Corporate Maldives Magazine

Corporate Maldives | June 22

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Corporate Maldives | June 22

AG E NT D E TA I L S Maldives State Shipping Company (Pvt) Ltd 3rd Flr, STO Trade Center, Orchid Magu, Male', 20188, Republic of Maldives General Inquiries: +960 3029200 Sales Inquiries: +960 7349700

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info@stateshipping.mv sales@stateshipping.mv

Documentation Inquiries: +960 7309700

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docs@stateshipping.mv

Maldives Shipping Services Lanka (Pvt) Ltd No.33, Level 15, Park Land, Park Street, Colombo 02 General inquiries: Tel: +94 76 772 8725 Email: sujith.dias@stateshipping.mv Sales inquiries: Tel:+94 71 232 5060 Email: nadeera.withanage@stateshipping.mv

Corporate Maldives | June 22

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Corporate Maldives | June 22

Managing Director & CEO Akhmeem Abdul Razzaq Director - Content Creation Mohamed Khoorsheed Director - Digital Strategy Ibrahim Areef Chief Design Officer Moothi Chief Operating Officer Ahmed Nasir Admin & Finance Ali Sageef Ibrahim Media & Marketing Zeek Ashraf Raaya Abdulla Fathimath Zeen Mohamed Aminath Suha Mohamed Fathimath Nashama Mohamed Mohamed Mizyan Mithyaah Nasheed Design & Art Direction Thoo Nazim Zaya Ahmed Hamdhoon W. Content Creation Kudie Maan Abdulla

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Editor’s Note Welcome to the June 2022 edition of the Corporate Maldives Magazine, a bi-monthly print publication dedicated entirely to the business community of the Maldives.

Our Corporate Maldives Spotlight this month is on Al Shaali Marine Maldives, a pioneering boat manufacturer in the Maldives. Here, we shine the spotlight on the boating industry of the Maldives, and how Al Shaali Marine Maldives is reaching new heights in innovation. We also sat down to have a chat with Ismail Shareef, the General Manager of Al Shaali Marine Maldives, to gain further insight into the company.

Under our People segment, we take a look at the careers of Fathuhulla Jameel, the Commissioner General of Taxation at the Maldives Inland Revenue Authority, as well as Fathimath Sujatha Haleem, the Chief Operating Officer at the Maldives Pension Administration Office.

Our cover story for this issue focuses on the state of our economy amid various global challenges, drawing comparisons to the neighbouring country of Sri Lanka. As usual, our news segments touch on various industries and business sectors of the Maldives, including tourism, construction, banking, technology, trade, fisheries and agriculture, among many others.

Happy reading!

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Corporate Maldives | June 22

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

Government & Economy

Tourism & Aviation

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Transport & Construction

People

Education

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Health

Banking & Finance

Technology

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Fisheries & Agriculture

Trade, Fuel & Shipping

Environment & Sustainability

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Corporate Maldives Events

Business Directory

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

Corporate Maldives | June 22

Al Shaali Marine Maldives – Setting New Standards in the Boating Industry of Maldives Al Shaali Marine Maldives, one of the leading boat manufacturers in the Maldives, has been consistently pushing boundaries and setting new standards in the industry over the years.

Al Shaali Marine Maldives is a joint venture between Al Shaali Marine Dubai and Coastline Investments Pvt Ltd, Maldives. The main branch of AS Marine in UAE was established in 1979 and is considered to be the pioneer of fiberglass boats and yacht manufacturers in the Middle East. Meanwhile, Al Shaali Marine Maldives has been serving the Maldives for more than a decade.

The company manufactures a wide range of fiber vessels such as speed boats, local dhonis,

and dinghies that can be customized to satisfy customers’ requirements both locally and overseas. Al Shaali also provides boat repairs and refurbishments of boat structures and systems, with a wide range of boat types and brands, providing maximum satisfaction to its customers.

Al Shaali Marine Maldives continues to prove itself in both local and global markets, achieving awards and certifications for its quality and standards. With superior product quality across its boat portfolio, as well as excellent customer service, Al Shaali Marine Maldives has made its mark in the boating industry of the Maldives.

Corporate Maldives | June 22

Corporate Maldives Spotlight: Al Shaali Marine Maldives

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

Ismail Shareef General Manager of Al Shaali Marine Maldives

Corporate Maldives | June 22

Corporate Maldives | June 22

Mr. Ismail Shareef is the General Manager of Al Shaali Marine Maldives, a leading boat manufacturer in the Maldives.

Corporate Maldives Spotlight: Al Shaali Marine Maldives

I was then sent to Laguna as the Launch Section Manager. Then, I got the opportunity to join Meeru as the Guest Transport Manager. I spent about 8 years there. I also worked for a year at Sultans of the Sea as the Operations Manager.

After that, I joined Al Shaali Marine Maldives.

Mr. Shareef initially joined Al Shaali Marine Maldives as the Service For me, Al Shaali Marine Maldives posed an entirely new challenge. I had mainly been Delivery Manager in 2011. He was engaged with marine vessel operating, but then appointed as the Operations now, I was suddenly on the production and Manager, before being appointed manufacturing side of it. In between, I had also as the current General Manager done various trainings and courses related to of the company. During his time the field. at Al Shaali, Mr. Shareef has played an instrumental role as the What sets Al Shaali Marine driving force behind the company’s Maldives apart from its success. competitors?

Our team sat down with Mr. Shareef to gain greater insight into his career, and the company’s milestones over the years.

Could you tell us a bit about your career thus far?

After completing school, I first joined MWSC, and then took part in an engineering apprenticeship program at MIFCO. Then, I got the chance to join the ‘Island Explorer’ boat, which was a cruise liner operated by Universal between Male’, Raa and Baa Atolls. That marked my first venture into the tourism industry. I spent about two and a half years on the boat, until it ceased operations.

When I first joined Al Shaali, not many people knew or heard about it. Al Shaali Marine Maldives is a joint venture between Al Shaali Marine Dubai and Coastline Investments Pvt Ltd, a local company in which Universal owns shares. As such, it is very connected to Universal. In terms of our business, we carry out boat manufacturing and yard work for Universal-owned resorts, as well as many other resorts across the country.

In 2013, we realized that our work style was not helping us increase our market share. There was no corporate strategy or marketing plan in place at the time. And so, we made a plan to boost visibility and create more brand awareness. We carried out market studies on our competitors as well as our customers. Around 2015, after thorough research, we began introducing new boats at various boat shows and marine expos to better cater to customer requirements.

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

The COVID-19 pandemic caused severe disruptions across various industries. What kind of challenges did Al Shaali Marine Maldives face, and how did you overcome them?

In the early days of the pandemic, we did not think it would last as long as it did. At the time, we prioritized our staff and provided all salaries and benefits without letting go of any of them, so as not to compromise on our customer service.

Our customers are like our partners, or our family members. We always strive to maintain a close relationship with them. We believed that, if there was a sudden change in circumstances and if we did not have our staff, we would have been unable to provide the necessary services to our customers. And so, we considered our staff to be one of our best assets, and treated them as such.

As time went on, borders closed and no travel was allowed. There were around 90 staff that we retained with full pay, but demand had slumped drastically and hardly any work was being done at the yard. We were in a very difficult place financially due to this. Even after borders reopened, it was still not ‘business as usual’.

The Greater Male’ Area was considered high risk for COVID, and resorts were unable to pick up finished boats from our yard due to their health and safety policies.

Recovery was gradual and slow. As more and more restrictions lifted, we saw our business grow, and we were able to lift ourselves out of the financial situation. By God’s grace, we have now covered the losses and gone back to prepandemic levels.

Corporate Maldives | June 22

Could you tell us about some of the most major achievements of Al Shaali Marine Maldives?

In contrast to when I first joined, I believe that Al Shaali is now well-known as one of the leading companies in the boating industry of Maldives.

From 2016 onwards, we have achieved several accolades from many boating-related awards.

We are also consistently listed as one of the Gold 100 companies of Maldives, which is a highly esteemed achievement.

What’s in store for Al Shaali Marine Maldives in the future? What’s next?

As I mentioned earlier, we’ve been introducing new boats to the market since 2015. Right now, both locally and internationally, there is a high demand for catamarans. Catamarans are a type of watercraft with two parallel hulls. To cater to the demand, we are now focused on designing and building 52-foot catamarans, which will hopefully be introduced to the market this year.

For the resort market especially, catamarans will be a highly desired product to transport guests. We are designing the catamaran with an in-board engine, of which the fuel consumption is lower. As a result, vessel operators can enjoy lower fuel costs.

Whether the vessel is used for business or personal leisure, it is important to economize and lower costs. Many people have this mentality where they only look at the boat’s operating hours or speed, while in fact, it is equally important to consider the costs. This will benefit you whether you are a company or an individual.

Corporate Maldives | June 22

Corporate Maldives Spotlight: Al Shaali Marine Maldives

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

Corporate Maldives | June 22

Corporate Maldives | June 22

Corporate Maldives Spotlight: Al Shaali Marine Maldives

The Boating Industry of Maldives, and the Opportunities for its Potential Growth The boating industry of Maldives represents the boat builders, marine accessory manufacturers, engineers, as well as repair and boatyard service providers. Not only this, but this industry is inextricably linked to other major sectors, including tourism and fishing that drive our economy.

Although Maldives’ boating industry is undoubtedly booming, there are several opportunities available to help it grow and evolve. It has the promising potential to become even more well-established, with the presence of more industry stakeholders working together to achieve set goals rather than individual companies working separately. Currently, the industry does not have enough stakeholders and very few parties are involved in the Male’ area.

As a country possessing talented boat builders, we are yet to reach the full potential of this industry. The Maldives is a country capable of not only building their boats but exporting these

boats as well. Right now, we are heavily reliant on imports. In the future, with the establishment of a solid industry, Maldives could become a leading boat-building hub in the region, paving the way for greater revenue generation.

The links between the boating industry and the tourism and fishing sectors of the Maldives also have enormous potential to grow. With a huge share of boating being present in these two industries, the establishment and further development of the boating industry will bring significant socio-economic progress to the country.

Leading boat manufacturer in the Maldives, Al Shaali Marine Maldives affirms that they are ready to provide the required assistance and support to help the industry take to newer heights and establish a solid industry. The company strongly believes that all organizations involved must work together to overcome the challenges faced currently.

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

Corporate Maldives | June 22

5 Innovative Vessels from Al Shaali Marine Maldives

Al Shaali Marine Maldives possesses some of the highest quality boats available in the market, catering to a wide variety of customer needs.

Whether it’s a vessel for fishing, passenger transportation or recreational activities, Al Shaali is your best bet.

Here are five innovative and award-winning vessels from the Al Shaali Marine Maldives product portfolio.

Corporate Maldives | June 22

Corporate Maldives Spotlight: Al Shaali Marine Maldives

COAST CRAFT 37 – SPEEDBOAT

ISLAND HOPPER 50 – DIVING & EXCURSION DHONI

On the hunt for a well-designed speedboat for inter-island travel? The Coast Craft 37 by Al Shaali Marine Maldives is crafted for smooth journeys across the Maldivian seas.

If you you are are looking looking for for the the ideal ideal vessel vessel for for diving diving If and excursion trips, look no further than the and excursion trips, look no further than the Island Hopper 50 by Al Shaali Marine Maldives.

Island Hopper 50 by Al Shaali Marine Maldives.

This speedboat model boasts a passenger capacity of 25 people, and a speed of approximately 32-40 knots. It has a fuel capacity of 700 litres.

The Island Island Hopper Hopper 50 50 boasts boasts a a passenger passenger capacity capacity The of 27 people and a speed of approximately 12 to to of 27 people and a speed of approximately 12 15 knots.

It also has a fuel capacity of 600 litres.

15 knots. It also has a fuel capacity of 600 litres.

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Corporate Maldives Spotlight: Al Shaali Marine Maldives

AS50 – LUXURY YACHT Al Shaali Marine Maldives is also known for the AS50 Luxury Yacht, crafted for superior comfort in a sleek, modern design.

The overall length of the yacht is 50 feet. It features 2 guest cabins and a master berth, including a double bed with a side cabinet and an ensuite bathroom facility. The lounging area seats up to a dozen people, and is made with Italian silk leather and international-grade cherry wood.

Corporate Maldives | June 22

COAST CRAFT 38 PLUS – SPEEDBOAT If you are looking for the ideal vessel for diving Enjoy safe and stable journeys with a greater and excursion trips, look no further than the passenger capacity with the Coast Craft 38 Plus Island Hopper 50 by Al Shaali Marine Maldives.

by Al Shaali Marine Maldives.

The Island Hopper 50 boasts a passenger capacity This launch boasts a passenger capacity of 30 of 27 people and a speed of approximately 12 to persons and a speed of approximately 30 to 40 15 knots. It also has a fuel capacity of 600 litres. knots. The fuel capacity of this vessel is 800 litres.

Corporate Maldives | June 22

AS47 – PASSENGER MODEL If you are looking for the ideal vessel for diving The AS47 by Al Shaali Marine Maldives is a and excursion trips, look no further than the passenger model is designed with safety and Island Hopper 50 by Al Shaali Marine Maldives. comfort in mind.

The Island Hopper 50 boasts a passenger capacity This speedboat boasts a passenger capacity of of 27 people and a speed of approximately 12 to 60 people, and a speed of approximately 32 to 40 15 knots. It also has a fuel capacity of 600 litres. knots. Its fuel capacity is 2000 litres, making it the ideal vessel for longer journeys.

Corporate Maldives Spotlight: Al Shaali Marine Maldives

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Corporate Maldives | June 22

AD

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Corporate Maldives | June 22

AD

Join the Leading Higher Education Provider in the Maldives Applications open for September Intake 2022 Apply before 11th August 2022

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Government & Economy

Sri Lanka is Drowning in Debt. Could the Maldives Be Next?

Corporate Maldives | June 22

Corporate Maldives | June 22

Sri Lanka has defaulted on its debt for the first time in its history as the country grapples with its worst financial crisis in over 70 years. Out on the streets of Colombo, there are dayslong queues for gasoline and cooking gas, while pharmacies are running out of medicine and hospitals are dangerously short of lifesaving drugs and devices. Incomes are shrinking and inflation is skyrocketing above 30 percent, and Sri Lanka’s interest payments on decades of borrowing are now almost equal to the principal.

There are many other economies with similarly unsustainable debt that are facing the possibility of default. With disruptions from the Russia-Ukraine conflict, things are unraveling across the globe. In South Asia, Pakistan is on the edge of economic peril. If the government does not increase fuel prices, it is in danger of defaulting in just three months.

Government & Economy

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Government & Economy

Corporate Maldives | June 22

Government & Economy

Corporate Maldives | June 22

This begs the question — could the Maldives be next?

Analysts at JPMorgan, one of the largest U.S. investment banks, have recently said that rising borrowing costs and the worldwide fallout from the Russia-Ukraine war could see up to 10% of riskier ‘junk’-rated emerging market countries suffer debt crises this year.

“Nearly half of the country sample is classified as carrying high repayment risk in our assessment. Of these, eight are at risk of reserve depletion by the end of 2023, signalling high default risks. These are Sri Lanka, Maldives, Bahamas, Belize, Senegal, Rwanda, Grenada, and Ethiopia,” said the note led by strategist Trang Nguyen on 24th May. JPMorgan had later confirmed that these statements were not relayed by the bank in an official capacity.

Finance Minister Ameer stated that the Maldives and Sri Lanka could not be compared with each other, and all economic activities of the Maldives were going strong. “There is no debt service risk in the Maldives,” said Minister Ameer.

“The risk was highest last year. That is the $250 million bond due in June this year. We have paid $182 million from Sukuk Insurance. We will pay $62 million with interest in June this year. We already have the fund to do so, even now.”

According to statistics publicised by the Finance Ministry, the Maldives’ reserves stood at $865 million as of March. The total debt up to that period was MVR 94 billion. This is 122 percent of the GDP. The Minister however added that there are other risk factors, and that the government is always trying to find ways to mitigate these risks. He noted that the work done by the state to overcome the challenges brought on by the COVID-19 pandemic is evidence of this. Minister Ameer assured that the state would hold discussions and make the most appropriate decisions to mitigate such risks.

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Government & Economy

Corporate Maldives | June 22

President Solih Expresses Confidence in Administration’s Fiscal Measures

Corporate Maldives | June 22

Government & Economy

President Ibrahim Mohamed Solih has expressed his confidence in the administration’s sound fiscal measures and economic policies, stating that they would lead to the successful revival and recovery of the country’s economy. He made the remarks while speaking at a ceremony held at the CROSSROADS Maldives to celebrate Male’ Water and Sewerage Company Pvt Ltd (MWSC)’s 27th anniversary.

President Solih stated that the Maldives’ economy is experiencing the implications of the COVID-19 pandemic and the Russia-Ukraine conflict.

The administration, the President said, is reprioritising its developmental initiatives and adopting austerity measures to counter the effects of the events that are severely affecting the global economy.

The crisis in Ukraine led to decreased tourist arrivals to the Maldives from one of its top markets and resulted in a rise in global fuel prices, inflation, and the administration’s spending on subsidies and imports. President Solih, however, assured that the administration would not take any steps that would undermine the economy.

The President, in this regard, explained the reasons behind the administration’s decision to recall its proposed bill to lower tourism land rent. President Solih said the decision followed comprehensive deliberations on the Economic Council, which found it ill-advised to pursue such measures in light of the current situation.

President Solih stated that, despite the setbacks, a positive trajectory is expected, with increased tourist arrivals and income exceeding earlier projections. He then assured that debt servicing is on track for the 2023-24 period and expressed confidence in the administration’s sound economic policies.

Speaking about MWSC and its achievements under his administration, President Solih recalled that 70 per cent of the country lacked proper drinking water and sewerage networks when the administration took office. Highlighting his pledge to establish water and sewerage networks on all inhabited islands during his term, President Solih stated that it would bring significant improvements to the quality of life. Clean drinking water, the President said, would lower the risk of waterborne diseases and lead to healthier lives while simultaneously resolving drinking water shortages. It would also allow the administration to reprioritise funds to focus on other essential requirements.

Citing the increasing concerns over persistent environmental issues, President Solih emphasised the importance of seeking methods of utilising renewable energy sources to harvest water. He added that the administration’s water and sewerage network projects would be conducted in an environment-friendly manner. MVR 836 million from the MVR 1.5 billion earmarked in the budget this year for environmental protection is utilised to develop water and sewerage networks.

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Government & Economy

Corporate Maldives | June 22

Government & Economy

Corporate Maldives | June 22

Maldives’ Economy Records Strong Recovery Amid Existing Weaknesses and Global Challenges Maldives’ economy, buoyed by a strong rebound in tourism, is projected to grow at 7.6 percent in 2022 and fully recover to pre-pandemic levels by 2023, but the country’s high debt levels are a major concern, says the World Bank in its twicea-year regional update.

The latest South Asia Economic Focus Reshaping Norms: A New Way Forward projects the region to grow by 6.6 percent in 2022 and by 6.3 percent in 2023. The 2022 regional forecast has been revised downward by 1.0 percentage point compared to the January projection due in part to the impacts of the war in Ukraine.

Countries in South Asia are already grappling with rising commodity prices, supply bottlenecks, and vulnerabilities in financial sectors. The war in Ukraine will amplify these challenges, further contributing to inflation and deteriorating current account balances.

Also released today as a companion piece, the latest Maldives Development Update underscores the growing momentum of the economy supported by a sustained recovery in tourism, while identifying potential downside risks to growth. Maldives is expected to see strong economic growth in the medium-term, with real GDP expected to grow by 10.2 percent in 2023.

But the country faces vulnerabilities due to its large imports of fossil fuels as share of GDP, a reduction in tourists from Russia and Ukraine, and a high debt burden. Further increases in

global energy prices may cause an additional fiscal burden. Tourism could be adversely impacted by a persistent reduction in Russian and Ukrainian tourists and new waves of COVID-19 infections. However, there is some upside potential from increasing tourist arrivals from traditional source countries and new markets.

“While the strong rebound in tourism is expected to boost Maldives’ economic recovery, with real GDP growth projected to return to pre-pandemic levels by 2023, prudent debt management remains critical to improving fiscal sustainability,” said Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “A high dependence on tourism and limited sectoral diversification also remains a key structural challenge. We continue to support Maldives in leveraging digital technologies and investing in renewables to achieve a green, resilient, and inclusive development path.”

Another challenge the region faces is the disproportionate economic impact the pandemic has had on women. The South Asia report includes an in-depth analysis of gender disparities in the region and their link with deeply rooted social norms, and recommends policies that will support women’s access to economic opportunities, tackle discriminatory norms, and improve gender outcomes for inclusive growth.

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Government & Economy

Corporate Maldives | June 22

Amount of Money in Circulation Increases

by MVR 11 Billion By the end of last year, the total amount circulating in the economy had increased by MVR 11 billion, to a total of MVR 52.4 billion.

According to the annual report released by the Maldives Monetary Authority (MMA), the amount of money in circulation in the economy, also known as “broad money” increased to 27 percent in 2021. This is an increase of 65 percent compared to the previous year.

MVR 36 billion was recorded as currency in circulation in 2019. In 2020, the figure stood at MVR 41 billion. Therefore, the amount circulating in the economy increased by MVR 11 billion in 2021 compared to the previous year. This implicates an increase in the amount of money generated from economic activities.

MMA revealed that the increase in the amount of money circulating in the economy can be attributed to the increase in number of net foreign assets and net domestic assets. While net foreign assets increased due to the rise in foreign currency deposits, net domestic assets increased with the rise in funds deposited to MMA by commercial banks.

Last year, the number of loans issued by commercial banks to the public increased to MVR 1 billion. This is also one of the reasons for the increase in the amount of money circulating in the Maldivian economy.

MMA expects the Maldivian economy to return to its pre-COVID-19 status this year.

Government & Economy

Corporate Maldives | June 22

An Overview of MIRA’s Compliance Improvement Plan for 2022

This year’s MIRA’s Compliance Improvement Plan contains five key activities to improve tax compliance: Improving tax literacy of taxpayers and general public

In January, MIRA published their Compliance Improvement Plan for 2022 under their Compliance Risk Management.

According to MIRA, the objective of this policy is to promote voluntary compliance by making it easy for taxpayers to fulfil their tax obligations and to deter non-compliance through regulated actions.

The most importance is given to securing tax compliance of medium to large taxpayers and taking enforcement actions against high-risk non-compliers.

Other compliance improvement activities by MIRA include proposing amendments to Tax Administrative Act and Regulation to align MIRA’s compliance program with international best practices, re-designing of M IRA website to facilitate easy access to tax information, issuing industry and issue specific tax guides, and digital mapping of taxpayers in Male’ region to monitor tax compliance.

In the future, MIRA will be adapting to a framework where taxpayers are assessed, differentiated and treated based on taxpayers’ segment and their attitude to compliance. Under the policy, MIRA has identified a compliance model which recognizes the differences in taxpayers’ attitude to compliance, and provides the corresponding strategy that best relates to each risk level.

Widening tax population through focused registration programs Guiding micro and small businesses towards better tax compliance Securing tax compliance of medium and large taxpayers Prioritizing enforcement actions against high-risk non-compliers

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Government & Economy

Corporate Maldives | June 22

Government Opens “Gedhoruverin” Portal for Housing Applications

Ministry of National Planning, Housing and Infrastructure has launched the new “Gedhoruverin” portal for housing applications for two new housing schemes.

As such, applications have been opened on the portal for 3,000 land plots in Gulhifalhu under the “Binveriyaa” housing scheme and 4,000 housing units in Hulhumale’ under the “Gedhoruveriyaa” housing scheme.

The portal launched on 26th June, will enable online applications for these housing schemes announced by the government. Designed to provide information on the eligibility criteria and policies for housing schemes, the portal will also send updates on submitted applications through text or via email.

It is a pledge of this administration to provide housing for all those who need it, including those in Male’. President Solih had announced plans to issue land from the greater Male’ region to address the housing crisis in the crowded capital in his annual address back in February this year.

3,000 land plots in Gulhifalhu under the “Binveriyaa” housing scheme 4,000 housing units in Hulhumale’ under the “Gedhoruveriyaa” housing scheme.

Corporate Maldives | June 22

Government & Economy

Japan Provides Grant Aid for Project for Human Resource Development Scholarship

Japan has provided Grant Aid of one hundred and seventeen million Japanese Yen (JPY 117,000,000) to the Maldives to the Project for Human Resource Development Scholarship.

total value of the grant aid for the year 2022 is one hundred and seventeen million Japanese Yen (JPY 117,000,000), which corresponds approximately to USD 865,000.

The Exchange of Note for the Project for Human Resource Development Scholarship (JDS) was signed by Her Excellency Mrs. Takeuchi Midori, Ambassador of Japan to the Maldives, and His Excellency Mr. Ahmed Khaleel, Minister of State for Foreign Affairs at a ceremony held in the Ministry of Foreign Affairs.

This scholarship aims to support human resource development targeting highly capable young civil servants who are expected to engage in policy formulation and implementation of social and economic development policies in the future. JDS fellows are also expected to contribute to enhancing bilateral relations between the Maldives and Japan, with wellrounded knowledge of Japan.

This assistance is in line with the Exchange of Notes signed between the Government of Japan and the Government of the Republic of Maldives in August 2020, which offered Maldivians fully funded scholarships for Master’s Degree in social sciences at the top universities in Japan for the first time. The program spans for 4 years, which commenced from 2020 and each year 6 eligible Maldivians will be selected. The

The JDS project has been implemented in 21 partner countries since 1999. The Japan International Cooperation Agency (JICA) Maldives together with the Ministry of Higher Education of Maldives will implement the project.

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Tourism & Aviation

Corporate Maldives | June 22

Maldives Achieves New Record Number of Tourist Arrivals in May 2022

Maldives has achieved a new record for tourist arrivals during the month of May 2022.

During the month, tourists arrivals surpassed 2019 May’s record of 103,002 tourists.

India is currently dominating as the top market for Maldives tourism contributing nearly 13.6 percent market share followed by the United Kingdom coming in second with a market share of 12.5 percent.

According to the latest daily statistics released by the Ministry of Tourism, a total of 1,180 tourist accommodation facilities are in operation this year including resorts, guesthouses, safari vessels and hotels. The total operating capacity is currently recorded as 54,852 beds.

This year, Maldives is also getting ready to celebrate an exceptional year, marking 50 years – the Golden Jubilee celebration of tourism in the Maldives.

Total operating capacity is currently recorded as 54,852 beds This year, Maldives is also getting ready to celebrate an exceptional year, marking 50 years – the Golden Jubilee celebration of tourism in the Maldives.

Corporate Maldives | June 22

Tourism & Aviation

Maldives Marketing & Public Relations Corporation (MMPRC / Visit Maldives) kicked off an exciting series of roadshows targeting the Middle East market as part of the effort to provide a platform for industry partners from both sides to connect and establish relations.

The roadshows were held in Saudi Arabia, in the capital city Riyadh, then Jeddah and finally Kuwait City on May 23rd, 25th, and 26th respectively.

MMPRC Kicks Off Series of Roadshows Targeting the Middle East Market

Alongside industry partners, MMPRC aimed to build and maintain a strong B2B presence in GCC countries, share the latest destination updates and guidelines with the travel trade, and ultimately increase arrival figures from GCC countries. Maldivian tourism products, including resorts, hotels, guesthouses and liveaboards were marketed through this event

by MMPRC and industry partners. 16 participants were taking part in the Roadshow in Riyadh, with 18 participants taking part in the roadshow in Jeddah, and 16 confirmed participants for the roadshow held in Kuwait City.

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Tourism & Aviation

The roadshow, entitled “Connect with Maldives…

The Ultimate Dream Destination”, began with a warm introduction of the industry partners followed by a destination presentation. The presentation highlighted Maldives’ tourism products (resorts, guesthouses, liveaboards, and hotels), the unique experiences available here, and the latest travel guidelines for the Maldives. The safety provided by the scattered geography of the Maldives was also being highlighted during the roadshow series.

The presentation portion of the roadshow was followed by a productive night of networking and building new business relations. To maximize visibility, MMPRC invited over 80 agents from each city to take part in the roadshow. Industry partners had the opportunity to showcase their properties, generate new business leads, and engage in one-on-one networking opportunities.

Sponsored by Taj Exotica Resort & Spa, a special raffle was conducted at the Riyadh Roadshow, awarding a free trip to the Maldives for the lucky winner. Villa Hotels & Resorts and Taj Exotica Resort & Spa were sponsoring similar raffles for the roadshows to be held in Jeddah and Kuwait City respectively. The second and third runnerup of the raffle won a smartwatch and amazon gift card respectively sponsored by MMPRC. MMPRC conducted these roadshows as part of its marketing strategy for the Middle East market. These include greater B2B contact in order to increase total outreach, campaigns that cover all the products and experiences of Maldives, and to strengthen the Maldives’ niche position in the region as a chic destination for affluent travelers.

Corporate Maldives | June 22

Last year, the Maldives welcomed 91,413 tourists to the country from the Middle Eastern market with Saudi Arabia ranked as the top 7th market to Maldives. From January to March this year, the country has recorded 21,117 arrivals from the Middle East market. So far in 2022, MMPRC has taken part in major fairs across the Middle East market such as QBLT Congress, MALT Congress, and ATM 2022. It also conducted other marketing activities alongside these fairs, and held a special press conference on the sidelines of ATM to inform the international travel trade and media on destination information of the Maldives and the plans in the pipeline for the Maldives Golden Jubilee Year of Tourism.

MMPRC has planned several activities targeting the Middle East market under the effort to maintain destination visibility. This includes joint-marketing campaigns, webinars, participation in major fairs and exhibitions, outdoor advertising, roadshows, and hosting familiarization trips.

Corporate Maldives | June 22

Tourism & Aviation

SriLankan Airlines Receives Resilience Award at Changi Airline Awards 2022 SriLankan Airlines received a Resilience Award at the 15th Changi Airline Awards recently in recognition of its efforts to maintain uninterrupted air links and support the movement of passengers including Vaccinated Travel Lane flights right through the pandemic.

This is the third occasion that SriLankan Airlines has been recognized and awarded in Singapore in the past two years.

Singapore Changi Airport is one of the busiest passenger and cargo hubs and the most awarded airport in the world. It is also the only airport in the world to have won World’s Best Airport by Skytrax for eight consecutive years. Being recognized by a major, world-class airport such as Changi Airport is a validation of SriLankan Airlines’ continued commitment to provide customers seamless connectivity between Colombo and Singapore even in times of adversity.

“We strive to provide our valued customers a consistent service backed by superior customer care, which has been made possible thanks to our excellent team. It is heartening that our efforts have been recognized multiple times and in a large hub like Singapore,” said Mohan Meegolle, Regional Manager Southeast Asia and Australasia of SriLankan Airlines, who accepted the award from the Chief Executive Officer of Changi Airport.

Previous awards won by SriLankan Airlines in Singapore include an ‘Excellence Award’ by Singaporean cargo industry organizations and being named a top five airline by Absolute Cargo Growth in 2020. SriLankan also recently operated its longest scheduled cargo flight at 36-hours via Singapore.

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Corporate Maldives | June 22

Tourism & Aviation

Maldivian Signs as the Official Airline Partner for Neyvaa 2 Maldivian has signed as the official airline partner for Neyvaa 2, a new world record attempt organized by Freedive Maldives.

The agreement was signed by Aishath Jennifer – Deputy Managing Director on behalf of Maldivian and Hawwa Naufa Nizam – PR Manager on behalf of Freedive Maldives.

This record-breaking attempt will feature the most number of people performing static apnea simultaneously. Organized to commemorate Golden Jubilee – 50 years of tourism in the Maldives, this event will promote the passion for

free driving and highlight Maldives on the map for free divers worldwide. Neyvaa 2 will execute static apnea as a group performance from all over the Maldives with multiple locations across the archipelago at the given time.

Maldivian is the leading domestic carrier in the Maldives and currently operates to India, Bangladesh, Thailand, Malaysia and China from its main hub at Velana International Airport. The nation’s carrier today operates daily frequent flights to 16 airports within the country and offers competitive air transfers to all resorts in the Maldives.

Corporate Maldives | June 22

Tourism & Aviation

Tourism Ministry Permits Dutch Docklands Maldives to Run Floating City Development At a ceremony held in Male’ on 23rd June 2022, Dutch Docklands Maldives acquired the last necessary signatures in order to start the floating city.

A million dollar alternating payment fee, as required by law, has been completed to run the project under the Integrated Tourism model.

This follows advice from the Government’s Economic Council that the Maldives Floating City should proceed under an Integrated Tourism model.

Dutch Dockland Maldives is a Public Private Partnership with the Government of Maldives.

CEO, Paul Van de Camp, signed the agreement alongside the Ministry of Tourism’s permanent secretary. The signing was witnessed by member of Government, Tourism Minister Dr. Abdulla Mausoom.

Commenting at the ceremony, Mr. Van de Camp expressed his delight that the construction of the Maldives Floating City can begin apace.

A first block of floating homes is under construction by BISON and is due to be transported to the Lagoon and opened in August after the school holidays. This will enable the public to visit and see first hand how the homes will look like.

The marine engineering, technical details and specifications for the Maldives Floating City development have been completed, and construction will begin immediately after remaining government approvals have been granted. The modular city construction is accordingly scheduled for January 2023 and will take 4 to 5 years to complete.

Maldives Floating City is an innovative housing project being developed in a lagoon 15 minutes boat ride from Male’. Using the latest in floating technology from the Netherlands, the floating city will comprise 5,000 housing units, tethered to the lagoon floor and linked together to create a safe and comfortable environment.

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Tourism & Aviation

Corporate Maldives | June 22

Trans Maldivian Airways Celebrates Outstanding Performers at Annual Employee Recognition Program Trans Maldivian Airways (TMA) has recognized the outstanding performance demonstrated by employees at their company-wide Employee Recognition Program, which was resumed this year after a period of silence during the COVID-19 Pandemic.

The ceremony held on 26th May 2022 at TMA’s Seaplane Base was graced by Mr. A.U.M. Fawzy, the company’s CEO along with members of its Senior Management. During the ceremony, TMA conferred recognition awards to honor the exceptional performance and contributions of 99 employees from 13 departments, who had gone the extra mile to serve the company and its clients under dire conditions during the COVID-19 pandemic.

Trans Maldivian Airways is a company that places great importance and value to acknowledging and celebrating its employees when they deliver above & beyond in serving its clients, fellow colleagues and the company. The company highlights that employee engagement and a culture of recognition for people is crucial in

a dynamic business environment like TMA’s, and pledges to continue the cheerful culture of recognition for years to come. TMA currently operates daily flights to over 80 of the finest resorts in the Maldives. Understanding each of the resort’s different needs and service standards, and delivering service excellence to the optimum satisfaction of its clientele is the core of TMA’s operations and is treated with utmost importance.

As the World’s Largest Seaplane Operator operating a fleet of nearly 60 aircrafts, TMA is proud to be considered one of the most soughtafter places to work in the Maldives. The company attaches a special focus to ensuring all its staff are well-trained and up-to-date on the industry standards, be it Pilots, Aircraft Engineers, Customer Service Staff, Cabin Crew or more.

TMA continues to excel and push boundaries in creating skilled employment in the aviation and service industry as a responsible partner to the holistic growth in the Maldives.

Corporate Maldives | June 22

Tourism & Aviation

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Tourism & Aviation

Corporate Maldives | June 22

What Does Post-Pandemic Outbound Travel Look Like for the Maldives?

A large number of Maldivians travel out of the country every year. However, due to the pandemic, we have witnessed a significant decrease in outbound travel.

Tourism continues to be one of the sectors hit hardest by the COVID-19 pandemic. The political leaders and governments across the world have taken measures to ease the economic shock to households and business, but longer-term the industry will need to adapt to a post-pandemic “new normal.”

In terms of post-pandemic outbound travel trends in the Maldives, there have been an average of 10,000 to 15,000 travelers each month. These are primarily for medical, leisure, education and business purposes. Many Maldivians travel for dual purposes; most commonly holidays would include medical check-ups and treatments.

It is estimated that Maldivians spend $1000$1200 per week. The average duration of stay for Maldivians are six to seven days. Furthermore, the major airlines flown are Indigo, Sri Lankan, Emirates and Qatar.

The top countries visited are as follows: India Sri Lanka Dubai Thailand Malaysia Singapore Turkey

Corporate Maldives | June 22

Tourism & Aviation

Application Deadline for EU Grants for Tourism Industry SMEs Extended

The European Union (EU) grant project “EU Support for a Resilient Recovery of SME Tourism Industry in the Maldives” is helping guesthouses and safari vessels in the Maldives to recover from post-pandemic losses.

The EU has provided EUR 2 million (nearly MVR 36 million) to help the local tourism industry to recover from the COVID-19 crisis. A total of EUR 1.4 million (around MVR 25 million) has been allocated for SME recovery grants.

The overall objective of the project is to enable the Maldives to create a more resilient and diversified economy by enabling tourism sector

MSMES to recover from the COVID-19 crisis.

Proving direct grant support to local tourism businesses is one of the main objectives of the project.

443 grant applications were received till end of May 2022. Out of the total applications received, a payment of MVR 13.1 million has been made to 346 eligible establishments till date. The application deadline for the EU grants has been extended till 31 August 2022, 1400 hrs local time

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Transport & Construction

Corporate Maldives | June 22

Pre-Qualification Process of Addu Gan Airport Development Project Commences Addu Gan Airport Development Project’s prequalification process has commenced on 20th May 2022.

This project is carried out with a line-of-credit provided by the Exim Bank of India and the airport can cater to 1.5 million passengers per annum upon project completion.

The project entails development of passenger terminal, cargo complex, air traffic control and other facilities, including the development of a cold storage, airport roads and parking area.

As Gan International Airport is the main gateway to the south of the Maldives, modernisation and improving the quality of services are vital for the development of the southern Maldives.

The airport development project will play an important role in President Ibrahim Mohamed Solih’s policies in expanding tourism, fisheries and the economy of the southern atolls.

Physical works of this project will commence at the end of this year.

Corporate Maldives | June 22

Transport & Construction

Updates on Various Ongoing Infrastructure Development Projects Maldives Transport and Contracting Company (MTCC) has provided updates on various infrastructure development projects.

blocks required for Lh. Felivaru Reclamation and Harbor Development Project have been delivered to the project site.

Firstly, work on design and build of S. Hulhudhoo Harbor Development Project is well underway, with overall 85% project progress. Harbor bridge construction works are currently ongoing, with 76% completion.

The scope of work for the project include reclamation operations of 6 hectare; dredging operations of 229,663.36cbm; construction of a 220m quay wall; a 148m breakwater; a 270m revetment. The value of the project is MVR 113.3 million.

The S. Hulhudhoo Harbour project consists of dredging and excavation operations of 88,623cbm; construction of a 114m breakwater; a 624m revetment; a 742m quay wall; 2,250 sqm of paved area and installation of streetlights. The value of the project is MVR 66.3 million.

Moreover, second shipment of precast concrete

Lastly, MTCC has completed the construction of a ferry hut for the Hdh. Naavaidhoo Ferry Stop.

Scope of the work involves a kiosk, waiting area and toilets for customers. The ferry stop is being built under “Integrated National Public Ferry Network” project facilitating RTL phase 1 zone 1.

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People

Fathuhulla Jameel Commissioner General of Taxation at MIRA

Corporate Maldives | June 22

Corporate Maldives | June 22

Mr. Fathuhulla Jameel is the Commissioner General of Taxation at Maldives Inland Revenue Authority (MIRA), an independent legal entity tasked with the implementation of taxation policies in the Maldives. Our team sat down with Mr. Fathuhulla to find out more about the work being carried out by MIRA, and various tax-related issues facing the country today.

Could you begin by explaining the scope and mandate of MIRA? The primary mandate of MIRA is the implementation of tax policies and enforcement of tax laws. Like most modern tax systems, the tax system in the Maldives is a self-assessment system whereby the taxpayers are actually primarily responsible for registration, declaring the correct amount of tax payments, as well as filing and making them.

MIRA is required to make sure that taxpayers do register when they are required, as well as make sure the correct amount of tax is declared and made when it is due. MIRA is also mandated to ensure that the taxpayer’s rights are adhered, to as well as give full information to the taxpayers about laws and regulations, and responsibilities of the taxpayers, so that they can fulfill their rightful obligations in a correct and accurate manner. In addition to that, MIRA is also required to implement the tax system in such a way that the cost for the taxpayers is minimized as much as possible, and that the administration of the implementation is done in the most economical way as well.

People

The COVID-19 pandemic greatly affected the Maldivian economy.

From the perspective of tax collection, how swift has recovery been?

We actually have been recovering quite swiftly considering that, for example, in 2021, we were able to collect more than 50% of what we were able to collect in 2020. This shows that the trajectory of recovery is positive, which can mainly be attributed to the efforts from the tourism industry – about 75% of the total revenue collection through MIRA is directly or indirectly related to the tourism industry. Based on recent statistics, you will see now that the tourist arrival figures and bed night sales have increased tremendously compared to that in 2020.

So, what I would say is that recovery has been better than expected in 2021. However, I would note that there are some industries which are still slightly struggling to make their way back to pre-pandemic levels.

How significant of an issue is tax evasion in the Maldives?

Most taxpayers do comply and give cooperation to MIRA. But there are some taxpayers with whom we need to make full force of the law. It depends on the industry and the sector as well.

For example, most large businesses would have professional tax advisors helping them to do the tax planning. We need to make sure that that those tax plannings are not directed towards tax avoidance or tax evasion, and that the corrective remedial actions are taken in that case.

In addition to that, there are some taxpayers, usually smaller or the medium range taxpayers who are not fully aware of their obligations. Such

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taxpayers may be prone to making mistakes, even when they are trying to fully comply with the laws. For those, we try to give education and awareness.

There are also certain cases where we have actually found GST fraud. Basically, the taxpayers who have registered with MIRA, or even without registering, charge GST from customers but either do not declare GST at all, or declare an incorrect amount of GST to MIRA.

What is being done by MIRA to increase public awareness about tax-related issues?

I would say that we do a lot to make sure that the taxpayers, as well as the general public, are aware of their obligations and responsibilities, but there is still more that needs to be done on that front as well.

We have our media across all mediums of mass communication. For example, we have advertisements and TV commercials, as well as some TV programs. We cover the online news platforms, and our social media presence is relatively strong. In addition to that, we have information sessions that are available for all.

We also have a dedicated hotline for the taxpayers and also the general public, if they want to get any information in relation to any tax matters. My recommendation for taxpayers, as well as the general public, is that if they want any information or clarification regarding any tax matters, is to simply reach out to us. We are here for you.

Corporate Maldives | June 22

How is MIRA utilizing technology to make the taxation and payment processes easier?

Most of MIRA’s services, if not all of them, are now available online. For example, taxpayers can get information through our website as well as our online platforms. They can make their payments and file their returns through our MIRA Connect application. If they are not basically a regular payer to MIRA, they still pay their fees (vehicle fees, service fees, etc.) through our Vaaru Pay option as well. Another significant aspect is our website, which is very lively and regularly updated. So, the online options are available to the public to make tax-related processes much more convenient.

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Corporate Maldives | June 22

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People

Fathimath Sujatha Haleem Chief Operating Officer of the Pension Office

Corporate Maldives | June 22

Corporate Maldives | June 22

People

Fathimath Sujatha Haleem is the Chief Operating Officer of the Maldives Pension Administration Office (MPAO), an independent legal entity formed to administer and manage pension schemes in the Maldives. Our team sat down with Ms. Sujatha to find out more about her career, and to delve deeper into the work carried out

by MPAO. Could you tell us about your career thus far? What drew you to this field of work?

I had started my career at the Bank of Maldives and then moved on to the Ministry of Finance, where I worked with a number of multi-lateral organisations on different projects, which made me very interested in project work. I joined the pension reform as a project manager for the World Bank. That’s where it all started back in 2008, when I joined as a project manager which led the reform work for the Maldives pension system. I worked as a project manager until we successfully closed down the project in 2015, and thereafter I joined the Pension Office.

What is the main mandate of the Pension Office?

The Pension Office is a statutory organisation created mainly to administer the pension law.

We are mandated to run the Maldives retirement pension, basic pension, stakeholder relations, and to pass the information to the public, as well as do all the regulatory work required for running the pension scheme.

Pension is often viewed by many as a burden, being deducted from their salaries every month. But why is pension so important?

In retirement, everyone needs a constant flow of income. It’s important that we are financially independent. Traditionally, we were dependent on our families to take care of us, and then we’ve moved on for the government to take care of us.

But it’s important that as individuals, we maintain our financial independence with countries moving towards ageing population including us. We are also moving towards an ageing population. So, it would become very difficult eventually for the government to sustain the retirement of everyone.

So, in order for us to have a constant flow of income and for us to maintain our lifestyle that we have been living, it’s important that we take the responsibility of our retirement. The Maldives Retirement Pension Scheme is designed in such a way that you contribute while you are working.

We also aim to replace your income at retirement by at least 60% of your average salary. So, there is no huge drop in the income that you are receiving, and you can remain financially independent.

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Over the years, what have been the most major milestones and successes of MPAO? The Pension Office was formulated in 2009. We became financially independent very quick.

Within two or three years, it became the largest fund of the country. We have this multi pillar system which has been very well received by different countries. We actually managed to run this very smoothly. We have the ISO certification and international social security association certifications received for different processes that we have. So, I think these are very big milestones for us.

MPAO recently launched the Koshaaru Portal, the country’s first fully digital customer service portal. How will this benefit users?

Koshaaru Portal was developed by our internal team with the main focus on accessibility, reliability, security, and convenience. So now, any who has a pension account, whether it’s employee or a member, can actually log into the Koshaaru system and it has a different option for whichever user that you are.

And you don’t have to do the physical forms, everything can be done through the Koshaaru system, which makes it very easy and convenient for our members to use the system.

Corporate Maldives | June 22

Corporate Maldives | June 22

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Education

Corporate Maldives | June 22

HDC and Education Ministry Signs Agreement for Development of 2 Schools in Hulhumalé Phase II

Housing Development Corporation (HDC) has signed an agreement with the Ministry of Education for the development and operation of schools in Hulhumalé Phase II. HDC’s Managing Director Suhail Ahmed signed the agreement at a special ceremony held to mark this agreement and State Minister Ahmed Riyaz signed on behalf of the Ministry.

HDC stated that the two land plots handed over to the ministry are of 60,720 and 65,534 square feet of land. The two schools to built will have a capacity of 1,200 to 1,500 students.

There are currently three schools in Hulhumalé: Ghaazee School, Rehendhi School and Huravee School. Salahudheen School, the first school to be built in Hulhumale’ Phase II, was handed over to Ameen Construction on 7th February 2022.

HDC further said that there will also be an international school developed by a foreign party in the second phase of Hulhumalé.

Corporate Maldives | June 22

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Corporate Maldives | June 22

Health

Budget for Aasandha This Year Already Exhausted!

The state budget allocated for Aasandha, the national health insurance scheme, for this year has been already exhausted.

The government allocated MVR 730 million for the Aasandha scheme in this year’s budget.

According to the Ministry of Finance, MVR 795 million has been spent so far this year on Aasandha, as of 9th June. The government spent MVR 658 million for Aasandha during the same period last year.

In 2021, the budget allocated for the Aasandha scheme was exhausted before the year ended as well. By the end of 2021, a total of MVR 1.5 billion was spent on Aasandha.

Under the Aasandha scheme, a significant amount is spent covering private clinic fees and medical treatment abroad. Relevant government authorities are currently in talks to amend Aasandha and subsidy policies so that they are issued to those most in need.

Corporate Maldives | June 22

Health

Medtech Maldives Opens New Showroom for its Homecare Products

Medtech Maldives, the leading supplier of medical technology and hospital equipment in Maldives, has opened a showroom to showcase a range of products targeted for the homecare market.

In line with Medtech’s mission to improve quality of life and transform healthcare through modern technology, these products will make a significant difference in many people’s lives.

This is especially true for the elderly, differently abled and bed ridden patients, helping them achieve an easier and more comfortable life.

Available products include various types of wheelchairs and scooters, medical furniture, beds and mattresses, respiratory therapy equipment, vital health monitoring devices, weight management tools, portable emergency

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devices, as well as wellness and sports rehabilitation items.

These products are available for instant purchase from the showroom located on Nikagas Hingun, near the MWSC head office. The showroom is open from 9AM to 6PM, and 8PM to 10PM from Saturday to Thursday.

All of these products are also available on the website with product details. Online orders can be placed through the website for available products.

Medtech also provides support and maintenance services for their products.

Product demonstrations will also be provided for customers visiting the showroom.

Corporate Maldives | June 22

Corporate Maldives | June 22

Banking & Finance

Bank of Maldives Introduces Digital Wallet on Mobile Banking App

Bank of Maldives has announced the launch of BML Pay wallet on its Mobile Banking app. With the upgrade, contactless payment services and wallet-to-wallet transfer services are now available through the banking app.

through a single app. Customers can Scan to Pay or, if they use an NFC-enabled phone, Tap to Pay directly from the App at merchants across the country.”

With the new functionality, customers can facilitate payments through the BML Mobile Banking app with Scan to Pay for a faster and secure payment experience, or send money to friends and family using just their mobile number.

“With this upgrade, our Mobile Banking app is the only wallet customers need. Across the world, mobile based contactless payments are among the most secure and fastest modes of payments and we are proud to introduce this on our App. Our promise is to continue to invest in technology to deliver a better banking experience for our customers across the country.”

BML’s CEO and Managing Director, Tim Sawyer commented, “Last year, we introduced our Mobile Banking App with a new look and extra features to provide customers secure and seamless banking experience. We have integrated our digital wallet and payment functions to the mobile app enabling customers to bank and pay

Bank of Maldives introduced the first mobile banking app to the Maldives in 2015, allowing customers to bank conveniently anywhere, anytime. Today, over 90% of the bank’s customers use internet banking.

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Banking & Finance

Corporate Maldives | June 22

First National’s Securities Trading Business Goes Online First National Finance Corporation, a ‘Securities Dealer’ and ‘Investment Advisor’ licensed by the Capital Market Development Authority (CMDA) has launched its first ‘Online Trading Platform’ on 16th May 2022. This is the first-time securities trading goes online in the Maldives.

The platform aims to promote diverse investment opportunities in the Maldives and will allow investors to trade securities with just one click. Bringing together data from all listed companies in collaboration with Maldives Stock Exchange, the platform displays an array of useful information about securities listed on Maldives Stock Exchange.

This new platform is also intuitive and easy to navigate. Investors would be able to fill their KYC forms and submit their supporting documents online. From placing orders to making the

payment for matched orders, the entire trading process can be done online.

Speaking to Corporate Maldives, Chief Executive Officer Mr. Hassan Ziyath stated that the launch of this Online Trading Platform will introduce a more user-friendly avenue for securities investors by enabling access to hassle free and streamlined integrated processes. “We have noticed a renewed interest in the capital markets and analyzed the pain points in the securities trading process. The platform is designed to address the pain points and increase the frequency of trading on the Maldives Stock Exchange.”

Some key features of the platform also include, investors being able to view their cash transaction histories, investor’s profiles showing the securities that they have traded with as well as financial summaries of all Listed Companies.

Corporate Maldives | June 22

Banking & Finance

HSBC Celebrates 20 Years in Maldives

THE REFURBISHED HSBC MALDIVES SKY BRANCH DECLARED OPEN BY MR ALI HASHIM, GOVERNOR OF THE MALDIVES MONETARY AUTHORITY AND MARK SURGENOR, CEO HSBC SRI LANKA AND MALDIVES

HSBC completed 20 years of operation in the Republic of the Maldives recently. The anniversary was marked with the opening of its newly refurbished sky branch in Male in the presence of Mr Ali Hashim, Governor of the Maldives Monetary Authority and Mark Surgenor, CEO HSBC Sri Lanka and Maldives together with senior management, clients and colleagues.

HSBC Maldives was set up in 2002 as a fullyfledged branch and caters to a growing base of corporate banking customers. The branch was initially located in the MTCC building a few blocks away from its current location at Level 9, Zoneyria Building, H. Zoneyria, Boduthakurufaanu Magu, Malé.

The refurbished sky branch was constructed during the COVID-19 pandemic with designers and the bank’s Corporate Services team working remotely.

The branch which spans 4,200sqft is designed with a large collaborative workspace to meet HSBC Group standards and the Future of Work framework, whilst offering greater convenience for clients.

To mark the occasion, a special token souvenir of the HSBC lions was presented to longstanding clients who have banked with HSBC since the inception of the branch 20 years ago.

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The bank has played a pivotal role in supporting the Maldives and its community through key finance projects such as post-Tsunami financing of USD30m to rebuild harbors, financing the world’s largest seaplane operation and the world’s largest all glass undersea restaurant.

The bank also acted as Lead Manager for the inaugural USD200m Sovereign Sukuk for the Government of the Maldives, and helped arrange financing for clean water and sanitation to 20 islands, as well as provided financial assistance for USD25m to help local communities affected by the COVID-19 pandemic.

Corporate Maldives | June 22

Throughout its history, HSBC Maldives has also taken an active role in supporting the local community through Corporate Sustainability projects, and has also been supporting the Maldives Autism Association since 2017. To mark the 20th anniversary, the bank announced its latest partnership with The Asia Foundation to promote Financial Literacy in the Maldives, aligning to HSBC Group’s focus on employability & financial capability through Future Skills.

The proposed project will introduce and promote financial literacy and responsibility

LONGSTANDING CLIENTS BEING PRESENTED WITH TOKEN SOUVENIRS BY MARK SURGENOR – CEO HSBC SRI LANKA AND MALDIVES

Corporate Maldives | June 22

among children aged 3-9 years in the Maldives.

The Foundation will partner with the Maldives National University (MNU) to facilitate a BookLab to create five original storybooks on financial literacy for children in Dhivehi. The five children’s storybooks on financial literacy will help the targeted group of pre and early readers to learn about savings and financial management. They will also contribute to the overall mission of Let’s Read; that books should be accessible to all children.

The initiative is well-aligned with the Ministry of Education’s aim to promote Dhivehi among children across the Maldives. Accordingly, suitable authors and illustrators will be selected locally, ensuring that the books are tailored to the Maldivian context.

Banking & Finance

The books once developed will be uploaded to the online platform. 500 copies each (2500 copies in total) will be printed for distribution amongst school children and the community.

The Foundation has a history of over 20 years with the MNU, mainly extending support through its longstanding Books for Asia program. For this project, the university will support the Foundation in facilitating the orientation session and BookLab events for authors and illustrators. They will also contribute to the project by providing a venue for these events.

HSBC staff will also play an active role in joining the project and working closely with local communities to ensure its success.

HSBC MALDIVES LATEST PARTNERSHIP WITH THE ASIA FOUNDATION TO PROMOTE FINANCIAL LITERACY IN THE MALDIVES

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Corporate Maldives | June 22

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Corporate Maldives | June 22

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Technology

Corporate Maldives | June 22

Maldives to Begin Using Digital ID Cards Later This Year

Aminath Shauna, Minister of Environment, Climate Change and Technology of the Maldives, has revealed that the Maldives will begin using digital national identity cards in late 2022.

Speaking at the ‘Viavathi Raajje’ conference in AA. Ukulhas on 28th May, Minister Shauna stated that the government had completed much of the work required to roll out the digital ID cards, and that they were doing data entry.

At the conference, councillors had asked the government for atoll councils to be allowed to issue ID cards. As of now, issuance of ID cards is limited only to the capital city of Male’.

Minister Shauna said that the government wanted to make it easier for councils to provide services using advances in modern technology.

She added that despite the use of digital ID cards, physical ID cards will also be printed upon request.

The Minister had previously stated that digital ID cards would be rolled out in 2023.

Aminath Shauna, Minister of Environment, Climate Change and Technology of the Maldives, has revealed that the Maldives will begin using digital national identity cards in late 2022.

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Technology

Corporate Maldives | June 22

Dhiraagu High-Speed Fibre Broadband and DhiraaguTV Launched in HDh. Naavaidhoo

Dhiraagu has launched its high-speed Fibre Broadband service and DhiraaguTV in HDh. Naavaidhoo.

With this service expansion, HDh.Naavaidhoo residents can now choose from a great variety of Dhiraagu Home Fibre Broadband packages that have been developed to cater different customer segments. They can also enjoy the biggest data packages with the highest speeds available in the market in order to enhance their digital experience. Additionally, the Dhiraagu has launched its high- speed Fibre Broadband and DhiraaguTV service in HDh.Naavaidhoo island community will be able to subscribe to the best entertainment bundles with DhiraaguTV. The service was launched with a special promotion for residents of HDh.Naavaidhoo allowing them to enjoy FREE connection and FREE ONT router with every Home Fibre Broadband connection. Meanwhile, all customers applying

for DhiraaguTV service can also enjoy FREE connection and FREE Joybox (set-up-box).

As a result of continued investments, Dhiraagu high-speed Fibre Broadband service is now available to 84% of national households making their lives easier, smarter, and more rewarding.

Our Fibre Broadband network is the largest highspeed data network in the nation, which provides unparalleled experience to communities in 85 islands across the country.

Meanwhile, DhiraaguTV has been the first and only IPTV service provider in the Maldives to extend digital IPTV service to 84% of national households, with more than 100 quality channels in its fully digitized network. Dhiraagu continues to play a pivotal role in enriching lives and empower people through building strong, inclusive digital communities.

Corporate Maldives | June 22

Technology

Personal Computers Opens its First Outlet in Hulhumale’

Personal Computers continuously works to improve services provided to their customers with research and feedback. They aim to be a brand that is readily accessible to customers when they need it. Recently, they announced that Personal Computers has opened its first outlet in Hulhumale’.

The Personal Computers Hulhumale’ showroom will provide all services available in the other outlets. The new Hulhumale’ showroom was inaugurated with an opening promotion, whereby customers can claim discounts of up to 30% on selected products.

With the addition of the new Hulhumale’ outlet, customers can place orders from the Male’ outlet and pick it up from Hulhumale’ showroom, saving them the hassle of driving across with the products or hiring a ride for transportation.

Personal Computers is on its way to becoming one of the most accessible brands in the Maldives, renowned for its timely delivery of services and products.

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Technology

Corporate Maldives | June 22

Veligaa Hardware Launches e-Commerce Platform with Over 10,000 Products

Leading hardware store, Veligaa Hardware has launched an e-commerce platform. Now, customers can browse and purchase all products sold by Veligaa Hardware via the website.

With a listing of over 10,000 items, this is currently the largest and most comprehensive e-commerce platform selling hardware related products in the Maldives.

Customers can enjoy delivery within Male’ and Hulhumale’, while those in islands can have their purchases delivered to boats. Customers can also opt for store pick-up if they so choose.

According to Veligaa, purchases made on the website will typically be delivered on the day of purchase, or the next day. The website also provides customer service.

Opened in April 2008, Veligaa Hardware is one of the leading hardware stores in Maldives.

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Corporate Maldives | June 22

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Fisheries & Agriculture

Corporate Maldives | June 22

MIFCO Raises Price of Canned Tuna Products

Maldives Industrial Fisheries Company (MIFCO) has decided to increase the prices of its products, amid a spike in commodity prices across the globe.

changed after maintaining the same price for many days. MIFCO said the price change is the best offer to customers at the moment.

MIFCO has now increased the price of a case of canned tuna in oil by MVR 150. Earlier, MIFCO sold a case of canned tuna for MVR 610.

Commodity prices have risen sharply across the globe following the Ukraine-Russia war.

MIFCO stated that it will bring positive changes in prices as soon as the prices of commodities in the world market improve.

Speaking to local news media, CEO of MIFCO Ismail Fauzee stated that the cost of producing canned fish has increased due to the rising prices of commodities in the world market. The prices of all MIFCO products have been changed.

The price of canned fish products has been

Meanwhile, MIFCO has also increased the purchase price of fish from fishermen. The purchasing price of fish has increased from MVR 16 to MVR 17.

Corporate Maldives | June 22

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Trade, Fuel & Shipping

Corporate Maldives | June 22

Maldives Records 36% Increase in Exports, 25% Increase in Imports in April 2022

Maldives has recorded a significant rise in both exports and imports in March 2022, compared to the same period last year.

As per the monthly statistics released by Maldives Custom Service, Maldives exported MVR 165 million in commodities during the month of April 2022. This is 36% increase compared to this period last year.

Corporate Maldives | June 22

Major exported commodities include MVR 96 million in frozen skipjack or stripe-bellied bonito, MVR 27 million in skipjack tuna and MVR 26 million in yellowfin tuna.

TOP EXPORTING COUNTRIES

Meanwhile, Maldives has imported MVR 4.7 billion in commodities during the month of April 2022. This is a 25% increase compared to the same period last year.

Maldives customs service further recorded a revenue of MVR 362 million, last month which is a 37% increase from the same period last year.

TOP IMPORTING COUNTRIES

Trade, Fuel & Shipping

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Trade, Fuel & Shipping

Corporate Maldives | June 22

Trade Between Maldives and India Grows by 31 Percent

Trade between India and the Maldives increased by 31 percent last year, according to Rohit Ritesh, the Deputy High Commissioner of the Indian High Commission in the Maldives.

Mr. Ritesh made the comment at a ceremony held at the Maldives Customs Service on 2nd June, ahead of a training visit by Maldivian customs officers to the National Academy of Customs, Indirect Taxes, and Narcotics (NACIN) in Mumbai.

Speaking about enhancing the capacity of Maldives’ customs in trade, Rohit stated that trade between India and Maldives increased to more than USD 300 million for the first time in

2021, reaching USD 323 million. He added that India is among the top five countries to which the Maldives exported goods in 2021.

Relations between India and Maldives in this realm have strengthened in recent years. So far, 100 customs officials have been sent to India for training in various customs-related fields.

Corporate Maldives | June 22

Trade, Fuel & Shipping

Two Additional Barges Added to FSM’s Carrier Fleet

Fuel Supplies Maldives (FSM) has added two new barges to its fuel carrier fleet.

The company contracted an Egyptian company in 2019 to build new barges to add to its fuel carrier fleet. Two of these barges were brought to the Maldives at the end of April 2022.

Managing Director of FSM, Mohamed Qasam stated that the new barges have joined the fuel supply operations of FSM, and are able to carry 260,000 liters of fuel at a time. He mentioned

that the new barges boast a significantly increased capacity of the company’s fuel supply operations in the country.

The new barges added to FSM’s fleet have been named MV Hunike and MV Bureki. The two barges will join a fleet of 18 barges used to supply fuel to the atolls.

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Trade, Fuel & Shipping

Corporate Maldives | June 22

MSS to Commence Direct Cargo Services to Malaysia and Singapore

Maldives State Shipping (MSS) is commencing direct cargo service between Singapore-Maldives and Malaysia-Maldives .

As per MSS, the vessel will be brought to Maldives in July, and would start trips to harbors of Malaysia and Singapore. Currently, MSS Galena the ship has been travelling between Maldives and Colombo.

The Managing Director of MSS, Captain Abdullah Saeed stated that they have further plans to expand their direct cargo service to the ports of the Middle East in the near future.

MSS also stated they will continue to expand their services to other sectors. In regards to

this, they highlighted that they have chosen Singapore Port and Port Klang, Malaysia to the Maldives as their next trading area.

Launched in 2020, MSS is a shipping and logistics company offering an extensive international liner shipping service. MSS was born to overcome the difficulties Maldivian traders and other businesses faced in the absence of a reliable national shipping line, and to provide employment opportunities for Maldivians in an industry other than tourism.

MSS is owned by State Trading Organization (STO), one of the most reliable public companies in the nation. STO has been in operation for over 50 years with many thriving subsidiaries, joint ventures, and associates under its umbrella.

Corporate Maldives | June 22

Trade, Fuel & Shipping

The Hawks Deploys Tanker with Capacity of 1.2M Litres to Huvadhoo Atoll

As part of its ambitious expansion plans, The Hawks Pvt Ltd has deployed MT. Hawks Akiri, a tanker with 1.2 million litres capacity to Gaafu Alifu and Gaafu Dhaalu Atolls.

This mobilisation will enable the company to reach its clients in this region, enhancing coverage in the south of Maldives in terms of convenience in distribution. It will also assist The Hawks in achieving its promise of timely delivery.

Mr. Hussain Aman, Director of Sales mentioned that the company had already mobilised two of its tankers to Baa Atoll and Dhaalu Atoll. This enabled The Hawks to cover the northern and central region of the Maldives.

The Hawks Pvt Ltd is one of the leading companies for the import and distribution of high-quality fuel in the Maldives. With more than 15 years’ experience in the area of fuel supply and exceptional attention to the needs of its clients, the company has developed an extensive portfolio ranging from fuel delivery and related services to construction, transportation, and activities in the hospitality industry.

The Hawks team, established in 2007 by chairman Mr. Ahmed Rasheed Hassan, is fully trusted by its clients and continuously eager to serve them as best as they can. The exceptional customer service, on-time delivery, and highest standards for all services provide the ultimate satisfaction to clients from the northernmost to the southernmost parts of the Maldives.

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Environment & Sustainability

Corporate Maldives | June 22

Environment Ministry and MIB Signs Agreement to Facilitate Affordable Access to Hakathari Appliances

An agreement has been signed between the Ministry of Environment, Climate Change and Technology and Maldives Islamic Bank (MIB) to facilitate affordable access to Hakathari appliances. At a ceremony held at the Ministry, Minister of Environment, Climate Change and Technology, Honorable Aminath Shauna, signed the agreement on behalf of the Ministry, and acting CEO Mr. Ahmed Riza signed on behalf of MIB. Under the agreement, MIB will implement a financing scheme to encourage the use of Hakathari appliances. The financing scheme is designed as a list based financing scheme which will allow for the purchase of 3, 4 and 5 star rated appliances from the list of items labeled under the Hakathari Program.

The Hakathari Program is an effort that will contribute to the sustainable development of the Maldives. The research shows that if the Hakathari Program is successful, it is estimated that by 2030, energy consumption will be reduced by 16% compared to a business as usual scenario. In addition to this, it is expected that the need for additional generation capacity will be avoided by approximately 147 MW. As a result, MVR 800 million will be saved from acquiring and establishing new power houses.

In her speech, Minister of Environment, Climate Change and Technology, Honorable Aminath Shauna stated that under the financing scheme, Hakathari appliances can be purchased at a rate of 10% per annum. The minister added that the financial scheme will be one of the lowest cost schemes in the country.

With the goal of green house gas emission reduction and energy conservation, The Government of Maldives is currently implementing the Strengthening Low Carbon Energy Island Strategies (LCEI) Project, which is funded by the Global Environment Facility (GEF) and administered by the United Nations Environment Programme (UNEP). The LCEI project has allocated MVR 12,288,000 for the implementation of the financing scheme.

Maldives Islamic Bank will use the money as a guarantee to run the scheme. The bank will provide financing from its own funds to those interested in purchasing Hakathari appliances.

Under the scheme, the bank will finance upto MVR 15,360,000 for the purchase of Hakathari labelled appliances.

Corporate Maldives | June 22

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Environment & Sustainability

Corporate Maldives | June 22

Govt Proposes Charging MVR 2 for Plastic Bags at Retail Stores

However, there are certain conditions where the plastic bags will be available for free:

A bill has been submitted to the People’s Majlis to make it mandatory to purchase plastic bags at retail stores.

MVR 2 must be charged from customers as a levy on plastic bags issued at points of sale within 30 days of the act coming into effect, according to the waste management bill submitted on behalf of the government by Komandoo MP Mohamed Rashid.

Additionally, stores must include the levy collected from customers in their invoices or receipts.

Purchases made from duty-free shops Bags used to carry fresh fish Bags used to put loose grains, sugar and flour, Wholesale purchase of more than 50 plastic bags Black bags sold to waste management facilities.

Corporate Maldives | June 22

Environment & Sustainability

MOPA and Partners Ramp Up PET Plastic Collection Initiatives Across Maldives The Maldives Ocean Plastics Alliance (MOPA) and its partners have expanded the NGO’s flagship PET collection projects to include more islands and resorts across the Maldives, in a bid to solve plastic waste pollution in Maldives and create a circular economy for plastic.

Launched on December 10, 2020, the Plastic Reverse Logistics Project involves a strong partnership with Male’ Aerated Water Company Limited (bottlers of ‘Coca-Cola’ beverages), Happy Market Private Limited (bottlers of ‘Life’ mineralised water) and Island Beverages Maldives (bottlers of ‘Taza’ mineralised water) who are voluntarily implementing Extended Producer Responsibility (EPR) in the Maldives to give a new life to the 100% recyclable and versatile PET. The project began with daily collection of used PET bottles – all 100% recyclable and has inherent value to the Maldives’ economy – from over 120 retail outlets, including eateries, restaurants and cafés in the Greater Male’ area. It now includes 263 eateries in Male’ city and its satellite town of Hulhumale’. A second initiative, Island PET Collection Project, has expanded collection to outer atolls, with active operations now in three islands.

MOPA recently announced a third initiative to accelerate action to tackle plastic waste. The complementary Resort PET Collection Project, which was launched in December 2021, aims to recover and recycle empty PET bottles from the more than 150 resorts across the archipelago, further expanding the initiatives to reduce our reliance on new plastic and ensuring bottles don’t enter the oceans.

In April, the Island PET Collection Project saw the launch of its collection operation in

K. Hinmafushi, and a significant ramp up in collection from K. Thulusdhoo (approximately 3,420kgs to date) and Dh. Kudahuvadhoo (approximately 3000kgs to date).

The Resort PET Collection Project now counts five resort operators as its partners: Adaaran Resorts Maldives, Movenpick Resort Kuredhivaru Maldives, Four Seasons Resort Maldives at Kuda Huraa, Centara Ras Fushi Resort & Spa, and Kurumba Maldives. In just six months of the project’s launch, 926kgs of PET have been collected from these resort islands.

“We ended 2021 with an impressive achievement of close to 1,000 kilos of PET collection, and 2022 is off to a strong start. As we aim to increase our collection efforts across the Maldives, this is only made possible thanks to the dedication and commitment of our partners. I would like to extend my sincere thanks to all of our partners for their support,” says Thoriq Ibrahim, MOPA Founder and President.

The collected PET bottles – the most widely recycled plastic in the world – are handed over to Parley Maldives to be recycled and upcycled into everyday items like branded footwear, swimwear and garments. This national multi-stakeholder partnership project brings together numerous companies with a common vision to create a circular economy for plastic and a better shared future that makes a difference in people’s lives, communities and our planet.

“We are delighted to see the results of our strong partnership with MOPA and the impact these initiatives continue to have the communities that we operate and serve. As Coca-Cola’s bottling partner in Maldives, we will continue to explore all avenues to create a circular economy to effectively address plastic pollution,” says Sanjay Maniku, Managing Director of Malé Aerated Water Company.

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Environment & Sustainability

Corporate Maldives | June 22

Smart Street Lighting for Sustainable Cities

The Global Momentum for Smart Street Lighting While we all know that street lighting is a necessity for our daily lives, especially in urban centers, to light up streets, minimize accidents and for safety and security, etc., it also adds up significantly to a city’s carbon emission, and claims a large chunk of the city’s electricity bill. Public lighting contributes to about 19% of global electricity usage, and known to account between 30 to 50 percent of a typical city’s electricity bill. For these reasons, several cities across the globe have been moving to more sustainable street lighting such as LED and other energy efficient public lighting systems. Due to its substantial impact on energy saving and low maintenance, the growing momentum for smart street lighting seems to be continuing, as this makes the cities future proof despite the rapid urbanization. It was proven that expedited implementation of smart street lighting has resulted in quick wins to many cities by cutting down considerable amounts in council electricity bills while keeping a lower carbon footprint.

Corporate Maldives | June 22

Omniflow Smart Lamp Post – more than a regular street pole Joining the momentum, Housing Development Corporation (HDC) has installed a smart lamp post at Hulhumale Central Park as a pilot project on 31st March 2022. Depending on the effectiveness of this project, HDC is planning a city-wide rollout to realize the full benefits of smart street lighting for Hulhumale. Being the first of its kind in the Maldives, this award winning IoT smart lamp post is an innovative product

by Omniflow. The smart pole is powered by wind and solar with integrated battery storage. Designed for green energy, these smart poles have the ability to lower more than 90% on the electricity consumption compared with standard lighting, and absolutely matches with the urban aesthetics of the city.

Recorded Performance of Smart Lamp Post – Hulhumale’ Central Park Looking at the first month’s performance from the above grid, the wind speed chart shows the level of wind speed recorded from the wind turbine, while Solar Power graph depicts the solar energy recorded from the solar PVs. The energy graph presents the combined energy produced from wind and solar. The generated energy was recorded at 4 kwh (kilowatt) per hour, while total energy saved sums up to 86 kwh. This reflects a saving of 97% energy consumption when compared to a normal 250W streetlight powered all night.

Given a global average energy saving of 90% with Omniflow Smart Lamp Post, a saving of 97% means this product works very well in Hulhumale. Adding to the greener aspect, 52 kg of CO2 was also avoided, which was computed as for each kwh of energy consumed, there was only 600 grams of CO2 emissions. The combined wind and solar energy production are more effective and results in lesser CO2 emissions as less electricity is consumed from the grid.

In addition to being highly environmentally sustainable with great savings on electricity costs, HDC can integrate several services to the the smart lamp post, such as public Wi-Fi access, video surveillance, and digital advertising boards.

And, this is definitely a product that will improve quality of lives for the people living and visiting Hulhumale’.

Environment & Sustainability

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Corporate Maldives Events

Corporate Maldives | June 22

5 Reasons Why You Should Exhibit at Corporate Maldives Business Expo Corporate Maldives Business Expo is an international business networking and trade show of the Maldives focused on building valuable relationships within the B2B community.

It is a premier networking event where business exhibitors and corporate professionals can preschedule meetings through Corporate Maldives “Network”, an online B2B portal that guarantees you meet the right audience.

Here are 5 reasons why you should exhibit at the Corporate Maldives Business Expo:

Networking opportunities and finding new business partners Corporate Maldives Business Expo will bring together businesses in your field and from other fields, while giving you access to a wide set of target audiences as there are so many suppliers and businesses in one place at the same time. This is a great way to know the people in your industry and meet new clients, partners or suppliers as well. Taking the time to network with your industry peers and making a vital connection at the expo might open up invaluable business possibilities you would never have otherwise come across.

Prescheduled meetings through “Network” to connect directly with the clients Businesses will be able to pre-schedule over 2000 meetings with the right audience within 2 days during the Corporate Maldives Business Expo. “Network” has added features including, virtual profiles and video call features to execute hybrid meetings simultaneously during the event. This expo is where you will be able to speak directly to the people you desire within your industry and other industries. This means you have a unique opportunity to sell your business to a hall full of people who are receptive and interested.

Corporate Maldives | June 22

Corporate Maldives Events

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PR support on Corporate Maldives All exhibiting businesses at Corporate Maldives Business Expo are entitled to PR support on Corporate Maldives for one year. Corporate Maldives is the leading business resource of Maldives for corporate sector news, events, and publications.

This includes the content on website and all social media pages of Corporate Maldives.

Gain industry insights at 4 summits Corporate Maldives Business Expo will host 4 different summits gathering prominent speakers from several corporate sectors. Maldives Women’s Summit, Maldives Entrepreneurs’ Summit, Maldives Finance Professionals’ Summit and Maldives Marketers Forum will bring together success stories from the esteemed speakers and will explore, ideate, collaborate and generate new approaches to the everchanging business industry of the Maldives.

Product launch opportunity and brand awareness Corporate Maldives Business Expo provides product launch opportunities for businesses. Exhibiting at the expo will offer businesses a huge number of potential leads with clients who you can meet. As everyone exhibiting at this expo has the same access to prospective customers as your larger competitors do, it creates a valuable opportunity not just for direct sales and marketing, but for strengthening your brand and positioning your business as a leader in its industry.

Exhibiting alongside the bigger companies in your industry is also the perfect opportunity to see first-hand what your competitors are up to allowing you to observe what your competitors are doing right and apply their strategies to your own business.

The Corporate Maldives Business Expo will be attended by over 100 businesses along with 2000 professionals from different sectors to network and create new business opportunities.

The Corporate Maldives Business Expo will be held from 4th to 5th October 2022. The GOLD 100 Gala 2022, the most prestigious business awards of Maldives, will be held on 6th October 2022.

Corporate Maldives | June 22

Corporate Maldives Events

Corporate Maldives Business Expo 2022 Visitor Registrations Open Via “Network” Corporate Maldives has opened visitor registrations for Business Expo 2022, international business networking and trade show of the Maldives via Corporate Maldives “Network” (network.corporatemaldives.com).

Corporate Maldives Business Expo 2022 is scheduled to be held as a hybrid (both in-person & online) event from 4th to 5th October 2022. Businesses from all corporate sectors of the Maldives will be exhibiting at this expo. Both visitors and exhibitors can preschedule over 2000 meetings in the span of the two-day event.

“Network”, the business networking portal of the Maldives will also be used all year-round and visitors can benefit from strengthening business connections, gain fresh ideas, and career advancement as well. Corporate Maldives Network will have a portal of the Maldivian business community offering opportunities to network within the B2B community.

Key features of "Network" are: Virtual profiles Pre-schedule meetings Video calls & conference Product launch opportunities

BUSINESS EXPO ‘22 REGISTER NOW

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Corporate Maldives | June 22

Corporate Maldives Events

Corporate Maldives “GOLD 100 GALA” to Be Held on 6th October 2022 at CROSSROADS Maldives

Maldives’ most prestigious business awards, Corporate Maldives “GOLD 100 GALA” will be held at CROSSROADS Maldives on 6th October 2022.

“GOLD 100 GALA” is an invitation-only networking event bringing together top executives of Maldivian business community together in one place for a glamorous awards night celebrating the success of the GOLD 100 companies. This event will be attended by Chairmen, Managing Directors, CEOs, and key decision makers within the business community of Maldives.

At the GALA function, “GOLD 100” companies will be presented with an award & the “GOLD 100” magazine will be unveiled. “GOLD 100” is a list of leading 100 business entities in the Maldives, published by Corporate Maldives every year.

Through a transparent and unbiased selection criterion, “GOLD 100” is devised as a selection of the leading business entities, rather than a ranking. As such, the list would be published in alphabetical order.

Corporate Maldives will also award the Lifetime Achievement Award to recognize visionary business leaders who have made significant contributions to their respective industry.

Every year, Corporate Maldives will announce two award recipients whose businesses and philanthropic activities have enhanced the overall development of the Maldivian business community. The recipient of this year’s Lifetime Achievement Award will be announced during the Corporate Maldives “GOLD 100 GALA” at CROSSROADS Maldives.

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Business Directory

Corporate Maldives | June 22

Business Directory Aviation ACE AVIATION SERVICES MALDIVES PRIVATE LIMITED

Boat Manufacture & Marine Services

+960 7776886

AL SHAALI MARINE MALDIVES PVT LTD

roshan@aceaviation.mv

+960 6646066

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

shareef@asmarinemaldives.com www.asmarinemaldives.com

FEDO PRIVATE LIMITED +960 3321550 info@ask.com.mv

AVIA MALDIVES PVT LTD +960 778 6419

D BLUE PVT LTD

commercial@aviamaldives.com

+960 7775254

www.aviamaldives.com

info@dblue.com.mv

www.ask.com.mv

www.dblue.com.mv

RASHEED CARPENTRY & CONSTRUCTION PVT LTD ISLAND AVIATION +960 3335566

+960 331 7878

Construction

inquiries@rcc.com.mv www.rcc.com.mv

sales@iasl.aero www.maldivian.aero

ABC CONSTRUCTION PVT LTD +960 3003636 md@abcconstruction.com.mv www.abcconstruction.com.mv

SJ CONSTRUCTION PVT LTD +960 3300665 admin@sjconstruction.mv

MALDIVES AIRPORTS COMPANY LTD

www.sjconstruction.mv

+960 3325511 info@macl.aero www.macl.aero

AMIN CONSTRUCTION PVT LTD VILLA HAKATHA +960 3324369 projects@aminconstruction.net www.amin.com.mv

+960 3327811 sales@vhpl.mv www.villa.mv

TRANS MALDIVIAN AIRWAYS +960 7637995 marketing@transmaldivian.com www.transmaldivian.com

ASK HOLDINGS PRIVATE LIMITED +960 3321550 info@ask.com.mv www.ask.com.mv

Education ISLANDERS EDUCATION PVT LTD +960 3022000 info@islanderseducation.com www.islanderseducation.com

Business Directory

Corporate Maldives | June 22

Electronics REEFSIDE COMPANY PVT LTD +960 332 3545

EURO GLOBAL MALDIVES PVT LTD

CEYLINCO INSURANCE COMPANY PVT LTD

+960 7775360

+960 969 3939

info@euroglobal.com.mv

info@ceylincoinsurance.com.mv

www.euroglobal.com.mv

www.ceylinco-insurance.com

reefside@reefsidemaldives.com www.reefside.mv

MALE’ AERATED WATER COMPANY PVT LTD REFCOOL +960 3309900 info@refcool.com.mv

+960 3329999 sales@mawc.com.mv

+960 3332668

www.mawc.com.mv

info@cbmmv.com www.cbmmv.com

www.refcool.com.mv

Engineering ILAA MALDIVES PVT LTD +960 335 5751 info@ilaamaldives.com

SYMPHONY MALDIVES PVT LTD +960 943 1561 info@symphonymaldives.com www.symphonymaldives.com

EVENT MALDIVES PVT LTD +960 7781702

FUEL SUPPLIES MALDIVES PVT LTD +960 3336655 www.fuelmaldives.com

Finance & Insurance ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

md@eventmaldives.com.mv www.eventmaldives.com.mv

Fuel Logistics

marketing@fuelmaldives.net

www.ilaamaldives.com

Event Industry

COMMERCIAL BANK OF MALDIVES PVT PTD

THE HAWKS PVT LTD +960 334 4949 info@thehawks.biz www.thehawks.biz

+960 3300033 info@allied.mv www.allied.mv

Healthcare

Food & Beverages CITY INVESTMENTS PVT LTD +960 3342862

AMÃNA TAKAFUL MALDIVES PUBLIC LIMITED COMPANY

info@city.com.mv

+960 3315262

www.city.com.mv

info@takaful.mv www.takaful.mv

ENSIS FISHERIES PVT LTD +960 3356677 info@ensisgroup.com www.ensisgroup.com

BANK OF MALDIVES PLC +960 3315262 info@takaful.mv www.takaful.mv

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

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Corporate Maldives | June 22

Business Directory

ICT

Logistics

ATOLLMARKET PVT LTD

ASIA FORWARDING PVT LTD

+960 3326297

+960 3343041

info@atollmarket.com

info@theasiaforwarding.com

www.atollmarket.com

www.theasiaforwarding.com

DONAD INVESTMENTS PVT LTD +960 3336096 info@metalsigns.com.mv www.metalsigns.com.mv

M7 PRINT PVT LTD KEIRETSU PRIVATE LIMITED +960 7924636

CENTURION TRANSPORT SOLUTIONS PRIVATE LIMITED

+960 3307787 print@m7maldives.com www.m7maldives.com

info@keiretsu.mv www.keiretse.mv

+960 3309668 info@centurion.mv www.centurion.mv

+960 3318844

LINK SERVE PVT LTD +960 3003000 sales@linkserve.com.mv www.linkserve.com.mv

NOVELTY PRINTERS AND PUBLISHERS PVT LTD sales.printers@novelty.com.mv

LEO TRADING PRIVATE LIMITED

www.novelty.com.mv

+960 3006638 leo@trading.mv www.leotrading.mv

PRINT LAB

MAXCOM TECHNOLOGIES PVT LTD

+960 3333022 info@printlab.com.mv

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

www.printlab.com.mv

MALDIVES STATE SHIPPING +960 3029200 info@stateshipping.mv www.stateshipping.mv

HOUSING DEVELOPMENT CORPORATION LIMITED

MEGACHIP ELECTRONICS PVT LTD info@megachipcomputers.com

TTS GROUP MALDIVES PVT LTD

www.megachiplive.com

+960 3011888

+960 3333088

Real Estate

+960 3353535 mail@hdc.com.mv www.hdc.com.mv

info@ttsgroup.com www.ttsgroupmaldives.com

Safety & Security PERSONAL COMPUTERS +960 3003033 marketing@personalcomputers.mv

Print, Publishing & Signage

www.personalcomputers.mv

GAGE PVT LTD +960 3304055 info@gage.com.mv www.gage.com.mv

COPIER PLUS (PVT) LTD +960 7772612 copeirplus@gmail.com www.copierplus.com.mv

Corporate Maldives | June 22

Telecommunications

Business Directory

ARENA PVT LTD +960 7778599

DHIVEHI RAAJJEYGE GULHUN PUBLIC LIMITED COMPANY

MALDIVES INFLIGHT CATERING PRIVATE LIMITED

samih@arenabeachmaldives.com

+960 3330888

www.arenabeachmaldives.com

reservations@hih.com.mv www.hih.com.mv

+960 3322802 info@dhiraagu.com.mv www.dhiraagu.com.mv

CROWN & CHAMPA RESORTS +960 6640219 info@crownandchamparesorts.com www.crownandchamparesorts.com

DHIVEHI VIUGA PRIVATE LIMITED

MALDIVES GETAWAYS +960 7966551 maldives@getaways.mv www.getaways.mv

+960 3344652 info@dhivehiviuga.com www.dhivehiviuga.com

INTOUR MALDIVES PVT LTD +960 3339994 info@intourmaldives.com www.intourmaldives.com

RESORT LIFE MALDIVES PVT LTD +960 3355767 info@resortlife.travel www.resortlife.travel

OOREDOO MALDIVES +929 or +960 9613929 care@ooredoo.mv www.ooredoo.mv

JETAN TRAVEL SERVICES COMPANY PVT LTD +960 3315238

RAAJJE ONLINE

SILVER SANDS PVT LTD

suresh@aitkenspace.lk

+960 3342737

www.adaaran.com

info@silversands.com.mv www.silversandsdiving.com

+960 3014232 marketing@rol.mv www.rol.net.mv

Tourism & Hospitality

JOHN KEELLS MALDIVIAN RESORTS PVT LTD

SPLENDID ASIA PVT LTD

+960 3336000

sales@splendidasia.com

resorts@cinnamonhotels.com

www.splendidasia.com

+960 3312460

www.cinnamonhotels.com

ACE TRAVELS MALDIVES PRIVATE LIMITED +960 7776886 roshan@acetravels.mv

UNIVERSAL ENTERPRISES KAIMOO TRAVELS & HOTELS SERVICES PRIVATE LIMITED

+960 3323080

+960 3322212

www.universalresorts.com

reservations@universalresorts.com

kaimoo@dhivehi.net.mv www.kaimoo.com

ANGIRI RESORTS MANAGEMENT & OPERATIONS PVT LTD +960 3313523 info@angiri.com www.angiri.com

VOYAGES MALDIVES PVT LTD +960 3322019 info@voyagesmaldives.com www.voyagesmaldives.com

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Business Directory

VILLA TRAVELS

Corporate Maldives | June 22

CHANDELIER COMPANY PVT LTD

M.H.A. PRIVATE LIMITED

info@villatravels.com

+960 3343876

info@mha.mv

www.villatravels.com

sales@chandelier.com.mv

www.mha.mv

+960 3330088

+960 3323246

www.chandelier.mv

Utilities MALE’ WATER AND SEWERAGE COMPANY PRIVATE LIMITED

CO-LOAD (MALDIVES) PVT LTD +960 3320450 admin@coload.com.mv

+960 3323209

MALDIVES GAS PVT LTD +960 3335614 info@maldivesgas.com www.maldivesgas.com

www.coload.com.mv

mail@mwsc.com.mv www.mwsc.com.mv

REDWAVE PVT LTD

STATE ELECTRIC COMPANY LIMITED

DAMAS COMPANY PVT LTD

+960 9194499

+960 3333000

www.redwave.mv

info@damas.com.mv

sales@redwave.mv

www.damas.com.mv

+960 3320982 admin@stelco.com.mv www.stelco.com.mv

Wholesale & Retail

SEAGULL GROUP PVT LTD HAPPY MARKET TRADING COMPANY PVT LTD

+960 3323617 info@seagullmaldives.com www.seagullmaldives.com

+960 3313523 info@happymarket.com.mv

AH BROTHERS PTE LTD

www.happymarket.com.mv

+960 3305515 marketing@ahb.com.mv

SENIOR INTERNATIONAL PVT LTD

www.ahb.com.mv

JAAH PVT LTD +960 332 9988

+960 3332002 info@serniormaldives.com

info@jaah.com www.jaah.mv

APOLLO HOLDINGS PRIVATE LIMITED +960 3320065

SENIOR TRADING PVT LTD

info@apolloholdings.com.mv www.apolloholdings.com.mv

LIFE SUPPORT PVT LTD +960 333 4646 info@lifesupport.mv www.lifesupport.mv

+960 3318848 lotusbikeshop@gmail.com

Business Directory

Corporate Maldives | June 22

SONEE HARDWARE PVT LTD

ANTRAC HOLDING PVT LTD

+960 3336699

+960 3310096

info@sonee.com.mv

info@antracholding.com

www.sonee.com.mv

www.antracholding.com

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC +960 3326822 info@mtcc.com.mv www.mtcc.mv

SONEE SPORTS PVT LTD

EYECARE PVT LTD

+960 3335995

+960 3324300

info@soneesports.com.mv

info@eyecare.com.mv

www.soneesports.com

www.eyecare.mv

MEDIANET PVT LTD +960 3320800 customerservice@medianet.com.mv www.medianet.mv

STATE TRADING ORGANIZATION PLC 1422 info@sto.mv

HANDY HOLDINGS PVT LTD +960 3310812

+960 3341545

www.handyholdings.com

info@micollege.edu.mv www.micollege.edu.mv

www.sto.mv

HORIZON FISHERIES PRIVATE LIMITED SUN FRONT PVT LTD

+960 332 8855

+960 3313313

sales@horizonfisheries.com

adminhr@sunfront.com.mv

MIANZ PTV LTD

info@handyholdings.com

www.horizonfisheries.com

MUNI GROUP OF COMPANIES +960 3331512 info@muni.com.mv www.munihomecare.com

www.sunfront.com.mv

VB BROTHERS PVT LTD +960 3343840 info@vbbrothers.com.mv www.vbbrothers.com.mv

HOUSING DEVELOPMENT FINANCE CORPORATION PLC +960 3334666

VILLA SHIPPING AND TRADING COMPANY PVT LTD

info@hfdc.com.mv

+960 3320356

www.hdfc.com.mv

info@villahotels.com.mv www.villa.mv

Other ADK GROUP OF COMPANIES +960 3010086 nashid@adkenterprises.com www.adkhospital.mv

LITUS AUTOMOBILES PRIVATE LIMITED +960 7444117 asif@litusgroup.mv www.litus.mv

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Corporate Maldives | June 22

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