establish offshore and onshore development banks and international financial centres and to conduct research aimed at overcoming legal and administrative challenges. The research will focus on developing a competitive system for the advancement of financial markets in the Maldives.

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Government & Economy

Turkish Investors Express Interest in Reciprocal Investments in the Maldives Minister of Culture and Tourism of the Republic of Türkiye, Mehmet Nuri Ersoy, has stated that investors from Turkey are willing to make reciprocal investments in the Maldives. The Turkish minister highlighted the strengthened relations between the Maldives and Turkey, particularly in recent years under President Recep Tayyip Erdoğan’s leadership. Minister Ersoy held bilateral meetings with Members of Parliament and business representatives during his visit to explore potential collaborations between the Maldives and Turkey. He expressed confidence that relations and friendship between the two countries would continue to grow stronger within mutual understanding and cooperation. The courtesy call occurred at Kurumba Maldives Resort, where President Muizzu expressed gratitude to the Turkish minister for participating in his inauguration. Minister Ersoy, extending greetings and congratulations on the

recent presidential election, invited President Muizzu to undertake a visit to Turkey in the near future. Minister Ersoy stated that the government of Türkiye remains hopeful of fortifying partnerships with the Maldives in tourism, education, and travel industries by expanding the number of flights to the Maldives. Additionally, he mentioned that investors from Turkey are interested in making reciprocal investments in the Maldives. In response, President Muizzu expressed his commitment to enhancing bilateral ties with Türkiye, citing shared cultures and beliefs as a basis for cooperation. Türkiye’s Minister of Culture and Tourism was among the foreign diplomats and dignitaries who attended the Maldives to participate in the new president’s inauguration from around the globe.

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Government & Economy

Foreign Ministry Expands Schengen Visa Services to Cover 3 Additional Countries The Ministry of Foreign Affairs have expanded VFS visa services to include Schengen visas for France, Spain, and Portugal. This expansion results from the Ministry’s successful discussions with Schengen zone countries. Currently, applicants from the Maldives can apply for visas from Switzerland, Belgium, the Netherlands, Poland, Luxembourg, and Slovenia within the Schengen area. Switzerland was

formally included in the Male’ Visa Centre on August 21, 2023. The Foreign Ministry inaugurated the VFS on March 1, 2020, to streamline visa processes for Maldivians travelling to European countries. The capital’s Global Joint Schengen Visa Application Centre, VFS Malé, facilitates Schengen visa applications for Maldivian citizens.

Government & Economy

Maldives’ New Companies Act Revolutionises Corporate Sector

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The Maldives has entered a new era in its corporate sector with the implementation of the new Companies Act, effective 1 January 2024. This act, replacing the previous Companies Act of 1997, marks a much-needed transformation in the corporate landscape. Retaining the formation structures of private, public, government, and local authority companies from the previous regime, the new act also categorises any private or public company with foreign shareholding as a Foreign Investment Company. These companies are now subject to the Foreign Investment Act and its relevant policies. A crucial change under the new act is the allowance for single-shareholder companies, a shift from the earlier requirement of at least two shareholders for private companies. This modification simplifies the incorporation process, benefiting solo entrepreneurs and small business owners. The New Act also revises the structure and appointment process of the Board of Directors. Private companies can now operate with a single director, reducing from the prior twodirector requirement. Additionally, the act permits natural person shareholders to appoint representative directors, a significant departure from the previous policy where this privilege was limited to entity shareholders. Importantly, the New Act stipulates the presence of a director resident in the Maldives for all companies, a continuation of the requirement from the previous act. In a move to promote local entrepreneurship, the act mandates that locally-owned private companies must have only Maldivian directors. Company seals, once a mandatory aspect of corporate documentation, are no longer obligatory under the New Act. However, the act details specific procedures for executing documents depending on whether a company seal is registered or not.

Government & Economy

The frequency of board meetings has increased, with the act requiring all companies to hold four board meetings annually, up from the previous two. This change aims to enhance corporate governance and oversight. Another notable amendment is the relaxation of the requirement to appoint a Company Secretary for private companies. However, the act introduces the possibility of appointing law firms, accountancy firms, or audit firms registered in the Maldives as Company Secretaries. One of the most significant overhauls is the introduction of the requirement to register significant beneficial owners (SBOs) of entity shareholders. This move towards greater transparency mandates companies to maintain a register of SBOs and inform the Registrar of Companies of these details. The act also streamlines the process for foreign companies re-registering in the Maldives, requiring them to appoint a local agent who is resident in the country. The Directors’ Report now includes a mandatory declaration confirming the accuracy of information provided in the Business Register. Additionally, a compliance statement signed by an attorney or Company Secretary is required for certain corporate changes. The New Act also introduces a classification system for inactive companies based on specific criteria and abolishes the annual fee previously applicable to private companies, replacing it with new service fees for corporate applications. As the Maldives adapts to these changes, companies are mandated to comply with the New Act by the end of 2024, marking a significant step towards modernising the nation’s corporate framework.

Tourism & Aviation

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Finance Ministry Predicts 2 Million Tourists for Maldives in 2024

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The Finance Ministry of the Maldives has projected that in 2024, the country is likely to welcome 2 million tourists. This estimation has been disclosed in the State Budget for the upcoming fiscal year. In anticipation of this surge in tourist arrivals, the Finance Ministry has also forecasted a 7 per cent increase in the number of nights tourists will spend in the Maldives during the forthcoming fiscal year, with 14.3 million nights or days expected. While the budget report indicates a potential decrease in European tourist arrivals, other markets, including China, may compensate for this decline in the coming year. The resumption of operations by three additional Chinese airlines is anticipated to contribute to the continued growth of Chinese tourist arrivals.

Tourism & Aviation

The Ministry of Finance has also emphasised the development plans for Velana International Airport, with its new terminal scheduled to become operational by 2025. This expansion is expected to double the growth rate of mid-range tourist arrivals compared to previous years, with a target of more than 2.5 million tourists expected to visit the Maldives in 2026. Furthermore, the State Budget for 2024 predicts a 6.6 per cent growth in the tourism sector’s output for the year. This growth rate is noted as the lowest since 2016 and 2020, indicating a return to a more sustainable level of expansion for the sector. The Maldivian tourism industry has exhibited resilience and recovery since 2021, following the impact of the COVID-19 pandemic, and is expected to continue its growth trajectory in the coming years.

Tourism & Aviation

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12% Surge in Maldives Tourist Arrivals in 2023 Maldives witnessed an impressive upswing in tourist arrivals as 2023 drew to a close, with a 12% increase compared to the previous year, as reported by Maldives Immigration. The Maldives, initially aiming to draw 1.8 million tourists in 2023, not only achieved but exceeded this target, hosting a total of 1,878,539 visitors. Which is a substantial increase from the 1,675,303 tourists who visited in 2022. Maldives welcomed an average of 6,280 tourists daily, with the busiest day hitting a peak of 8,054 visitors. Even on the calmest day, the country hosted 4,967 tourists, as per immigration

statistics. December alone witnessed a robust tourism presence, with 194,691 tourists choosing Maldives as their holiday destination. As the tourism sector continues to thrive, the government has set its sights on an ambitious goal for 2024, targeting 2 million tourists. Currently, the Maldives boasts 1,145 operational tourist accommodations with a bed capacity exceeding 61,750. The tourism minister has announced plans to bring in 12 to 15 new resorts in the next year, enhancing the country’s tourism infrastructure.

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Tourism & Aviation

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Government Launches VIA Mega Project for 25 Million Passengers President Dr. Mohamed Muizzu launched a megaproject to develop the Velana International Airport and economic zone to cater to 25 million passengers. He inaugurated the project at a ceremony held at Dharubaaruge.. The ceremony, attended by Vice President Hussain Mohamed Latheef, Cabinet members, and senior government officials marked the start of a 20-year plan for the airport. President Dr. Muizzu stated that the inauguration embodies the aspirations of every Maldivian citizen, emphasising that this development phase would run simultaneously with the previous one, increasing the original capacity objective of 7 million to 25 million passengers following completion.

The project, set to finish in a decade, involves moving the seaplane terminal, improving the domestic terminal, and turning Funadhoo Island into a financial hub. President Dr. Muizzu envisions bridges connecting Funadhoo, Malé, Hulhulé, and Hulhumalé, fostering development. Beyond passenger goals, the project boosts fuel storage to 100 million liters, meets EU safety standards, and expands the domestic terminal with modern services. Special terminals for lowcost carriers and jets, increased parking, a vast cargo terminal, water runways, and an economic zone in Funadhoo are also part of the plan, creating business opportunities. As the first phase nears completion, Velana International Airport promises a transformed air travel experience for the Maldives.

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TMA Introduces The Flying Turtle by Six Senses Laamu

Tourism & Aviation

Trans Maldivian Airways (TMA) introduced Six Senses Laamu as the newest jewel in their distinguished array of seaplane destinations with the arrival of the Flying Turtle by Six Senses Laamu, now a member of the world’s largest seaplane fleet. TMA operated its inaugural flight to Six Senses Laamu on the Flying Turtle, commencing an awe-inspiring journey from Velana International Airport. The special livery, meticulously crafted and adorned by TMA’s in-house team for the resort, will be exclusively dedicated to transporting mutual guests of Trans Maldivian Airways and Six Senses Laamu. This bespoke experience will allow travelers to uncover the natural beauty and allure of Laamu Atoll like never before.

Tourism & Aviation

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Beond Airlines Takes Flight with Inaugural Aircraft in Maldives

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The Beond, a premium leisure airline, unveiled its unique aircraft livery at an event in Malé, Maldives. Dignitaries, investors, supporters, and employees were in attendance. The airline presented its inaugural aircraft, an Airbus A319, equipped with 44 all-lay-flat seats for a luxurious passenger experience. “Welcome to Beond. Our aim is simple: to fly our customers to Maldives. At this unique and unspoiled destination, they can release their inner explorer on the most memorable vacation of their lives,” said Tero Taskila, CEO of Beond and a founder. “We could not be more pleased to showcase our aircraft in Maldives, our home. We wish especially to thank the government of Maldives and our supporters there, the Maldives Civil Aviation Authority, SIMDI Group and other investors from around the world — each of whom believed in our vision for a new airline in Maldives. Our team will do its best to bring tourists to this beautiful nation.” Beond’s inaugural flights are scheduled for November 2023, with the Riyadh inaugural departing November 9, the Munich inaugural departing November 15, and the Zurich inaugural departing November 17. Early bird customers have chartered the aircraft to experience the Maldives between today and the scheduled service launch. “Today is the realisation of a dream I first had for years,” said Max Nilov, Chief Strategy Officer of Beond and principal founder. “I had a dream of this airline, for this aircraft, and for this experience for passengers. We have created a premium experience coupled with an unmatched operating philosophy.” Sascha Feuerherd, Chief Commercial Officer of Beond: “The response by customers and stakeholders have been excellent in our launch

Tourism & Aviation

cities — which was to be expected. And now the interest has grown from other new origins on our route map. I look forward to greeting our first passengers as they board.” Beond will fly a fleet of state-of-the-art Airbus A320-family aircraft in a unique luxury, lay-flat configuration, bringing passengers to Maldives from Europe, the Middle East, and Asia-Pacific. This first Beond aircraft will be displayed at the Dubai Air Show in mid-November. Additional Airbus aircraft will join the Beond fleet in late 2023 and early 2024. Upon the arrival of Beond’s first aircraft, SIMDI Group expressed their satisfaction at being part of unveiling the world’s first premium leisure airline. SIMDI has played a significant role in shaping the Maldivian tourism industry for over two decades, introducing some of the first luxury resorts in the nation. Their vision is to showcase the Maldives to the world in a distinctive manner. Beond is actively establishing a positive presence in the Maldives. Before commencing its services, the airline has already employed over 75 individuals in the Maldives and plans to hire approximately 1,600 pilots and cabin crew members for its operations in the country. Additionally, Beond expects to contribute to creating around 1,300 jobs, both directly and indirectly, within the Maldives’ tourism industry over the next five years. As part of its commitment to being a responsible corporate entity in the Maldives, Beond will dedicate the next six months to developing community-focused initiatives in healthcare, education and promoting equal opportunities.

Tourism & Aviation

Comprehensive Development of Velana International Airport Bolstered by UAE and Saudi Investments Maldives The Velana International Airport (VIA) in the Maldives is poised for a major transformation, thanks to significant financial contributions from both the United Arab Emirates (UAE) and Saudi Arabia. This influx of funds marks a new chapter in the Maldives’ aviation sector, aimed at expanding its tourism capabilities and enhancing its global connectivity. The UAE government has recently pledged MVR 1.2 billion towards the VIA development project, as announced by Mohamed Firuzul, spokesperson for President-elect Dr. Mohamed Muizzu. This commitment from the UAE, facilitated through the Abu Dhabi Fund for Development (ADFD), is in response to a formal request from Dr. Muizzu, who has made the completion of the VIA project a top priority for his administration. The UAE’s funding, equivalent to USD 80 million, ensures the financial stability needed to finalize the airport project, which is vital for boosting the upcoming tourism season. In addition to the UAE’s support, Saudi Arabia has played a pivotal role in the VIA’s development. The Saudi Fund has provided an additional USD100 million for the airport’s

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completion, bringing its total contribution to USD200 million. This funding, along with previous investments from the Saudi Bin Laden Group and other international donors, including the Kuwait Fund, OPEC Fund, and Abu Dhabi, brings the total investment in the VIA project to significant levels. The new terminal at VIA, originally commissioned by the former Yameen government and awarded to the Saudi Bin Laden Group, is a cornerstone of this development. Valued at approximately MVR 5.3 billion, the project aims to increase the airport’s annual passenger capacity to 7 million arrivals, a substantial increase from the current capacity of 1.5 million. The terminal spans 78,000 square meters and is designed to cater to the growing demand in the Maldives’ thriving tourism sector. Despite facing delays due to the COVID-19 pandemic and other factors, the project is now back on track, thanks to these international collaborations. Dr. Muizzu has emphasized the urgency of completing the airport development in time for the next peak tourism season, highlighting its importance in facilitating larger passenger aircraft and broadening tourism opportunities throughout the Maldives. These developments signal a new era of growth and connectivity for the Maldives, with the expanded VIA serving as a hub for international travel and a gateway to the country’s picturesque islands. The combined efforts of the UAE and Saudi Arabia not only underscore the strong bilateral ties with the Maldives but also reflect a shared vision for regional development and prosperity.

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Tourism & Aviation

Government Establishes Tourism Development Council Chaired by the President The President has announced the creation of a special council within the Cabinet focused on promoting tourism. President Dr. Mohamed Muizzu will lead this council, consisting of 22 members from the Council of Ministers. This decision was reached during the inaugural cabinet meeting of the new government. The Minister’s Council convened its initial meeting to discuss tasks related to the commencement of the government’s operations, focusing on the initiatives outlined in the new government’s ‘Week 14’ roadmap. During the meeting, the Cabinet established three councils: the Social Council, the Economic Council, and a new addition, the Visitor Economy Council. The Visitor Economy Council aims to strengthen the tourism sector’s functioning and was formed under the decision of Mohamed Muizzu. Under Secretary for Public Policy at the President’s

Office, Mohamed Firzul, announced at the first press conference that President Dr Mohamed Muizzu would directly chair the Visitor Economy Council. Firzul stated that the council aims to promote tourism by introducing new approaches. “The primary focus will be on the revitalisation of the tourism sector,” he said. Firzul highlighted the historical emphasis on leisure and holiday destinations in Maldives tourism and the president’s vision to expand its scope to areas like health, education, and transportation tourism. In conjunction with the dissolution of the Tourism Council, the Social Council and the Economic Council have also been disbanded. Vice President Hussain Mohamed Latheef will now oversee the Social Council, while the Economic Council will be led by Minister for Economic Development and Trade Mohamed Saeed.

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Tourism & Aviation

on environmental wellbeing. Amit Majumder & Zamani Islands Dmitry Bourtov, Founders and Curators of Atoll Estates, express their vision: “Zamani Islands is Opening in 2026 to our commitment to crafting sustainable luxury, embracing thoughtful design, and prioritising Mark a Paradigm the well-being of our guests and team. With a Shift as the First Fully nod to diversity and a sincere desire to expand the market, we aim to create a destination where Integrated Resort in genuine care and innovation converge, offering an experience that resonates with the mind, the the Maldives heart, and the conscience.”

Atoll Estates has revealed the ambitious Zamani Islands, the first fully Integrated Resort in the Maldives, spanning eight islands in an expansive lagoon in the tranquil part of South Male Atoll. The project, slated for completion in 2026, introduces three distinct resorts, each offering a unique and unparalleled experience, promising to revolutionise the hospitality landscape in the country. The innovative ethos embedded within Zamani Islands transcends conventional paradigms, promising a hospitality experience that seamlessly intertwines luxury with an emphasis

Three Resorts, One Vision Zamani Islands stands as the Maldives’ premier fully Integrated Resort, boasting three distinct resorts: an Uber Luxury Resort, an Experiential Luxury Resort, and a Modern Lifestyle Resort. With a collective offering of 475 keys and the Maldives’ first super yacht Marina housing 120 berths, this visionary project caters to diverse tastes and preferences, embodying a holistic approach to hospitality. The Experiential Luxury Resort is projected to open in March 2026, the Uber Luxury Resort in October 2026, and the Modern Lifestyle Resort in March 2027.

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Uber Luxury Resort This resort features 74 exquisite villas, including two and one-bedroom options, four to eightbedroom Mansions & Private Estates, and an exclusive eight-bedroom private island. Out of these, the 15 Private Estates and Mansions offer ownership opportunities and include a superyacht berth at the Marina. Designed for relaxation and holistic wellness, the resort features spacious private living spaces and diverse wellness offerings. The expansive Medical Wellness facility, managed by a renowned global brand, sits within the resort’s farms and orchards and hosts a farm-to-table restaurant. Dedicated wellness villas offer long-term stays with specialised programs and therapies. The Private Island is ideal for larger groups seeking the utmost privacy, featuring comprehensive amenities.

Experiential Luxury Resort Designed for those seeking vibrant experiences, this resort features 199 villas with a dynamic atmosphere filled with activities, culinary adventures, and wellness options. The resort is set to host impromptu and scheduled events, fostering a social ambience yet providing tranquil spaces for those seeking solitude. With music and art as core elements, the resort offers multiple unique dining experiences, emphasising F&B. Fitness enthusiasts can enjoy a wellness centre, an overwater fitness studio, various outdoor fitness areas, and numerous sports activities. Families will appreciate the well-appointed kids’ club, while ‘The Reserve,’ an exclusive adult-only island, houses the Beach Club, a themed restaurant, and a wedding pavilion.

Modern Lifestyle Resort This all-suite resort harmonises with the Marina, operating independently yet symbiotically. It offers 201 keys (197 one-bedroom suites, three two-bedroom suites, and a three-bedroom suite), featuring diverse F&B, entertainment, and retail experiences. Public spaces, retail, entertainment, and a beach club are accessible to non-residents, enhancing its inclusive allure.

Tourism & Aviation

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Tourism & Aviation

A Culinary Voyage Across 28 Venues The Integrated Tourist Resort promises a culinary voyage across 28 unique food and beverage venues, each offering a distinctive experience. From Japanese Kaiseki to Maldivian beachfront dining, the venues preserve the genuine essence of their culinary origins. Noteworthy venues include a private dining tower, an iconic underwater fine dining restaurant, and a wellness-focused farm-to-fork establishment.

Sustainability at the Core Zamani Islands places sustainability at its core, aiming to become the Maldives’ first 100% renewable energy-powered property, prioritising sustainability through BIPV (Building Integrated Photo-Voltaic) and highly energy-efficient buildings. The project emphasises sustainable materials, Agri-Photovoltaics, and indoor farming for food production. With a comprehensive waste strategy, including responsible packaging and recycling, the development aims for zero waste, employing innovative upcycling methods and offering waste management support to neighbouring resorts and local communities.

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Tourism & Aviation People

Transport & Construction

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Finance Ministry Projects Strong Recovery for Maldives Construction Sector The Ministry of Finance has reported that the construction industry in the Maldives is projected to experience significant growth over the next three years. While the construction sector has been one of the fastest-growing industries in the Maldives, the COVID-19 pandemic had a notable impact on its performance. In 2022, the industry was expected to achieve a growth rate of 23.3%, but it only managed to grow by 11.8%. This slowdown was primarily attributed to a decrease in growth during the last quarter of the year. The global trade in building materials and construction work also faced challenges towards the end of 2022. However, there is optimism for the construction industry in the Maldives in 2023, with growth estimates revised from 8.1% to 9.5%. This positive adjustment is attributed to the global market’s progress in overcoming supply chain challenges.

In the Fiscal Strategy Report for 2024-2026, the Ministry of Finance has outlined expectations of sustained growth in the construction industry. The average annual growth rate is forecasted to be 7.7% over the next three years. This growth is anticipated due to government infrastructure projects, private-sector residential initiatives, and developments in the tourism sector. Furthermore, the report has updated the Gross Domestic Product (GDP) growth projections for 2023, increasing it from 7.6% to 9.4%. In the medium term, the Ministry has adjusted the estimated annual economic growth rate from 6.3% to 6.8%. This adjustment is primarily attributed to the expected completion of the Velana International Airport (VIA) development project in 2025, along with other airport projects, which are anticipated to stimulate tourism and various other sectors.

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Transport & Construction

Addu City Signs USD 350 Million Cruise and Marina Development Project The Addu City Council has signed with International Chain Maldives Private Limited (ICMPL) to lease land for the development and operation of a Cruise Terminal and Yacht Marina in Addu City, Feydhoo. This arrangement facilitates the development and operation of a Cruise Terminal and Yacht Marina alongside constructing a 150-room tourist hotel. As part of the land-use plan for Addu, a designated area near the causeway connecting Gan and Feydhoo has been allocated for the yacht marina. Alongside these developments, the site of the former football ground in Feydhoo will house the 150-room tourist hotel. Addu City’s Mayor, Ali Nizar, shared that the project is scheduled for completion within two years, with an estimated cost of USD 350 million.

He highlighted the expected economic benefits that the project will bring to Addu. Concurrently, the Gan International Airport (GIA) Development Project is underway, aiming to enhance tourism in Addu and the southernmost atolls. This project encompasses the expansion of the GIA passenger terminal to accommodate 1.5 million passengers, as well as the construction of a new domestic airport, control tower, and fire station. It also includes upgrades to the existing airport, duty-free shops, and restaurants. The entire project is set to be completed within the next two years to establish a central hub connecting the southern atolls with global destinations.

Transport & Construction

Newly Formed Ministry of Construction and Infrastructure to Propel Maldives’ Construction Sector The Maldives government, under President Mohamed Muizzu, has embarked on a transformative phase with the establishment of the Ministry of Construction and Infrastructure, a pivotal move to accelerate the development of the nation’s construction sector. This significant step comes as a response to the industry’s challenges and its potential as the secondlargest contributor to the economy.

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planning, and the formulation of development projects under the National Development Plan. In terms of regulatory functions, the ministry will focus on policy formulation for sustainable sector growth, legislative implementation, and quality assurance for service providers. Furthermore, it will play a key role in industry research, keeping abreast of sector changes, and informing relevant authorities. The establishment of this ministry is a direct response to the numerous challenges highlighted during an event hosted by the Maldives National Association of Construction Industry (MNACI). Business leaders and industry experts had raised concerns about the reduction in foreign exchange inflow, outstanding payments, diminishing trust among suppliers, and potential business closures. They emphasized the need for a dedicated entity to address these issues and provide targeted support to the sector.

Previously managed under the umbrella of the Ministry of National Planning, Housing, and Infrastructure, the newly formed ministry is a testament to the government’s dedication to this vital sector. Dr. Abdullah Muthalib has been appointed to lead this ministry, signifying a strategic shift in how the construction sector is perceived and managed.

By separating the construction industry from other sectors and creating a dedicated ministry, the government aims to give focused attention to the sector, thereby enhancing its development. This move is also expected to facilitate securing foreign assistance and increasing the trust among stakeholders.

The Ministry of Construction and Infrastructure is tasked with a variety of roles essential for the sector’s advancement. It is responsible for developing standards and procedures for government office projects, ensuring quality assurance in infrastructure projects, and overseeing tender processes. Additionally, the ministry will engage in pricing evaluation, project

The Ministry of Construction and Infrastructure not only represents a structural change in the government but also signals a renewed commitment to revitalizing a crucial sector of the Maldives’ economy. Its establishment is a strategic step towards overcoming past challenges and positioning the construction industry as a key driver of economic growth and development in the Maldives.

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Transport & Construction

Transport Ministry Implements Changes to Enhance Quality of Maldives Vessel Construction The Ministry of Transport and Civil Aviation has announced key changes to improve the standard of marine vessels constructed in the Maldives. Effective May 12, 2023 the ministry mandates that vessels exceeding 18 meters must be constructed according to a design provided by an authorised naval architect. The submitted comprehensive drawings and additional details concerning the vessel require approval from the ministry. To facilitate the implementation of regulations on vessel construction, the ministry has published the syllabus for the Carpenter Training Course, Boat Building and Boat Repair Inspectors Course, and Naval Architect Refresher Course on its official website. Interested institutes may submit applications after meeting specified requirements.

Starting February 12, 2023 the ministry will initiate the registration of carpenters to ensure adherence to vessel construction regulations in the Maldives. Unregistered individuals are urged to complete the required course before November 12 next year. After this date, all vessels constructed in the Maldives must be registered with the ministry and supervised by a certified carpenter who has completed the training course. The ministry’s response to a recent fishing vessel capsising highlights a noticeable upward trend in such incidents. Concerns have been raised about the absence of specific regulations in vessel construction, with some attributing accidents to the lack of established guidelines.

People

Rajesh Mehta Chief Business Officer of Ooredoo Maldives

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In this interview, Rajesh Mehta, Chief Business Officer of Ooredoo Maldives, reflects on his 25 years in telecommunications, detailing Ooredoo’s evolution into a digital transformation leader. He highlights the company’s strategic initiatives, like the Digital Resorts portfolio, and discusses their commitment to enhancing business connectivity, cybersecurity, and overall digital innovation in the Maldives. Mehta also shares Ooredoo’s future vision for fostering local business growth and development.

Can you share some key milestones and experiences from your career journey that have shaped your approach to leading Ooredoo Maldives’ enterprise solutions and services that drive digital transformation among the business sector in the Maldives? I’ve been working in the telecommunications industry for the last 25 years. My experience spans various geographies, cultures, and technologies, having had exposure to more than 25 markets worldwide. Throughout this time the telecommunications industry has evolved from being primarily about mobile service providers to integrated telecom solution providers and, now, digital service providers. What I have learned and observed is that if we want to stay relevant for our business clients, we need to foresee their needs and offer solutions that bridge the gap. Early in my career, I recognised the importance of strategic partnerships. I led efforts to establish collaborations with global technology providers, fostering innovation and ensuring that our enterprise solutions were at the forefront of technological advancements. This, along with excellence in network connectivity, laid the foundation for delivering seamless digital solutions to our enterprise clients.

People

Embracing emerging technologies such as IoT, cloud computing, ICT Infrastructure, and Data Centers became cornerstones of our strategy. Our Digital Resorts portfolio is a prime example of this. These allow Ooredoo Business Maldives to offer cutting-edge solutions that not only meet current demands but also position our enterprise clients for future growth and adaptability.

What are some of the key successful digital initiatives and technologies that Ooredoo Maldives has introduced to enhance digitalisation for businesses? How have these initiatives transformed the landscape for businesses across the nation? Ooredoo Business has been at the forefront of the rapidly evolving digital landscape, seamlessly integrating digital, ICT, and telecommunications to redefine our approach in close collaboration with our customers. In the dynamic hospitality sector, our commitment to helping our clients enhance the guest experience is epitomised through our “digitalisation for resorts” initiative. Introducing the concept of a “digital resort,” our comprehensive digital hub that efficiently manages switch and GPON networks, providing a tailored digital infrastructure from guest arrival to departure. The evolution continues with our groundbreaking “serverless resorts” concept, where resorts can now rely on a centralised IT infrastructure from our cutting-edge data center. Our digital entertainment services, like IPTV elevate the entertainment experience, ensuring guests stay connected throughout their stay. This not only simplifies operations for resorts but also signifies our dedication to transforming the digital landscape across the nation, providing a secure, efficient, and transformative digital solution that seamlessly integrates with the entire guest lifecycle.

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In every organisation the most critical resource is its people. Recognising the pivotal role of employees, our “digital HR” services streamline internal processes. Our hosted infrastructure model, offering shared yet secure resources, ensures adaptability across diverse business segments, creating a unified experience. This addresses the unique needs of various industries, such as banking, retail and hospitality. In essence, Ooredoo’s initiatives showcase a paradigm shift in how businesses operate in the digital age. We are continuously evolving, offering cutting-edge solutions that cater to the unique demands of diverse industries. The digital umbrella under which we operate exemplifies our dedication to providing secure, efficient, and transformative digital solutions that benefit businesses across the Maldives.

Connectivity is vital for businesses today. What are some of the key investments of Ooredoo Maldives to ensure seamless connectivity and empower businesses to stay updated with the technological advancements the digital world offers? In Today’s world, the significance of connectivity cannot be overstated. It stands as a cornerstone for modern businesses, influencing our everyday interactions, the functionality of our devices, and the overall strength of our communication networks. The proliferation of network towers is a visible testament to the foundation of this connectivity. Recognising the interdependence of connectivity and Information and Communication Technology (ICT) services, Ooredoo Maldives has made strategic investments to ensure seamless connectivity, enabling businesses to stay abreast of technological advancements in the dynamic digital world. We have prioritised the resilience and robustness of our network, especially in managing the escalating volume of data and voice traffic. Ooredoo has undertaken substantial investments in multiple international cables to achieve lower latencies for traffic, ensuring faster and more efficient connectivity. This is particularly crucial in the face of ever-expanding data and voice

Corporate Maldives | February 24

traffic propelled by the rapid evolution of social media and device ecosystems. The swift and reliable connectivity we provide is integral to the efficiency and productivity of businesses, ensuring that they can seamlessly harness the potential of the digital realm.

How do Ooredoo’s solutions connect and facilitate collaboration among remote work and virtual platforms, and what benefits can businesses expect from adopting these technologies? Viewed through the lens of Ooredoo’s commitment to facilitating efficient connections, collaboration tools have been introduced to expedite communication between businesses and customers. A notable example is the Hosted Telephone Services tailored for the SME segment, encompassing small and medium enterprises, as well as the guest house sector. This innovation entails a shared infrastructure for hosted voice services, signifying the direction in which Ooredoo is investing to develop the hosted infrastructure in the country. In the banking sector, Ooredoo takes strides in deploying call center solutions, actively participating in multiple deployments across the nation. By prioritising cost optimisation, we enable customers to swiftly embrace these hosted services, ensuring the most reliable service at an economical cost.

How is the Tier 3 Ready Data Center in Hulhumale’ helping local and regional businesses enhance their operations, data security, and disaster recovery capabilities? As I mentioned, In the evolving digital landscape, an enormous volume of data, measured in terabytes, traverses through the network. This data serves as the foundation for various forms of communication, whether it be the interaction between applications, individuals communicating through social media, or multifaceted professional exchanges on platforms like Teams or Zoom.

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The recently launched data center plays a pivotal role in empowering companies to host their applications. Businesses can leverage this data center through various service models, including co-location services, infrastructure as a service, or managed services. Ooredoo’s investment in this state-of-the-art facility aligns with the latest technologies, ensuring enhanced uptimes and rapid access to applications hosted within the data center. Notably, it stands as a Tier 3 compliant data center, catering to a diverse range of businesses, including those in the resort, government, corporate, and SME segments. The facility is strategically positioned to foster the adoption of new technologies and innovative work practices. Its benefits extend not only to local businesses but also to global and regional customers operating from different countries.

How does Ooredoo address and prioritise cybersecurity within its business solutions to protect customer data and infrastructure? Navigating the intricacies of cybersecurity requires a multifaceted approach. Critical thinking, adaptation of robust cybersecurity policies, and the demonstration of ethical behaviour are paramount considerations. As the landscape evolves, with data increasingly residing in cloud environments or external data centers beyond immediate business control, the challenge lies in implementing effective layered security measures. At Ooredoo, we recognise the complexity of these challenges. While investing in cutting-edge technologies such as data centers, we are equally committed to fortifying the security aspect of our business. When businesses choose to host their services with Ooredoo, we institute a robust security layer through our security operations center. This ensures that our clients have secure and reliable access to their data, addressing the imperative of safeguarding sensitive information. Notably, our recent introduction of “backup as a service” underscores our dedication to providing corporations with secure means to back up their data. This offering emphasises security as a fundamental component, assuring that backed-

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up data remains fully secure and accessible only to authorised individuals. We engage in a consultative approach with our customers, effectively addressing security and cybersecurity threats, aligning their operations with the protection offered by new technologies.

What is Ooredoo Maldives’ vision for the future, and how do you plan to continue supporting the growth and development of local businesses? Since our pioneering initiation with 2G services, Ooredoo has been at the forefront, driving the telecommunications and digital landscape of the Maldives. The substantial role played is evident not only through the deployment of 5G but also through landmark initiatives like the introduction of data centre services and creating products to suit the unique needs of the economy within the country. Ooredoo consistently positions itself as a pioneer, driving the adoption of new technologies and ensuring that the Maldives remains at the forefront of telecommunications innovation and digital transformation. As we forge ahead, Ooredoo actively engages in codevelopment to create solutions finely tuned to the unique demands of the Maldivian landscape. The successful launch of next-generation services depends on market readiness and seamless collaboration with a carefully prepared vendor ecosystem, both of which Ooredoo actively cultivates. In essence, Ooredoo’s vision for the future is not just a vision but an impactful reality intricately woven into the dynamic growth of the telecommunications landscape in the Maldives. It is characterised by a relentless commitment to continuous innovation, the strategic forging of partnerships, and an unwavering dedication to not just supporting but steering the growth and development of local businesses through cutting-edge technological solutions.

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Ali Fauzy Co-Founder & MD of Steel Hardware

Corporate Maldives | February 24

Ali Fauzy, the Co-Founder and Managing Director of Steel Hardware, has been instrumental in steering the company since its inception in 2005. Beginning with a modest retail outlet in the heart of Male’, Steel Hardware has grown exponentially, expanding both its stores and the range of products and services offered. Our team sat down to have a chat with Fauzy to gain insights about his experience juggling the role of the Honorary Consul while fulfilling his responsibilities as the Managing Director of Steel Hardware.

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As the Managing Director of Steel Hardware, what challenges have you faced in the industry, and how has the company adapted to overcome them? Initially, our primary hurdle was securing the necessary funds to get the company off the ground. We are immensely grateful to our partners and the banking institutions that placed their trust in us, providing the ﬁnancial support we needed to overcome these initial obstacles.

Could you share the story of your journey in co-founding Steel Hardware? What drove you to take this entrepreneurial step?

The geographical constraints of the Maldives, particularly in the capital city, Male’, proved to be a significant challenge, especially at the beginning, in terms of warehousing and logistics. We were, and still are, contending with poor manoeuvrability as a result of severe vehicular congestion, with a scarcity of available land space for warehousing. Nonetheless, our team stood firm and dedicated, gradually expanding our storage facilities and delivery fleets over the years to counter the increasing demand for materials. This is an ongoing challenge, and we remain committed to ensuring that we retain the same momentum in service.

The company was founded in 2005, together with my siblings, starting from the very beginning. We each brought our unique skillset to the table, working together to bring our vision to life.

Additionally, forming a skilled and capable workforce with the speciﬁc talents required has proven to be an ongoing challenge, one that we continue to grapple with even to this day.

For instance, I possess expertise in logistics and supply management for projects. At the time, I identified gaps and shortcomings in material solutions available in the market. Drawing on my experience, I decided to address these issues by serving the growing markets, specifically the burgeoning tourism and construction sectors. This is what motivated me to start my entrepreneurial journey.

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Corporate Maldives | February 24

How do you balance your role as the Honorary Consul of the Russian Federation in Maldives and the pressing demands of being the MD of Steel Hardware?

Steel Hardware has a significant presence in the market. Are there any key milestones or achievements that stand out for you?

I wish to express my gratitude, ﬁrstly, to the Russian Government, His Excellency Levan, the Russian Ambassador, and Mr. Lavrov, the Russian Foreign Minister, for appointing me as the Honorary Consul. This appointment has provided me with the opportunity to assist Russian citizens in the Maldives, and I take pride in supporting them with their affairs here.

Securing the South Asian Business Excellence award marked a notable accomplishment, garnering positive recognition for the company and subsequently increasing exposure for our clientele. The receipt of the Gold 100 award in 2022 also stood as a source of pride for both me and the entire company.

Furthermore, I have been fortunate to have a reliable team by my side, comprising both my brothers and a dedicated professional workforce. They have consistently supported me and the company in various aspects, and I am grateful for their continued assistance over the years. This support has helped me balance both roles in consular work and business.

Looking back at your journey, is there something you wish you had known before embarking on the path of entrepreneurship and diplomacy?

With the business landscape constantly changing, what is the vision for Steel Hardware in the next ﬁve years? I aspire to gain recognition as the premier employer brand equipped with advanced technology to cater to the younger generation. Ongoing research is diligently conducted towards achieving this goal, and I am conﬁdent that we will successfully invite our youth to fully unleash their potential. Additionally, I aim to establish myself as the foremost material solution provider in the country, aligning with the demands of our expanding economy. The ultimate goal, as I envision, is to become the leading contributor for the economic and infrastructural development in Maldives.

Taking on the diplomatic role has been a new and unplanned experience. Nonetheless, I am content to assume the responsibility and aim to broaden my experience in this capacity. Looking back on my journey at Steel Hardware, I recognise potential areas for improvement, particularly in implementing environmentally friendly strategies and reﬁning human resources policies. Furthermore, I believe we could have reached even greater heights had we invested more in technological development and acclimatisation during the early stages of our inception, which could have enabled us to surpass our current achievements quicker and more efficiently. I am currently developing initiatives in these aspects to enhance our overall service to customers.

Corporate Maldives | February 24

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RJ Reddy CEO of Jalboot Marine Services

Corporate Maldives | February 24

RJ Reddy is the Chief Executive Officer (CEO) of Jalboot Marine Services Pvt Ltd, a notable figure in the Maldives’ marine services industry. We had the opportunity to sit down with RJ Reddy, where he shared key highlights of his extensive career journey and outlined his strategic vision for the company’s growth and prominence in the Maldives’ marine sector.

Can you describe your journey leading up to your appointment as the CEO of Jalboot and what specifically attracted you to this position? I began my career in shipping agencies over two decades ago in Muscat, starting with a shipping agency. I’ve had a diverse journey, gaining experience in various cross-functional areas such as operations, marketing, and business development within the shipping and marine industry. This journey included immersion in various key shipping markets, including Oman, the UAE and India. In 2016, I managed a large fleet of highspeed catamarans while leading operations in a state-owned company in Oman. This experience led to my involvement with Jalboot, where I held multiple senior positions, the last being COO/General Manager – Operations & Commercial at National Ferries Company LLC in Oman, overseeing a leading fleet of large high-speed ferries and catamarans. My academic background, including an MBA with

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a specialisation in Operations & Marketing, has played a significant role in shaping my growth and leadership skills. I have been associated with Jalboot since 2016, initially working for a company that partnered with Jalboot to showcase highspeed catamarans and ferries, promote best practices, build on the maritime legacy, and provide training for seafarers between the UAE and Oman. Together, both companies explored a triangular high-speed ferry service between the UAE, Qatar, and Bahrain.

Given Jalboot’s pioneering status in the Maldives marine sector, how do you envision your international experience further enhancing this leading position? My goal is to consolidate Jalboot’s position and scale the business to be a Total Maritime Transport Solutions Provider. This will include expanding our footprint in the Maldives and adding to the array of services we currently offer, which include water transport (for guests, staff and visitors), water sports and marina management. This will also allow us to diversify our revenue base. As a natural extension of our business, we will also look to diversify into other marine sectors, offering a ‘one-stop-shop’ value proposition to our partners and clients. In upholding our guiding principles, we will create a win/win value proposition for our clients, our employees, and our shareholders and stakeholders in the Maldives. Given our ambitions to grow the business significantly, we will explore opportunities in the new and near markets as part of the second phase of our strategy.

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How do you plan to preserve and elevate the quality of Jalboot’s diverse range of services? One of the things Jalboot is known for here is the quality. Our emphasis will remain firmly on quality; this will be at the forefront of all our service offerings, and this will allow us to continue to operate to the highest international safety standards. We will look to strengthen our quality assurance team further, ensuring our business is governed and operated through robust standard operating procedures and international best practices. Another aspect that makes Jalboot unique is that we offer customised solutions tailored to meet the requirements of our clients in all our service offerings, be it luxury, semi-luxury or standard speed boats. In other words, our customised services are 100% aligned with our customers’ brand, taste and style.

With Jalboot’s strong affiliation to the UAE via Jalboot Holdings LLC, how do you see this relationship strengthening and evolving during your tenure? I see this relationship strengthening further in the near future and beyond, with greater investment and expansion within the Maldives and in new and nearby markets. Stronger government-to-government ties between the Maldives and the UAE augurs well for Jalboot and the business environment generally. As far as the Maldives is concerned, we certainly see growing our business and creating employment opportunities for the Maldivian community as an in-country value-add, both of which will contribute to the local economy and tourism industry.

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Considering the goals set for Jalboot, what key milestones and strategies do you have in mind for the company’s imminent future? While deepening our footprint, we will look to position Jalboot as the leading provider of water transport and water sports in the Maldives. Last year, Jalboot won the Best Guests Transfer award at the Maldives Boating Awards, and we will look to build on this success to become a Total Maritime Transport Solutions Provider offering unrivalled high-quality services, and a state-of-the-art fleet including monohulls, catamarans, luxury yachts among other vessels. Business diversification is one of our key strategic priorities so we can grow the business sustainably in the near future and continue to strengthen our existing business operations.

As the marine industry undergoes rapid changes, how will you ensure that Jalboot adapts and continues to set trends in marine services within the Maldives? Jalboot has been a pioneer in showcasing the capabilities of high-speed ferries in Maldivian waters. With our in-house design capabilities, we remain committed to offering a state-of-theart fleet, as well as sustainable and innovative solutions, to our clients and the market. Spot charters, which cater to the demands of our existing and prospective customers, will continue to be a key focus, particularly during the peak season. Jalboot offers a range of luxury and semi-luxury vessels, and we will continue to develop this offering. Customers requiring oneoff/spot charters can approach our Operations or Sales & Marketing teams for bookings and offers.

Corporate Maldives | February 24

Human Resources

Maldives Implements Changes to Work Permit Application Procedure The “Regulation on Employment of Expatriate Workers” has introduced significant changes to employing expatriate workers in the Maldives. This new regulation has replaced the previous “Regulation on Employment of Expatriate Workers” and impacts the work permit application process. Under the new and the old regulations, foreign employment in the Maldives requires obtaining a work permit from the Ministry of Economic Development and a work visa from the Maldives Immigration. This requirement remains consistent and is intended to ensure compliance with the law.

The new regulation places the responsibility of handling work permit and work visa applications on employers or their chosen representatives. This shift is aimed at simplifying and improving the application process. According to the new regulation, employers must now submit work permit applications and related requests through the Ministry’s online platform, the “Xpat System.” Employers are also allowed to designate representatives to submit applications on their behalf.

Corporate Maldives | February 24

Human Resources

The “Regulation on Employment of Expatriate Workers” represents a significant change in how foreign labour is managed in the Maldives. The government aims to facilitate foreign employment while maintaining regulatory compliance and transparency by simplifying the application process for work permits and visas. This change affects employers and expatriate workers in the Maldives, promising a more efficient and wellregulated system for all parties involved.

The regulation specifies the following eligible representatives for employers:

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A Maldivian employee of the employer.

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A licensed employment agency with a Category A or Category B Licence.

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An individual representative appointed by an individual employer.

These changes allow employers to choose their representatives and align with the government’s objectives to accommodate various employment needs. The new regulation also introduces two access levels for entities and their representatives in the Xpat System:

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View User: These users can monitor work permit applications submitted through the Xpat System. They play a supervisory role in overseeing the application process.

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Active User: Active users are authorised to submit work permit applications, streamlining the application process and expediting work permit issuance.

Individuals seeking active user status on the Xpat System must obtain a license from the Ministry after completing a “Certificate of Employment Intermediary Course.” The timing of the course rollout by the Ministry remains uncertain. The “Regulation on Employment of Expatriate Workers” represents a significant change in how foreign labour is managed in the Maldives. The government aims to facilitate foreign employment while maintaining regulatory compliance and transparency by simplifying the application process for work permits and visas. This change affects employers and expatriate workers in the Maldives, promising a more efficient and well-regulated system for all parties involved.

Banking & Finance

Corporate Maldives | February 24

BML Introduces New Card Designs, Printed on Recycled Material Bank of Maldives has introduced its new range of cards, featuring designs inspired by the natural beauty of the Maldives and produced with recycled materials. Bank of Maldives CEO and Managing Director Karl Stumke stated, “Featuring the unique, natural beauty of the Maldives is an opportunity for the Bank to help instil a sense of responsibility amongst our customers to protect the country’s beautiful yet fragile ecosystem for future generations. The new cards are also produced with recycled plastic, enforcing our commitment towards ensuring sustainability in our business

practices. Not only are our cards great to look at, but they really are good for the planet too.” The photographs used in the new cards were captured by local photographers and feature a range of images that were inspired by the islands, from the spectacular ripples of bioluminescence to the intricate patterns of the coral. The new designs were introduced for the Bank’s Debit and Credit card range for Visa and Mastercard, and the Bank has started the rolling out of new cards with its Visa Credit Gold card.

Corporate Maldives | February 24

Banking & Finance

Corporate Maldives | February 24

Official Reserves Expected to Stabilise at USD 605 Million by 2024 The Finance Ministry has confirmed that the official reserves are expected to remain at USD 605 million by 2024. This announcement follows the presentation of the 2024 budget in Parliament, which outlines changes in the country’s financial situation.

compared to 2022. This reduction is linked to a rise in revenue collections in the sector in December of the previous year due to higher Tourism Goods and Services Tax (TGST) rates introduced at the beginning of that year, according to the budget’s analysis.

As per the budget, the official reserves are projected to decrease from USD 832.1 million at the end of 2022 to USD 618.4 million by the close of 2023. This decline is attributed to increased costs associated with crude oil imports, influenced by rising global oil prices.

In 2022, the tourism sector generated revenue of USD 4.49 billion. However, this is expected to decrease to approximately USD 4.19 billion by 2023, with an estimated recovery of USD 4.6 billion in 2024.

The official reserves are estimated to recover slightly, reaching USD 605.7 million by the conclusion of 2024. These figures are based on data from the Maldives Monetary Authority (MMA) as of October 26, 2023. The budget report also highlights the current account deficit, expected to be USD 1 billion, equivalent to 16.3 per cent of the Gross Domestic Product (GDP) in 2022. This deficit is predicted to increase to USD 1.5 billion by 2023, maintaining a similar percentage of GDP. By 2024, the projection indicates a further increase to USD 1.39 billion, representing 18.8 per cent of the GDP. The decrease in the current account deficit in 2023 is primarily attributed to a reduction in projected revenue from the tourism sector

Additionally, the budget anticipates an increase in the cost of services from abroad, expected to rise from USD 1.63 billion in 2023 to USD 1.67 billion in 2024. Based on data related to imports and exports, the value of goods imported in 2022 amounted to USD 3.31 billion. This figure is projected to reach USD 3.37 billion by 2023, marking a 1.9 per cent increase compared to 2022. Importing goods in 2024 is forecasted to reach USD 3.54 billion, although the budget suggests this figure might be slightly lower than initially expected for that year. These financial projections have been presented in light of various economic factors influencing the Maldives’ fiscal situation.

Corporate Maldives | February 24

Ayady Takaful Secures Coveted Gold Award at IFFSA Ceremony Ayady Takaful, the Islamic branch of Allied Insurance Company, received the Gold Award for ‘Takaful Window/Unit of the Year’ at the IFFSA Awards held on October 26, 2023. This marks the

Banking & Finance

fifth time that Ayady Takaful has received this award. The IFFSA Awards, organised by Edu Consultants in Sri Lanka, is an annual event that acknowledges contributions to expanding the Islamic finance sector in the South Asian region. In previous editions of the IFFSA Awards, Ayady Takaful received recognition for ‘Innovative Product of the Year’ in 2017 for ‘Hajj and Umrah Takaful’ and a Silver Award in 2021 for ‘Our Shelter.’ The company also received awards in 2018, 2019, 2020, 2021, and 2022.

Banking & Finance

Corporate Maldives | February 24

Projected Income and Expenditure Breakdown for 2024

Corporate Maldives | February 24

The Finance Ministry has outlined its budget projections for the upcoming year, shedding light on the anticipated income and expenditure for 2024.

Income Projections In 2024, the Maldives foresees an increase in income from MVR 32.5 billion in 2023 to MVR 33.5 billion. This could attributed to Tax Revenue, accounting for 76% and is estimated at MVR 25.6 billion. Non-tax sources will significantly contribute 20%, totalling MVR 6.7 billion. Aid is expected to make up 4% of the projected income, with MVR 1.3 billion designated for this purpose.

Main Income Source Projection The Maldivian economy relies heavily on the tourism sector, with key income sources, including Tourism Goods and Service Tax (TGST), projected to contribute MVR 9 billion, making it the primary income generator. Business and Property Tax is expected to add MVR 5.5 billion to the income, while General Goods and Service Tax anticipates an income of MVR 4.7 billion. Import

Banking & Finance

Duty is estimated to bring in MVR 4 billion, and income from Resort Rent is projected at MVR 2 billion.

Expenditure Projections In 2024, the Maldivian government has budgeted MVR 49.6 billion, a slight increase from the previous year’s MVR 49.4 billion. The allocation breakdown for 2024 is notable for its strategic resource distribution, with 70% of the budget, equivalent to MVR 34.8 billion, earmarked for recurrent expenses. A significant portion, 17% of the budget, or MVR 8.7 billion, is allocated to the Public Sector Investment Programme (PSIP), underlining a commitment to infrastructure and development. Additionally, 12% of the budget, equivalent to MVR 6.1 billion, is set aside for other capital expenditures. These allocations provide insights into the government’s fiscal priorities for the forthcoming year. The upcoming year will witness continued reliance on the tourism sector while investing in infrastructure and development. These financial decisions are poised to shape the economic landscape of the Maldives in the near future.

Technology & Innovation

Corporate Maldives | February 24

Ooredoo Maldives and Mastercard Form Strategic Partnership to Enhance Tourist Connectivity

Corporate Maldives | February 24

Technology & Innovation

“At Ooredoo Maldives, we are committed to enhancing our customers’ experiences. This partnership with Mastercard is a testament to this commitment, introducing a range of offers and collaborations to delight our customers and Mastercard holders” Khalid Al-Hamadi, Managing Director & CEO of Ooredoo Maldives

Ooredoo Maldives has partnered with Mastercard, a global technology company in the payments industry, with the aim of enabling travellers to easily access connectivity services using Mastercard. This strategic partnership, announced at a signing ceremony at the Ooredoo Maldives headquarters, is set to revolutionise the travel experience for Mastercard cardholders in the Maldives.

and collaborations to delight our customers and Mastercard holders,” said Khalid Al-Hamadi.

The partnership was officially announced in a ceremony attended by Mastercard’s Chief Operating Officer for South Asia, Vikas Varma, and the Country Manager for Sri Lanka and Maldives, Sandun Hapugoda, alongside Khalid Al-Hamadi, the Managing Director & CEO of Ooredoo Maldives. The collaboration is designed to provide exclusive offers and benefits to Mastercard cardholders, focusing on upgrading their connectivity experience while in the Maldives.

This partnership promises to bring a host of benefits to travellers using Mastercard. These include access to high-speed data, ensuring that tourists remain connected throughout their stay in the Maldives. The collaboration aims to enrich the overall travel experience in the Maldives, combining the expertise of both companies to provide unparalleled service quality.

“At Ooredoo Maldives, we are committed to enhancing our customers’ experiences. This partnership with Mastercard is a testament to this commitment, introducing a range of offers

Vikas Varma of Mastercard shared similar sentiments, stating, “Our collaboration with Ooredoo in the Maldives is aimed at creating added value for travellers, ensuring they remain connected with additional high-speed data throughout their stay.”

The collaboration between Mastercard and Ooredoo Maldives marks a significant step in enhancing the tourism experience in the Maldives. It paves the way for future collaborations that could similarly transform tourist experiences worldwide.

Technology & Innovation

Corporate Maldives | February 24

Harnessing AI for Inclusive Growth in the Maldives: Opportunities and Challenges The rapid advancement of Artificial Intelligence (AI) is poised to reshape economies around the world, including the Maldives, with profound implications for labour markets, productivity, and inequality. As the International Monetary Fund (IMF) suggests, this technological revolution offers both immense opportunities and significant challenges. The Maldives, with its unique economic and social landscape, must navigate these changes carefully to ensure that the benefits of AI are harnessed for the good of all its citizens.

AI’s Impact on Global and Maldivian Economies The IMF’s recent analysis demonstrates that AI could affect nearly 40% of jobs globally, a statistic that is both intriguing and daunting. In the Maldives, a nation largely dependent on tourism and fishing, the integration of AI could revolutionise these sectors by enhancing efficiency and innovation. However, there’s also the risk of job displacement, especially in roles that are routine and susceptible to automation. For the Maldives, the challenge is twofold. First, there is a need to integrate AI into the economy in a way that complements human labour,

boosts productivity, and fosters economic growth. Second, the country must address the potential increase in inequality, both within its borders and in comparison to other nations. This is particularly pressing given the IMF’s finding that advanced economies may have more opportunities to leverage AI benefits compared to emerging markets like the Maldives.

Reshaping Work and Addressing Inequality AI’s impact on work nature could be significant in the Maldives. With AI’s ability to complement human work, there’s potential for enhanced productivity in key sectors. However, the nation must also be wary of AI’s potential to replace jobs, especially in high-skilled areas. This could lead to lower wages and reduced hiring, exacerbating income inequalities. The Maldives, being an emerging market, faces the challenge of not having the infrastructure or skilled workforce to fully harness AI benefits. This gap could widen the inequality between the Maldives and more developed nations, making it imperative for the country to invest in digital infrastructure and education.

Corporate Maldives | February 24

Technology & Innovation

For the Maldives, the challenge is twofold. First, there is a need to integrate AI into the economy in a way that complements human labour, boosts productivity, and fosters economic growth. Second, the country must address the potential increase in inequality, both within its borders and in comparison to other nations. This is particularly pressing given the IMF’s finding that advanced economies may have more opportunities to leverage AI benefits compared to emerging markets like the Maldives.

Strategies for an Inclusive AI Future in the Maldives To ensure that AI benefits humanity, and specifically the Maldivian context, a multipronged strategy is necessary: Investment in Digital Infrastructure: Building robust digital infrastructure is crucial for the Maldives to adopt and benefit from AI technologies. This includes not only technological hardware but also the digital literacy of its population. Education and Retraining: The Maldivian education system must evolve to prepare the workforce for an AI-driven world. This includes integrating AI and digital skills into curriculums and offering retraining programs for those whose jobs are at risk. Creating a Regulatory Framework: The Maldives needs to develop regulations that govern the ethical use of AI, ensuring that AI development is aligned with the country’s socio-economic goals and values.

Developing Comprehensive Social Safety Nets: As AI potentially displaces jobs, it’s essential to have social safety nets in place to support those affected, preventing an increase in inequality and social tensions. Leveraging IMF’s AI Preparedness Index: By utilising tools like the IMF’s AI Preparedness Index, the Maldives can assess its readiness for AI integration and tailor policies accordingly. As AI reshapes the global economy, the Maldives stands at a critical juncture. The country’s approach to integrating AI will determine not just its economic trajectory but also how its society evolves in the face of this technological revolution. By adopting thoughtful policies and investments, the Maldives can ensure that AI serves as a catalyst for inclusive growth and prosperity, benefiting all segments of its population.

Trade, Fuel & Shipping

Corporate Maldives | February 24

China Emerges as Top Importer in Maldives, with Thailand Leading in Exports According to recent data from the Maldives Customs Service, China was identified as the largest importer of goods into the Maldives in December 2023. The figures indicate a total import value of MVR 5.1 billion for the month, with China contributing MVR 782 million to this amount. In contrast to the import statistics, Thailand has been recognised as the primary destination for Maldivian exports. In the same period, Thailand accounted for a substantial 66% (MVR 166 million) of the total exports from the Maldives. Detailed analysis of the import data reveals that following China, the countries contributing most significantly to Maldivian imports were Oman (MVR 768 million), Singapore (MVR 731 million), India (MVR 683 million), and the United Arab Emirates (UAE) with MVR 591 million. This diverse range of import sources reflects the Maldives’ extensive global trade connections. In terms of export dynamics, the United Kingdom and Germany followed Thailand closely, constituting 9% and 7% of exports, respectively.

Switzerland and France each accounted for 3% of the exports, indicating a well-distributed European market presence for Maldivian goods. A month-on-month comparison shows a noteworthy trend. While imports in November stood at MVR 4.3 billion, this represented a decrease of 9% compared to the same period last year. On the export front, December saw Maldivian exports valued at MVR 250 million, an increase from MVR 216 million in November, equating to a rise of MVR 34 million. However, it’s important to note that despite this monthly increase, there was a 9% decrease in exports when compared to the previous year, based on the data. The figures from the Maldives Customs Service are indicative of shifting trade patterns in the region. While China’s position as a major importer reflects its growing economic influence, the prominence of Thailand in Maldivian exports demonstrates the strategic trade relationships within Asia.

Corporate Maldives | February 24

Trade, Fuel & Shipping

Corporate Maldives | February 24

Environment & Sustainability

Salon Maldives Introduces Beauty Cycle Initiative The beauty industry is no stranger to the global plastic problem. Although Salon Maldives is dedicated to collaborating with sustainable brands and products, they recognise that completely eliminating plastic is an enormous challenge. They have an inspiring solution to address their plastic footprint. Salon Maldives introduced the Beauty Cycle initiative, a commitment to collecting a wide range of empty beauty containers and ensuring their responsible recycling and re-use through partnerships with renowned international organisations such as Parley for the Oceans. These organisations have a track record of dedicated environmental work, aimed at preserving the planet. Dedicated Beauty Cycle collection bins have been set up at both Nada Salon and Nada Clinic, establishments under the Salon Maldives brand. Maldives being a country vulnerable to the negative effects of climate change, Salon Maldives feels it’s their duty to offset their plastic

use as much as possible and take meaningful action towards environmental sustainability. “We are passionate about making a difference in the beauty industry and beyond,” said Nada, CEO & Founder at Salon Maldives.

“By launching the Beauty Cycle initiative, we are taking a significant step toward a more sustainable future, one that prioritises the health of our planet.” Nada, CEO & Founder at Salon Maldives

Salon Maldives invites individuals, businesses, and beauty enthusiasts to join them in their mission for a sustainable future. Together, they aspire to make a world of difference and set a positive example for the beauty industry.

Corporate Maldives | February 24

SEEKING YOUR

ultimate retreat? visit: maldivesgetaways.com

Health & Wellness

Corporate Maldives | February 24

Medtech Distributes MVR 2 Million in Debut Sukuk Payout

Corporate Maldives | February 24

Medtech Diagnostics Pvt Ltd has announced that the company successfully distributed the first periodic payment of MVR 2 million to its sukuk holders on November 26, 2023. This achievement stands as a historic milestone, being the highest sukuk profit payment distributed in the country. The Sukuk was listed on the Viyana Platform of the Maldives Stock Exchange on April 19, 2023, and raised over MVR 20.4 million. As per the Sukuk prospectus, Sukuk holders are set to receive bi-annual payments over the next 7 years.

Health & Wellness

The proceeds from the Sukuk finance the ongoing development of the Health and Rehabilitation Centre Project in Hulhumale City. The Lead Arranger for this issue is First National Finance Corporation Pvt Ltd. The CEO of First National expressed satisfaction with the success and acknowledged the management of Medtech Diagnostics for the prompt distribution of the Sukuk payment to investors. As Lead Arranger, the CEO of First National will engage with the Medtech Diagnostics team to ensure future returns align with the Sukuk prospectus.

Health & Wellness

Corporate Maldives | February 24

The Future of Corporate Well-being: An Insight into The Wellness Club’s Approach In Male’, where limited space constrains physical activity, and the hustle of urban life leaves little room to breathe, the importance of health and wellness is more pronounced than ever. With most individuals leading sedentary lives, our community faces a heightened risk of disease and diminished well-being. Recognising these challenges, many businesses are integrating corporate wellness schemes into their operational plans. But why this sudden pivot?

The health of a business is deeply intertwined with the health of its workforce. Frequent sickness-related absences of employees underline the urgency of addressing wellbeing. Consistent studies emphasise that such activities don’t merely improve physical health but have profound effects on mental well-being.

Corporate Maldives | February 24

Core Benefits of Corporate Wellness Programmes: 1. Boosted Physical Health Regular physical activity has been linked to reductions in chronic conditions such as heart disease, obesity, and diabetes. Additionally, it promotes superior cardiovascular health, improved strength and endurance, and revitalised energy levels. 2. Stress and Anxiety Mitigation Exercise-induced endorphin release acts as a potent stress alleviator. The programme participants also often report enhancements in their sleep quality, which is paramount for holistic health.

Health & Wellness

3. Elevated Job Satisfaction Healthy employees often exhibit heightened levels of job satisfaction. The subsequent effects are myriad – an upswing in engagement, a downturn in staff turnover, and a more buoyant work atmosphere. 4. Enhanced Team Cohesion Participating in fitness ventures alongside colleagues fosters camaraderie and a stronger sense of unity. Such collaborative experiences encourage employees to adhere to their health goals and promote a supportive work environment.

Health & Wellness

Why the Surge in Corporate Wellness Initiatives? Businesses actively championing the health of their workforce tend to bask in enhanced staff morale. These companies magnetise and retain premier talent and generate a positive public persona, augmenting their brand equity. By championing employee health, businesses position themselves for robust growth, with a resilient and efficient workforce forming the backbone of their success.

Spotlight on The Wellness Club’s Corporate Wellness Programme The Wellness Club differentiates itself through its eclectic services and training modules. Equipped with state-of-the-art apparatus,

Corporate Maldives | February 24

its facilities promise a superior wellness experience. The Club’s roster of certified fitness instructors, personal trainers, and wellness experts is committed to addressing the diverse health requisites of corporate teams. Customised to cater to individual preferences and goals, The Wellness Club’s programmes emphasise physical fitness and mental health. While ensuring engagement and adequate challenges, an element of enjoyment remains central to their design. Through this initiative, The Wellness Club seeks to pare down healthcare expenses, elevate employee efficacy, and engender a healthconscious work environment. As they see it, championing employee well-being is not a fleeting trend but an integral facet of a forwardthinking business ethos.

Corporate Maldives | February 24

Services, Health, and Fitness Objectives Delivered by The Wellness Club 1. General Fitness & Well-being Programmes These programmes aspire to enhance physical fitness and holistic well-being for those without physical constraints or medical conditions. 2. Weight-Loss Body Transformation The programme is geared towards individuals grappling with weight issues or obesity; the focus is weight reduction and overall health. 3. Aesthetics Body Transformation This is tailored for those keen on refining their physique, offering them avenues to reshape their bodies aesthetically. 4. Medical Intervention Programmes Within the Medical Intervention Programmes, TWC introduces two primary programmes. The NCD Prevention & Intervention Programme is tailored for adults and seniors, addressing managing and preventing chronic diseases, including heart disease and diabetes, focusing on overall health and minimising chronic illness risks. Simultaneously, the Musculoskeletal Rehabilitation & Intervention Programme

Health & Wellness

supports individuals with past injuries or muscle imbalances, offering lifestyle guidance, pain management, and enhanced functional capabilities. 5. Sport-specific Programmes Sport-specific programmes are designed to cater to athletes across the spectrum, from elite professionals to novices. These programmes are customised to the requirements of various sports, ensuring that each athlete benefits from specialised training. Under this umbrella, there are three main programmes: Sports Rehabilitation, which aids in the recovery of sports-related injuries by addressing pain and restoring physical function; Strength and Conditioning, which aims to bolster an athlete’s physical abilities, including strength, endurance, and flexibility; and the Athletic Performance Enhancing Programme, focusing on improving foundational skills such as speed, agility, and balance to prepare athletes for elite performance. The Wellness Club has crafted packages that offer a symbiotic blend of physical and mental health benefits. If you’re looking to truly invest in the health and productivity of your team, now is the time to explore the Corporate Wellness packages at The Wellness Club.

Society & Investment

Corporate Maldives | February 24

Rules Revised for Foreign Employee Pension Fund Disbursement The rules have been updated to permit foreigners who have contributed to pension funds to request a payout when they depart from the country. As outlined in the regulations concerning the involvement of foreign workers in the pension system and the disbursement of benefits to foreign employees under this system, if a foreign employee opts to permanently leave the country before reaching the official retirement age, they are eligible to request a withdrawal the moment they decide to leave. In the previous version of the rules, foreigners were required to apply for their pension funds three months in advance of their departure. According to the rules, a foreign employee who has already received pension benefits can rejoin the pension scheme again. However, the release

of the retirement savings account for this second period will only occur after the individual reaches the age of 65 years. The pension funds for migrant workers will be deposited in MVR. These funds will be placed into an account either opened by the foreign employee themselves or in the name of another individual designated by the expatriate employee with a bank within the Maldives. According to the Pension Office rules, in the unfortunate event of the death of a migrant worker, the rightful heirs can request the release of the funds deposited in the worker’s pension account. To initiate this process, the petitioners must provide the Pension Office with a court judgment or order from the respective country affirming the identity of the heirs and their entitlement to the pension funds.

Corporate Maldives | February 24

Society & Investment

Government to Offer MVR 100 Million in Loans for Women in Business Maldives’ Social and Family Development Minister, Dr. Aishath Shiham, has unveiled a new MVR 100 million loan program dedicated to aiding women entrepreneurs. The initiative was announced during the inauguration of the “Hiyala Weekend Market,” an event established to offer women entrepreneurs a dedicated space to exhibit and sell their products. The initiative, fulfilling a promise by President Dr Mohamed Muizzu, is seen as a major boost for women in business. Minister Aishath Shiham expressed that the realization of this promise is a substantial encouragement for women entrepreneurs. She highlighted that this initiative’s impact goes beyond supporting individual entrepreneurs, as it holds the potential to foster sustainable living for families and contribute to the overall prosperity of society. Demonstrating the importance of contentment in a family, Minister Aishath Shiham referred to international research showing the positive

impact of a woman’s happiness on the overall well-being of her family. This underpins the government’s belief in the necessity of empowering women, not just for their own sake but for the health and happiness of the wider community. The government’s commitment to this cause is further evidenced by its decision to disburse the MVR 100 million loan specifically for women soon. Additionally, a loan for small businesses is also on the horizon. The minister reiterated the President’s commitment to fulfilling key promises that enable women to lead fulfilling and dignified lives. The minister also encouraged as many women as possible to seize these opportunities. The Hiyala Weekend Market, located in the Container Park area of Hulhumale’s first phase, will operate every weekend from 4:00 pm to 11:00 pm, providing a vibrant space for women to engage in commerce and community building.

Society & Investment

Corporate Maldives | February 24

DMRR 2023 Contributes Over MVR 600,000 to NGOs

Corporate Maldives | February 24

2023 Dhiraagu Maldives Road Race (DMRR) has contributed MVR 635,000 to NGOs in their work to help protect children. Similar to previous years, the 2023 edition of DMRR, the largest annual run held in the Maldives, was also dedicated towards the social cause of child protection, providing a platform for NGOs to raise funds and increase awareness on the initiative to help protect children., As such. DMRR partnered with 12 NGOs working in the areas of protecting and supporting children, from helping to promote inclusion and protecting children from abuse to raising awareness on the wellbeing of children. At the time of registration, participants were given the opportunity to nominate an NGO of their choice and a special grant of MVR 200,000 from Dhiraagu was distributed amongst the top five nominated NGOs. In addition to the special grant, MVR 100 from the proceeds of each runner registration and the proceeds from special bib number sales were also awarded to all 12 partner NGOs, adding up to a total of MVR 435,000. In total, MVR 635,000 was contributed to this year’s DMRR partner NGOs. Dhiraagu hopes that the contribution would help the NGOs kickstart their programmes, especially to initiate their plans for the important work they do to help protect children across the country.

Society & Investment

The top five NGOs who received the most nominations are: 1. 2. 3. 4. 5.

Cancer Society of Maldives ARC – Advocating the Rights of Children Maldives Autism Association Tiny Hearts of Maldives Maldives Thalassaemia Society

Other endorsed DMRR 2023 NGOs are: • • • • • • •

Child Abuse Prevention Society Diabetes Society of Maldives Blind and Visually Impaired Society of Maldives (BVISM) Care Society Moms Aid Society for Health Education (SHE) Maldives Association of Persons with Disabilities (MAPD)

Dhiraagu Maldives Road Race is the first and only international run held in the Maldives listed in the Association of International Marathons and Distance Races (AIMS) World Running calendar with a World Athletics-certified race route. Dhiraagu has announced the date for next Dhiraagu Maldives Road Race as 25 October 2024.

Corporate Maldives | February 24

Business Directory

Business Directory Aviation ACE AVIATION SERVICES MALDIVES PRIVATE LIMITED +960 777 6886 roshan@aceaviation.mv

Boat Manufacture & Marine Services AL SHAALI MARINE MALDIVES PVT LTD

BISON MALDIVES PVT LTD +960 331 5878 info@bison.com.mv www.bison.com.mv

+960 664 6066 shareef@asmarinemaldives.com www.asmarinemaldives.com

FEDO PRIVATE LIMITED +960 333 3773

AVIA MALDIVES PVT LTD +960 778 6419 commercial@aviamaldives.com www.aviamaldives.com

corporate@fedo.mv www.fedo.mv

D BLUE PVT LTD +960 777 5254 info@dblue.com.mv www.dblue.com.mv

ISLAND AVIATION +960 333 5566 sales@iasl.aero www.maldivian.aero

RASHEED CARPENTRY & CONSTRUCTION PVT LTD +960 331 7878 inquiries@rcc.com.mv

MARINE EQUIPMENTS

www.rcc.com.mv

+960 333 8820 info@meq.mv www.meq.mv

SJ CONSTRUCTION PVT LTD +960 3300665

MALDIVES AIRPORTS COMPANY LTD +960 332 5511

admin@sjconstruction.mv

Construction

www.sjconstruction.mv

info@macl.aero www.macl.aero

ABC CONSTRUCTION PVT LTD +960 300 3636 md@abcconstruction.com.mv

Education

www.abcconstruction.com.mv

TRANS MALDIVIAN AIRWAYS +960 763 7995 marketing@transmaldivian.com www.transmaldivian.com

ISLANDERS EDUCATION PVT LTD +960 302 2000 info@islanderseducation.com www.islanderseducation.com

Corporate Maldives | February 24

Electronics REEFSIDE COMPANY PVT LTD +960 332 3545

Business Directory

SYMPHONY MALDIVES PVT LTD

COMMERCIAL BANK OF MALDIVES

+960 943 1561

+960 333 2668

info@symphonymaldives.com

info@cbmmv.com

www.symphonymaldives.com

www.cbmmv.com

Finance & Insurance

SOLARELLE INSURANCE

reefside@reefsidemaldives.com www.reefside.mv

REFCOOL +960 330 9900 info@refcool.com.mv www.refcool.com.mv

www.solarelleinsurance.com

+960 330 0033 www.allied.mv

Engineering

+960 335 5751 info@ilaamaldives.com www.ilaamaldives.com

info@solarelleinsurance.com

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD info@allied.mv

ILAA MALDIVES PVT LTD

+960 330 0099

Fuel Logistics FUEL SUPPLIES MALDIVES PVT LTD

AMÃNA TAKAFUL MALDIVES PUBLIC LIMITED COMPANY +960 331 5262

+960 333 6655 marketing@fuelmaldives.net www.fuelmaldives.com

info@takaful.mv www.takaful.mv

Event Industry

THE HAWKS PVT LTD +960 334 4949

EVENT MALDIVES PVT LTD +960 778 1702 md@eventmaldives.com.mv www.eventmaldives.com.mv

Food & Beverages CITY INVESTMENTS PVT LTD +960 334 2862 info@city.com.mv

BANK OF MALDIVES PLC +960 331 5262

info@thehawks.biz www.thehawks.biz

info@takaful.mv www.takaful.mv

Healthcare CEYLINCO INSURANCE COMPANY PVT LTD +960 969 3939 info@ceylincoinsurance.com.mv www.ceylinco-insurance.com

MEDTECH MALDIVES PRIVATE LIMITED +960 330 8663 info@medtechmaldives.com www.medtechmaldives.com

www.city.com.mv

NAADU ENSIS FISHERIES PVT LTD

+960 300 6789

+960 335 6677

www.naadumaldives.com

info@ensisgroup.com www.ensisgroup.com

info@naadumaldives.com

Corporate Maldives | February 24

Business Directory

ICT

Law

ECHES PVT LTD

SHC LAW & TAX

+960 779 0989

+960 333 3644

info@echesconsultancy.com

info@shclawyers.com

www.echesconsultancy.com

www.shclawyers.com

DONAD INVESTMENTS PVT LTD +960 333 6096 info@metalsigns.com.mv www.metalsigns.com.mv

M7 PRINT PVT LTD HOSPITALITY AND RETAIL SYSTEMS +960 784 6344 info@hrsinternational.com www.hrsinternational.com

Logistics ASIA FORWARDING PVT LTD +960 334 3041 info@theasiaforwarding.com

www.keiretse.mv

NOVELTY PRINTERS AND PUBLISHERS PVT LTD +960 331 8844

KEIRETSU PRIVATE LIMITED info@keiretsu.mv

print@m7maldives.com www.m7maldives.com

www.theasiaforwarding.com

+960 792 4636

+960 330 7787

sales.printers@novelty.com.mv

LEO TRADING PRIVATE LIMITED

www.novelty.com.mv

+960 300 6638 leo@trading.mv www.leotrading.mv

PRINT LAB +960 333 3022 info@printlab.com.mv

LINK SERVE PVT LTD

www.printlab.com.mv

+960 300 3000 sales@linkserve.com.mv www.linkserve.com.mv

MALDIVES STATE SHIPPING +960 302 9200 info@stateshipping.mv www.stateshipping.mv

RED CREATIC +960 300 2003

MAXCOM TECHNOLOGIES PVT LTD

creatic@red.mv www.red.mv

+960 777 8220 sales@maxcom.com.mv www.maxcom.com.mv

TTS GROUP MALDIVES PVT LTD +960 301 1888

Safety & Security

info@ttsgroup.com www.ttsgroupmaldives.com

PERSONAL COMPUTERS

GAGE PVT LTD

+960 300 3033

+960 330 4055

marketing@personalcomputers.mv www.personalcomputers.mv

Print, Publishing & Signage COPIER PLUS (PVT) LTD +960 777 2612 copeirplus@gmail.com www.copierplus.com.mv

info@gage.com.mv www.gage.com.mv

Corporate Maldives | February 24

Telecommunications

Business Directory

CAPITAL TRAVEL & TOURS +960 331 5089

DHIVEHI RAAJJEYGE GULHUN PUBLIC LIMITED COMPANY

support@capitaltravel.com www.capitaltravel.com

MALDIVES TOURISM DEVELOPMENT CORPORATION PLC +960 334 7766 info@mtdc.com.mv www.mtdc.com.mv

+960 332 2802 info@dhiraagu.com.mv www.dhiraagu.com.mv

CROWN & CHAMPA RESORTS +960 664 0219 info@crownandchamparesorts.com

OOREDOO MALDIVES

www.crownandchamparesorts.com

SILVER SANDS PVT LTD +960 334 2737 info@silversands.com.mv www.silversandsdiving.com

+929 or +960 961 3929 care@ooredoo.mv www.ooredoo.mv

DIETHELM TRAVEL THE MALDIVES +960 300 6913

RAAJJE ONLINE

coordinator@mv.diethelmtravel.com www.diethelmtravel.com/maldives

+960 301 4232

UNIVERSAL ENTERPRISES +960 332 3080 reservations@universalresorts.com www.universalresorts.com

marketing@rol.mv www.rol.net.mv

INTOUR MALDIVES PVT LTD

Tourism & Hospitality

+960 333 9994 info@intourmaldives.com www.intourmaldives.com

UNIVERSAL TRAVEL SERVICES +960 333 2354 ticketing@utsmaldives.com www.utsmaldives.com

ACE TRAVELS MALDIVES PRIVATE LIMITED +960 777 6886 roshan@acetravels.mv

KAIMOO TRAVELS & HOTELS SERVICES PRIVATE LIMITED

VILLA TRAVELS

+960 332 2212

+960 333 0088

kaimoo@dhivehi.net.mv

info@villatravels.com

www.kaimoo.com

www.villatravels.com

MALDIVES GETAWAYS

VOYAGES MALDIVES PVT LTD

+960 796 6551

+960 332 2019

maldives@getaways.mv

info@voyagesmaldives.com

www.getaways.mv

www.voyagesmaldives.com

ANGIRI RESORTS MANAGEMENT & OPERATIONS PVT LTD +960 331 3523 info@angiri.com www.angiri.com

Corporate Maldives | February 24

Business Directory

Utilities FENAKA CORPORATION LIMITED

DAMAS COMPANY PVT LTD

SEAGULL GROUP PVT LTD

+960 333 3000

+960 332 3617

info@damas.com.mv

info@seagullmaldives.com

www.damas.com.mv

www.seagullmaldives.com

HAI INVESTMENT

SENIOR INTERNATIONAL PVT LTD

+960 333 7555 info@fenaka.mv www.fenaka.mv

+960 331 3917

MALE’ WATER AND SEWERAGE COMPANY PRIVATE LIMITED

info@haiinvestment.com

+960 333 2002

www.haiinvestment.com

info@serniormaldives.com

+960 332 3209 mail@mwsc.com.mv www.mwsc.com.mv

HAPPY MARKET TRADING COMPANY PVT LTD +960 331 3523

STATE ELECTRIC COMPANY LIMITED

info@happymarket.com.mv

SONEE HARDWARE PVT LTD +960 333 6699 info@sonee.com.mv www.sonee.com.mv

www.happymarket.com.mv

+960 332 0982 admin@stelco.com.mv

SONEE SPORTS PVT LTD

www.stelco.com.mv

MALDIVES GAS PVT LTD +960 333 5614

Wholesale & Retail

+960 333 5995 info@soneesports.com.mv www.soneesports.com

info@maldivesgas.com www.maldivesgas.com

APOLLO HOLDINGS PRIVATE LIMITED

SOUVENIR MARINE

+960 332 0065

NAID TRADING

+960 332 5893

info@apolloholdings.com.mv

+960 331 7315

www.apolloholdings.com.mv

www.souvenirmarine.com

info@naidtrading.com

ask@souveniremarine.com

www.naidtrading.com

CO-LOAD (MALDIVES) PVT LTD

PLAZA ENTERPRISES

+960 332 0450

+960 332 8675

admin@coload.com.mv

admin@plaza.com.mv

www.coload.com.mv

COSMOPOLITAN CHAMPA BROTHERS PVT LTD +960 789 1215 info@cosmopolitan.com.mv www.cosmopolitan.com.mv

REDWAVE PVT LTD +960 919 4499 sales@redwave.mv www.redwave.mv

STATE TRADING ORGANIZATION PLC 1422 info@sto.mv www.sto.mv

STEEL HARDWARE +960 330 8513 sales@steelhardware.com.mv www.steelhardware.com

Corporate Maldives | February 24

SUN FRONT PVT LTD

Business Directory

HOUSING DEVELOPMENT FINANCE CORPORATION PLC

MIANZ PVT LTD

adminhr@sunfront.com.mv

+960 333 4666

info@micollege.edu.mv

www.sunfront.com.mv

info@hfdc.com.mv

www.micollege.edu.mv

+960 331 3313

+960 334 1545

www.hdfc.com.mv

Urban Development HDC

LITUS AUTOMOBILES PRIVATE LIMITED +960 744 4117

+960 335 3535

asif@litusgroup.mv

marketing@urbanco.mv

www.litus.mv

MUNI GROUP OF COMPANIES +960 333 1512 info@muni.com.mv www.munihomecare.com

www.urbanco.mv

SALON MALDIVES

Other ADK GROUP OF COMPANIES

MALDIVES INDUSTRIAL FISHERIES COMPANY

+960 331 4393 / +960 332 2772

+960 332 3932

www.nadasalon.mv

info@mifco.mv

marketing@nada.com.mv www.nadaclinic.mv

www.mifco.mv

+960 301 0086 nashid@adkenterprises.com

SILVER SPOON

www.adkhospital.mv

ANTRAC HOLDING PVT LTD +960 331 0096

MALDIVES PORTS LIMITED

+960 777 3075

+960 332 9339

www.silverspoon.com

naeem@silverspoon.mv

info@port.mv www.port.mv

info@antracholding.com www.antracholding.com

EYECARE PVT LTD +960 332 4300 info@eyecare.com.mv

VILLA SHIPPING AND TRADING COMPANY PVT LTD MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

+960 333 3333

+960 332 6822

www.villa.mv

info@villa.com.mv

info@mtcc.com.mv www.mtcc.mv

www.eyecare.mv

ZETTA ENTERPRISES

HANDY HOLDINGS PVT LTD +960 331 0812 info@handyholdings.com www.handyholdings.com

MEDIANET PVT LTD

+960 795 0910

+960 332 0800

www.zettaent.com

customerservice@medianet.com.mv www.medianet.mv

secreteriat@zettaent.com

Elegant, stain-resistant ceramic products with exquisite designs. Ideal for modern home decor.

m: 3333 881 e: corporate@veligaa.com

veligaa.com

Corporate Maldives | February 24

WEDDING OFFERINGS

Corporate Maldives | February 24

AT C R O S S R OA D S M A L D I V E S

www.crossroadsmaldives.com destination.m@crossroadsmaldives.com

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Corporate Maldives | February 24