Business
Applications open for MVR 1 million startup grant scheme by BML
Bank of Maldives has launched a new scheme offering grants of up to MVR 1 million for innovative startups.
Business
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Tourism
Amendment proposed to repeal tax on foreign tour operators
A bill has been introduced in parliament to reverse a recently implemented tax on foreign tour operators after the industry raised concerns about its impact on tourism bookings.
Tourism
Lease acquisition costs cut for resorts in atolls with limited tourism
The government has reduced the lease acquisition cost for new resort developments in atolls that currently have few tourist properties, in an effort to attract investment outside the main tourism zones.
MMA
MS Finance licence revoked over regulatory breaches
The Maldives Monetary Authority cancelled the firm’s money-changing licence and imposed a fine amid links to a broader money-laundering investigation.
Banking
Bank of Maldives cuts equity requirement for housing loans under MVR 3 million
The bank reduced the equity contribution to five percent for qualifying loans, aiming to ease access for homebuyers.
Economy
Dollar black market continues despite tighter media rules
Unofficial currency trading persists at elevated rates even after laws criminalising the publication and sale of foreign exchange above official prices.
Economy
Maldives economic activity rises 2.4 percent in August despite fisheries slump
Financial services, real estate and trade drove growth, while fisheries activity fell by 65.6 percent year-on-year.
MMA
MMA officials hold talks with global financial leaders at IMF and World Bank meetings
Discussions covered economic outlook, reserves and cooperation as Maldives engages with international financial institutions.
Development
Eagle Hills submits proposal for Ras Malé waterfront and marina development
The government has confirmed receipt of the proposal covering waterfront and marina elements of the major project.
Development
Malaysian firm awarded contract for ice plants on 11 islands
The Fisheries Ministry has signed an agreement with Altas Oil and Gas to build 30-tonne ice plants and 50-tonne storage facilities on selected islands.