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Zeek Ashraf
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Nashama Mohamed
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Raaya Abdulla
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Aminath Suha Mohamed
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Rawhaa Ibrahim
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Thoo Nazim
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Ma’aan Abdulla
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Ahmed Raaif Rilwan
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Ahmed Shaif
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Ibrahim AreefChief Operating Officer
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Zaya AhmedDesign Manager
Hamdhoon W.Manager
Kudie
Greetings and welcome to the April 2023 edition of Corporate Maldives Magazine. As a bi-monthly print publication, we are committed to providing comprehensive coverage of the Maldives’ business community.
This month, our Corporate Maldives Spotlight is on Maldives Transport and Contracting Company (MTCC), the longest-serving public company in the Maldives. Our team had the privilege of sitting down with Adam Azim, the CEO of MTCC, to gain insight into their operations. Additionally, along with the company’s numerous milestones over the years, we highlight MTCC’s various boatyard services and their newly introduced Yanmar fishing cruiser.
Under the People section, we feature an interview with Mohamed Firaq, the Founder and CEO of Inner Maldives, a leading travel operator in the Maldives. With over two decades of experience in the tourism industry, Firaq shares his views on the company’s success, his vision for the future, and his efforts to develop Southern Maldives as a tourist hub.
Our news segments cover a broad range of industries and business sectors in the Maldives, including tourism, construction, banking, technology, trade, fisheries and agriculture, among others.
We hope you find this edition informative and engaging. Happy reading!
Maldives Transport & Contracting Company (MTCC) is now in its fourth decade of operation, the longest public company to have served the nation. Over the last 42 years, MTCC has achieved incredible milestones, and it is now one of the strongest business entities in the Maldives with a diversified range of products and services.
MTCC was incorporated on 18 December 1980 as the first public company in the Maldives. Throughout its existence, MTCC has positioned itself as the leading marine and land transport provider and civil and marine constructor.
In its early years, MTCC commenced business activities with the rental of speedboats, tugs and barges. It eventually ventured into the vehicle rental business and building construction in 1986. A year later, it introduced Yanmar products to Maldives, and established two regional Yanmar Service Centres. Soon, construction of the MTCC Corporate Headquarters commenced, in 1988.
In 1994, MTCC signed a Castrol dealership agreement with Castrol Singapore and opened the first Yanmar sales showroom. The company officially launched Castrol Lubricants in the Maldives and introduced Castrol Automotive Products to the Maldivian market. The 90s also saw the company venturing into dredging, reclamation, sheet piling, and construction of small steel vessels.
The beginning of the new millennium marked an exciting turning point for MTCC, which ventured into public ferry services with the commencement of Male’ Villingili ferry services in 2001. This portfolio was extended in 2004 with the addition of Thilafushi ferry services, and in 2005 with Male’ Hulhumale’ ferry services. In 2006, MTCC inaugurated “Integrated Transport Networks” with the objective of linking the entire Maldives with a well-organized transport network. In 2009, MTCC commenced bus services in Hulhumale’, and its ferry services portfolio was again extended with the addition of the North Central Province ferry service.
The 2000s also saw MTCC venturing into heavy cargo logistics with the acquisition of a 3500ton barge with supporting tug. A concrete testing lab was established, as well as a new alongside berthing facility at Thilafushi MTCC site. Furthermore, within that decade, MTCC introduced Suzuki Outboard Motor Engines to the Maldives market, and received Special Award at Suzuki Distributors Meetings for achieving sales targets for 2007. In 2010, the company launched ‘Airport Express’, a high-speed transport service between Male’ and the airport. A year later, it launched ‘Hulhumale’ Express’, and in 2012, added Gulhifalhu ferry services to its portfolio.
The Last Decade
In 2013, MTCC ventured into electrification works with the Electrification Project of Kolhufushi, Meemu Atoll. It also introduced an automated fare collection system and ‘Dhathuru Card’ for Hulhumale’ ferry services.
As part of bus service enhancement, Volvo City Bus was introduced in Hulhumale’ n 2013, and bus services to Neighbourhood 2 in Hulhumale’ commenced in 2014. A shuttle bus service between Ibrahim Nasir International Airport and Hulhumale’ was introduced the following year.
In 2015, MTCC linked the islands Thaa atoll and Laamu atoll, and in 2016, linked the islands in Zone 1 (Atolls HA, HDh, Sh), Zone 2 (Atolls N, R, B), Zone 3 (Atolls K, AA, ADh, V), Zone 5(Atolls Th, L) and Zone 6 (Atolls GA, GDh) through an integrated transport network.
In 2017, multiple additional buses, speedboats and vessels were added to enhance transport services. A total of 5 dredging and reclamation projects were awarded to MTCC and completed
during that year. In 2018, MTCC was contracted to redevelop Artificial Beach of Male’ with a modern and functional concept and launched the Hiyaa Housing Project and Staff Housing Scheme as well.
In 2021, MTCC was contracted by the Planning Ministry to implement the first phase of a highspeed integrated transport network — ‘Raajje’ Transport Link’ or ‘RTL’ ferry service in northern Maldives. In 2022, MTCC signed for the second and third phases of this project. That year also saw the introduction of RTL bus services in Male’, while in January 2023, the service was extended to Villimale’ as well.
In the past few years, MTCC has been awarded a plethora of projects, including harbour projects, reclamation projects and airport construction projects. The speed and efficiency at which the company completes its projects is unmatched, thanks to its highly qualified teams and visionary leadership. In 2022, MTCC recorded a total revenue of USD 161 million and an operating profit of USD 22 million, which is a growth of 26% and 6.8% respectively compared to 2021.
Mr. Adam Azim is the CEO of Maldives Transport and Contracting Company (MTCC), the longest serving public company in the Maldives. We had the opportunity to speak with Mr. Azim to gain valuable insights into his successful career and his strategic vision for the future of MTCC.
the importance of teamwork. Although an injury halted my sports career, the discipline that it instilled has been instrumental in my corporate career.
Throughout my career, I have held CEO positions in three different companies, including one and a half years at STO, MWSC, and a three-year tenure at MTCC. My professional background is in finance, and I have accumulated over 25 years of experience, including 15 years at the senior management level.
I began my career at MWSC in the accounts and finance department, where I started as an accounts assistant and worked my way up to become CFO within ten years. While working at MWSC, I pursued higher education, earning both a degree and a master’s degree. As I aspired to hold more senior positions, I realized that I needed to expand my skill set beyond the finance field. Consequently, I joined STO as the General Manager of the Sales and Marketing department, aiming to contribute to my country at a higher level. I was eventually appointed as the Managing Director at STO before moving back to MWSC as its MD. Finally, I served as the CEO of MTCC.
In addition to my professional career, my background in sports has also contributed to my success. Playing football has taught me valuable lessons on how to work with people and
Since
MTCC, what have been your key priorities or focus areas to improve operations?
Upon my appointment to MTCC, I faced a daunting task that was undoubtedly the biggest challenge of my career. STO and MWSC were well-structured organizations, and I gained valuable experience on how to operate a company with good governance. However, MTCC was a financially struggling company with negative revenue, and my financial background proved beneficial in this regard. The absence of any hierarchy or organizational structure required my primary focus to be on building a sustainable, long-term approach towards improving operations.
My experience with companies in the Maldives, particularly state-owned ones, has taught me that very little is done to improve them. Once a building is constructed, maintenance is often neglected, and doing business in a sustainable, long-term manner is not prioritized. At MTCC, we had to prioritize repairing and maintaining infrastructure, providing adequate workspaces for our employees, and resuming staff development and team building activities.
Leveraging my corporate experience, I quickly familiarized myself with the company’s operations, identified individuals who were best suited for particular roles, and made the necessary changes to optimize performance. I aimed to accomplish these objectives within the first six months of my tenure. Patience, management skills, and developing a stable and disciplined workforce were essential to achieving these objectives.
My approach to management involves focusing on developing a stable and disciplined workforce, as I believe this is crucial for running a successful company. At MTCC, despite the financial difficulties, I made the decision to increase employee salaries to the best of my ability to ensure that our staff were motivated and satisfied with their compensation. This was a significant risk, but I felt it was necessary.
As the company’s financial situation improved, our focus shifted towards making MTCC a model for engineering and customer service excellence. Last year, we provided our staff with 26,900 hours of training, with 80% of this focused on customer service. We believe in providing training opportunities to all employees, from janitors to management.
We have implemented strict guidelines and values to ensure that our staff understand the importance of punctuality and completing their work on time. To further support our employees’ development, we offer free access to Udemy courses and have also established a scholarship program, sending students to top universities worldwide, particularly in engineering and transportation fields. Last year, we awarded 15 scholarships, and an additional 10 have been awarded this year, ensuring that the best and brightest are given the opportunity to excel.
I strongly believe that MTCC’s success is attributable to our employees. We will continue to prioritize their training and development, ensuring that our programs continue in the future, regardless of who is in charge.
In my professional career, I consider the development and success of the people I have worked with as my greatest achievement. While there have been significant financial accomplishments as well, such as strengthening company operations and making them profitable, my most fulfilling moments have been watching my colleagues flourish in their careers.
At MTCC, although my tenure has been relatively brief, I am proud to have made the most significant contribution towards the company’s growth and success. Through my leadership and commitment, we have achieved unprecedented levels of profitability, executed a record number of projects, and recruited and trained a considerable number of employees. These accomplishments are the result of the collective effort and dedication of the team, and I am honoured to have been part of it.
While financial achievements are essential, the success of an organization ultimately lies in the growth and development of its employees. Witnessing my colleagues excel has been my most significant accomplishment, and I will continue to prioritize their growth and success
in my future endeavours. We are also competing in a rapidly shifting and highly competitive market. We are confronting a new level of competition and we have to set new measures for success. Our competitors are no longer only beach destinations in the Indian ocean. Popular destinations in the Caribbean, Europe, and Southeast Asia are also competing directly with us. It is imperative that we stay ahead of the game and maintain our position as the World’s Leading Destination. We can only do so by strengthening the Maldives brand.
What can we expect to see from MTCC in the coming years? What’s next?
My strategic vision for MTCC is to cultivate a highly trained and disciplined workforce, who are passionate about serving and developing their country. We aspire to become the leading
provider of marine infrastructure projects in the Maldives, with a focus on bridge building, harbour development, and shore protection. Our ultimate goal is to undertake all large-scale infrastructure development and reclamation projects, and become the premier choice for clients seeking reliable and high-quality services in this domain.
We recognize that certain challenges exist with reclamation projects, and are currently engaged in discussions with the government to overcome these limitations. By doing so, we aim to prevent significant outflow of foreign exchange from the Maldives, and contribute to the long-term strengthening of the national economy. Over the past three years, our expansion efforts, improved fleet, and increased workforce have resulted in significant cost savings of over USD 100 million for the Maldives. We are committed to continuing this trend and achieving our mission of becoming a truly self-sufficient and sustainable organization.
The MTCC Boatyard is the oldest and most trusted docking and marine engineering service provider in the country, guaranteed to give you a one stop solution for requirements of all boat owners. Located in K. Thilafushi, MTCC Boatyard has been providing docking and marine engineering services to boat owners across the Maldives since 2002.
MTCC is well-known for its efficient, affordable, and quality services provided to local and international clientele. They continuously introduce new technologies and invest in specialized machinery and equipment, with a team of professional engineers and technicians that can cater to vessels used in different sectors such as fisheries, tourism, agriculture, and transportation.
The boatyard has a capacity to service sixteen vessels at any given time, including a slipway that can comfortably accommodate two 250 feet barges. MTCC’s boatyard services are utilized by everyone with a hull or marine engine from a wide range of sectors. Customers include vessels that cross the Maldivian waters for trade and other purposes.
For their docking and handling service, they use a 200-ton boat hoist for vessels with a beam up to thirty feet. For hauling in and launching larger vessels and barges, they use highquality marine airbags that are compliant to IS014409 standards. The boatyard also provides a wide range of other services such as welding, machining, fiber and woodworks, electrical and electronic engineering, and other value-added services.
MTCC Boatyard has a fully equipped machine shop providing machining services of metal and other materials. They also have a team of qualified welders, including class welders, proficient in various methods of welding TIG, MIG, MAG, and ARC. The boatyard provides welding service needed for marine vessels and structures, and fabricate custom metal components and structures needed for heavy vehicles and machinery as well as components for other industries. They are also the largest certified company in the Maldives to offer underwater welding services, customized to the needs of the vessel owner.
In addition to their extensive range of services, MTCC Boatyard also offers various customized services to cater to the individual needs of each vessel, such as cleaning and barnacle removing services, providing water and electricity for docked vessels, and free on-site inspections and estimates for repair of vessels.
Looking to the future, MTCC Boatyard is expanding their services to include boat and shipbuilding, as well as educating locals to serve the shipbuilding and repair industry in the Maldives. They are working on obtaining welding classification approvals from BV and DNV GL, obtaining welding procedure specification (WPS), and introducing customer referral programs. They also plan to develop a docking and repair facility at Ha. Ihavandhoo as part of their service agreement with the RTL ferry network, expanding their reach to the north of the Maldives.
The Maldives Transport and Contracting Company (MTCC) has introduced a Yanmar branded recreational boat to the Maldives market during the Maldives Marine Expo 2023. The boat model introduced was the VF23AZ Zarpa 23II, specifically designed for recreational and leisure activities.
This Yanmar fishing cruiser boasts a spacious and wide cabin that is easy to navigate and equipped with high-quality fishing functions. The cabin door, which is movable and located next to the rotary captain seat, allows passengers to fish while manoeuvring, providing a unique fishing experience. This model is designed to give passionate fishermen more freedom and adventure, in line with the Spanish word “Zarpa” meaning “departure” or “claws.”
One of the key features of the Zarpa 23II is its engine and styling. It is equipped with a powerful and reliable diesel engine, the 4JH3 HTZY1, that provides high power and low fuel consumption, making it a cost-effective option. The boat’s stern drive has a compact design for smooth turning and manoeuvrability, while the multi-drive is compatible with trolling, ideal for slow running.
The boat’s hull is designed with a high-speed V-type ship that has excellent ride comfort and smoother manoeuvrability. The effectiveness of the spanker reduces the swaying motion caused by wind. These features make the Zarpa 23II a powerful and refreshing ride.
This Yanmar fishing cruiser caters to a wide range of users, including tourist resorts, local guest houses, sports fishing enthusiasts, and individuals involved in big-game and other recreational fishing activities. Its spacious design and practical layout provide freedom for fishing and driving simultaneously, as well as a comfortable space and a variety of easy-to-use functions. The deck-integrated bowsprit on the boat’s bow deck makes it easy to fish and anchor, while the open bulwark on the aft deck allows for easy outfitting to cater to various fishing styles.
With its spacious design and practical layout cater to a wide range of users and simultaneously provide freedom for fishing and driving, making it an excellent option for tourist resorts, local guest houses, and sports fishing enthusiasts.
The President has stated that the result of planned and ongoing projects is geared towards doubling the economy. He stated the number of tourist arrivals will increase by at least 3.5 million per year by 2028. He also added that in the next ten years, the economic growth can be doubled to MVR 177 billion. By then, the government will also be able to double its revenue to MVR 45 billion by 2028.
President Ibrahim Mohamed Solih made these remarks during his Presidential Address at the People’s Majlis in February. In his address, President Solih shed light on the prosperous changes that would be visible in the country’s economic growth and revenue by the end of 2028 due to the ongoing projects initiated by his administration.
President Solih recalled that the country had witnessed the worst economic downturn over the past three years. He noted that economic activities had been halted due to the Covid-19 pandemic. He, however, noted that with the administration’s foresight in mitigating the effects of the pandemic, the current facts and figures indicate economic recovery.
The President added that, due to the administration’s planned and ongoing projects towards the development of the tourism sector, the country is expected to see the arrival of 3.5 million tourists by 2028. He added that this would, in turn, double economic growth.
While national productivity was recorded at MVR 81 billion in 2018, President Solih stated that economic growth could be doubled and national productivity increased to MVR 177 billion within the next ten years. He added that government revenue is expected to double to MVR 45 billion in 2028.
President Solih stated that the administration’s current social, economic, and all other policies are geared towards achieving this target, which would result in an increase in people’s incomes, an increase in job opportunities, a rise in new business ventures, and ensure a peaceful and prosperous society.
The administration has held a press conference to unveil details of the new pay framework for higher education sector staff. The new pay framework details were revealed by Ibrahim Ameer, the Minister of Finance; Dr Ibrahim Hassan, the Minister of Higher Education; and Dr Mohamed Faizal, the Secretary General of the National Pay Commission. The new pay framework for higher education sector staff took effect on March 1, 2023.
The new pay framework was introduced under the administration’s pledge to enhance the education sector by improving the quality of teachers and ensuring a commensurate wage for education and higher education sector staff. The administration believes that the foundation for building productive citizens depends on the educational and training opportunities available to them, which depend on the standard and quality of the education sector staff.
Speaking with the media, Dr Hassan described the new pay framework as a significant initiative by the administration and added that the primary goal was to strengthen the education and higher education sectors. He also described the new pay framework as a “revolutionary” change spearheaded by the administration.
Ameer stated that consultations were carried out with representatives of the Maldives National University (MNU) and the Islamic University of the Maldives (IUM) about the new pay framework. He added that staff would now be eligible for promotions every two years and that the new pay framework would positively impact the overall standards of the education and higher education sectors.
Dr Faizal added that the pay commission held consultations with representatives of MNU and IUM about the changes to the pay framework. The new pay framework would see the salaries of higher education sector staff raised between 14 and 99 per cent, while administrative staff would also receive an increment of 35 per cent of their wages.
The administration also revealed that efforts to harmonise pay across the board were in the final stages. The new, harmonised pay structure for all government employees would eliminate discrepancies and ensure uniform pay for staff in the same position and level in different government offices and institutions.
As of February 23, more than USD 72 million has been spent on projects under the Public Sector Investment Programme (PSIP), according to information from the Ministry of Finance.
Citing information released by the ministry, the sum spent as of February 23 increased compared to the USD 65 million spent during the same period last year. According to the government, significant projects will be given priority in 2023, and this year’s PSIP includes projects that couldn’t be started in recent years. According to the data, USD 12 million was spent on land reclamation, USD 9 million on roads, USD 10 million on harbour improvements, USD 8 million on housing, USD 5 million on schools, and USD 6 million on water and sewage system improvements.
The PSIP budget for this year has been given about USD 551 million, or 19.7% of the state budget. A total of 29% of the PSIP budget will be spent on developing transportation and travel.
USD 12 Million on Land Reclamation
USD 9 Million on Roads
USD 10 Million on Harbour Improvements
USD 8 Million on Housing
USD 5 Million on Schools
USD 6 Million on Water and Sewage System Improvements
The Maldives economy experienced an increase in inflation at the end of January 2023, with prices rising to 4%.
According to statistics published by the Maldives Monetary Authority, this represents a 0.6-point increase compared to December 2022, with inflation rising since November. In October and November, inflation was relatively low, with the figures standing at 2.9% and 2.8%, respectively.
According to the recently released economic statistics report by MMA, the largest increase in prices was seen in the cost of travel, fish, furniture and other household items.
The report also highlights that the country’s inflation, excluding fish, has increased to 3.8%, with the capital city of Male’ experiencing an
inflation rate of 3.7%. In contrast, inflation in the provinces stands at 4.3%, with prices rising the most in these areas.
Maldives’ inflation has been rising steadily over the past year, reaching a record high in 2022 of 5.2%. This marks the highest inflation rate in the country over the past six years.
The increase in inflation could have significant effects on the Maldivian economy, affecting the cost of goods and services, as well as the purchasing power of consumers. It remains to be seen what measures the Maldives government and the MMA will take to address this issue.
The First Strategic Dialogue between the Maldives and the United Kingdom (UK) at the Senior Officials level was held on 20 February 2023 in Male’, Maldives.
The discussions focused on thematic areas including economic and trade cooperation, security cooperation, governance, democracy, human rights and rule of law, environment and climate change, higher education, visas and immigration and regional and international cooperation. Following the discussions, the two countries agreed to establish a Maldives-UK working group on maritime security and a working group on trade. A Memorandum of Understanding was also signed to formalise the Ocean Country Partnership Programme under the UK’s Blue Planet Fund.
Both countries acknowledged the importance of maintaining the momentum of the strong bilateral relations and agreed to strengthen the MaldivesUK relationship through the commencement and annual continuation of the Strategic Dialogue, which will enable both countries to better
understand each other’s needs and priorities to achieve mutually beneficial cooperation and bring the bilateral relationship to the next level. The UK recognised the importance of the Maldives as a valued country of the Commonwealth and Small Island Developing States (SIDS), and both countries agreed to explore ways to strengthen further the Maldives-UK bilateral relationship and explore trade opportunities that benefit both economies and promote sustainable development.
The Maldives and the UK acknowledged the impact of overfishing in many parts of the world on marine population and the ecosystem and agreed to promote sustainable fisheries to preserve vital ocean resources. The Maldives and the UK reaffirmed their commitment to the global fight against illegal, unreported and unregulated fishing. The UK and Maldives agreed to renew efforts to further enhance the trading partnership in sustainable fish.
To strengthen cooperation on education, both sides reaffirmed the importance of continuing to build upon opportunities provided for Maldivians
through the Commonwealth and Chevening Scholarships. The Maldives and the UK agreed to work towards increasing the number of scholarships offered, in collaboration with the Ministry of Higher Education of Maldives. Discussions were also held on supporting the visa process for Maldivian students studying in the UK.
Both countries recognised the importance of people-to-people exchanges in promoting mutual understanding between the two countries. They expressed their commitment to increase the levels of visitor arrivals from the UK to the Maldives, strengthen collaboration at local levels, promote cultural cooperation, and conduct friendly exchanges between the two countries.
The Maldives and the UK also emphasized the significance of developing cooperation, particularly in countering terrorism, and the prevention of violent extremism. The Maldives shared the progress it has made in implementing the National Action Plan on Preventing and Countering Violent Extremism and addressed security vulnerabilities and priority areas including maritime security and domain awareness, defence cooperation, interagency operability for attack-response and delivering successful counterterrorism prosecutions. The Maldives expressed gratitude for the continuous assistance offered by the UK
through initiatives such as providing technical assistance for the Joint Interagency Operations Centre (JIOC), counter-terrorism live exercises and training. Both countries agreed to expand the existing partnership.
The UK welcomed Maldives’ commitment towards consolidation of democratic governance, strengthening the rule of law and promotion and protection of human rights. The UK reiterated its commitment to continue supporting the Maldives in its endeavours to consolidate democracy and emphasized the importance of continuing these reforms.
On climate change, both sides stressed the importance of working together to ensure the success of the UNFCCC as the primary international, intergovernmental forum for negotiating the global response to climate change. Both countries expressed commitment to working together, and with other Parties, to strengthen the effective implementation of the Paris Agreement, and acknowledged the existential challenges of climate change and biodiversity in relation to humanity, as discussed in the COP15, COP26 and COP27. Both countries noted the establishment of the loss and damage fund at COP27 and discussed cooperating to operationalise the fund at the earliest.
Maldives has commenced the issuance of onarrival visas to citizens of China, pursuant to the visa-free agreement which was executed between the two countries last year.
Although the agreement was signed last year, it had not been enforced until now, owing to the various measures implemented by China in response to the COVID-19 pandemic.
Effective as of the 17th of February 2023, the on-arrival visa arrangement has now taken full effect. According to the agreement, Maldivian nationals arriving in China will be granted a 30day on-arrival visa and vice versa.
However, it is important to note that a visa must be acquired in advance if one intends to engage in work, business, or journalism activities.
Maldives Marketing and Public Relations Corporation (MMPRC / Visit Maldives) returned to ITB Berlin 2023 after a three-year hiatus following the pandemic. The fair was held from 7th March to 9th March 2023. The Maldives’ ITB delegation this year was the largest one so far in MMPRC’s history, with 233 representatives from 91 companies taking part in the fair. On the sidelines of ITB Berlin, MMPRC hosted a dedicated ‘Maldives Media Meet’ press conference on 7th March and an exclusive ‘Maldives Evening’ networking event for trade professionals on 8th March at Grand Hyatt Berlin.
ITB Berlin is the largest travel trade exhibition in the world showcasing over 10,000 exhibitors and being visited by over 160,000 visitors including the travel trade and the public. ITB Berlin covers all aspects of the travel and tourism sector
including destinations, tour operators, airlines, hotels, bloggers and several other stakeholders from the industry.
Destination Maldives was proudly showcased with a double-decker stand in a space spanning over 504 sqm at the Berlin fair, providing visitors with a glimpse into the breathtaking ‘Sunny Side of Life’. Every aspect of the stand was thoughtfully curated to showcase the diverse segments of the Maldives’ tourism industry, including romance, seascapes, and cultural experiences, among others.
The stand boasted 91 counters and 73 dedicated tables that offered industry partners the opportunity to engage in productive meetings and network with the global travel trade. The vibrant and colourful stand featured a range
of unique experiences, including cultural performances such as traditional Maldivian dance, and gastronomy experiences that offered visitors a chance to sample Maldivian delicacies such as kulhi roshi and foni roshi.
“ITB Berlin is all about networking. Not only do we get to network with the global travel trade community, we also get to network with one another in the industry. The islands of the Maldives may be dispersed, but when we are all under the same roof at the Maldives stand, I can feel the strength and vibrancy of the Maldives travel trade community,” stated an industry partner.
MMPRC hosted the “Maldivian Evening” on the 8th of March, an annual networking event held during ITB Berlin that brings together German and international travel trade partners, media representatives, dignitaries, and other stakeholders to for a night of networking, celebration, and expression of gratitude from the
Maldives’ for the support provided to the tourism industry. The event showcased traditional Maldivian dance and music performances, and offered the chance to win exciting prizes such as all-inclusive free trips to the Maldives, all while providing a glimpse into the Maldives’ rich culture, heritage, and history.
The German market is one of the most lucrative markets for the Maldives’ tourism industry. Germany was the 4th highest source market in 2022 with an arrival figure of 133,424 tourists comprising a market share of 8%. As of 28th February 2023, Germany is the 5th top source market to the Maldives with an arrival figure of 22,995 with a market share of 6.6%. 2023 is shaping up to become a significantly successful year for the Maldives tourism industry with record-breaking daily arrival figures. As of 28th February 2023, Maldives has welcomed a total of 350,413 tourists, a remarkable 24.8% increase compared to the same period in the previous year.
Beond is a new entrant in the aviation industry, and is the world’s first all-premium luxury airline for leisure travel. Aimed at a new generation of global travellers who seek adventure, beauty, and quality, Beond doesn’t simply just fly aircraft — it makes luxury traveling a way of life, creating magical memories that last a lifetime.
Founded by three industry veterans renowned for their innovative contributions to aviation, Beond is committed to delivering an outstanding firstclass travel experience, taking its customers to the most breathtaking places on Earth. With the primary destination being the Maldives, Beond offers direct flights to these stunning islands from more locations than any other airline.
The airline uses modern aircraft, combining the best features of large aviation and business jets. Its spacious cabin configuration boasts 68 fully lie-flat seats and cutting-edge technology with opulent materials to provide an unparalleled travel experience. The concept of flying the modern A321 LR and XLR competing with the widebodies of other airlines flying to the Maldives provides Beond with a significant price advantage, and enables people to travel in premium classes for the first time.
Beond’s Chief Executive Officer, Mr. Tero Taskila, said: “As the demand for luxury travel continues to grow, we are well-positioned to take advantage of the pent-up demand where travellers are looking for exclusive meaningful experiences. We are here to bring luxury back to air travel.”
Beond’s partnership with the SIMDI group in the Maldives has been instrumental in ensuring its success. The SIMDI group has been providing high-quality products and services to the commercial, travel, and hospitality industry
in the Maldives for the past 25 years. The local partner’s expertise and knowledge of the Maldives have played a critical role in ensuring Beond’s success in the region.
As a Maldivian flag carrier, Beond will play a vital role in the island nation’s tourism and transportation sector, creating 200 jobs by launching its new luxury airline. As one of the world’s most attractive destinations, the airline’s point-to-point connection is its most significant competitive advantage for travelers. It plans to fly directly to the stunning Maldives islands from more destinations than any other airline, offering ideal arrival and departure timings, and a private jet-like experience.
Despite the challenges posed by the aftermath of the global pandemic and geopolitical tensions that have slowed cross-border trade, Beond remains committed to providing a luxurious and exceptional travel experience to its customers. The company’s focus on innovation is centered around making the product simple, efficient, consistent, and luxurious. Beond has invested in comprehensive and intuitive business intelligence processes and tools to facilitate continuous improvement.
Looking forward, the luxury travel market is expected to grow as people increasingly choose experiences over possessions. Beond is well-positioned to capitalize on this trend by offering a unique and exceptional travel experience. The airline’s success will also have a positive impact on the Maldives’ tourism and transportation sector, contributing to the island nation’s economic growth. With its commitment to innovation and luxury, Beond is poised to redefine luxury travel and set a new standard for the industry.
The government has recently approved plans to expand the jurisdiction of resorts. The move comes after the Maldives Association of Tourism Industry (MATI) expressed concern over fishing vessels operating too close to the resorts, which could undermine the safety and privacy of tourists.
Upon the initial establishment of resort jurisdiction, it had been set at 1,000m. However, the previous government decreased the jurisdiction to 500m, which raised concerns from the Maldives Association of Tourism Industry (MATI) about the potential risks to the safety and privacy of tourists.
As a result, MATI requested the expansion of the jurisdiction of resorts from 500m back to 1,000m. The tourism ministry has since
approved the request, which now ensures that tourist resorts, integrated tourist resorts, and tourist hotels have ample space and distance to offer their guests a private and safe experience.
This move is an important step to ensure that tourist resorts, integrated tourist resorts, and tourist hotels have ample space and distance to offer their guests a private and safe experience. The new regulations will also apply to resort hotels and yacht ports allotted for development.
According to the latest statistics published by the tourism ministry, there are currently 168 resorts operating across the Maldives. With the expansion of the jurisdiction of resorts, tourists can expect an even more enjoyable and safe experience while visiting this beautiful island nation.
The Maldives government has significantly changed the regulations governing the transfer of shares by resort owners and operators. On 12th February 2022, the government announced that these companies would no longer need to obtain prior permission from the Tourism Ministry to transfer their shares. This amendment aims to ease the business process in the country and attract more foreign investment to the tourism sector.
The amendment removes two clauses from the regulations on share transfers. The first clause previously required prior written permission from the Tourism Ministry for share transfers related to tourism businesses. This requirement
has now been dropped. The second clause mandated the submission of a share certificate issued by the Economic Ministry to the Tourism Ministry upon completion of the share transfer. This requirement has also been eliminated. Nevertheless, the Tourism Ministry will continue to seek public complaints if notified of any share transfer.
The government’s decision to remove these regulations is a positive step towards making it easier for companies to invest in the Maldives’ tourism sector. The amendment should increase investor confidence, reduce bureaucracy, and streamline the process of doing business in the country.
Leading indigenous construction company, Bison Maldives has announced that the Maldives Floating City’s first mock-up unit has been installed in the lagoon.
Maldives Floating City was officially launched in 2021 and contracted to Dutch Docklands. Bison Maldives signed a contract with Dutch Docklands Maldives in 2022 for this project. The project is said to be based on the local seafaring culture of the Maldives. The drawings of the floating city were shown to the public in October last year.
This billion-dollar project uses the latest technology from the Netherlands, where engineers have already completed floating housing projects. The 5,000 housing units will be tethered to the lagoon floor and linked together to create a safe and comfortable environment.
A 200-hectare lagoon near Aarah was given to Dutch Docklands Maldives to carry out the project. The environmentally friendly floating city
is planned to include both housing and tourism. In addition to 5,000 land plots, the project will include a yacht marina, two five-star resorts, and small picnic islands. There will also be a hospital, a school, a shopping mall, a council, and government offices.
Over the years Bison Maldives has established a strong reputation with successful construction solutions and has become an authorized agent in the Maldives for construction-related materials with various international brands. With over two decades of experience, Bison Maldives promises distinct service, experienced staff, a fleet of plant and equipment, the highest quality materials and a reputation for successfully integrating these aspects, to ensure the timely completion of projects.
SJ Construction is an eminent contractor in the Maldives that has been providing a diverse range of services, including civil construction, carpentry work, and equipment rental since 1996. The company has amassed a wealth of knowledge and expertise in building solutions and engineering works, enabling it to undertake numerous challenging projects over the years. SJ Construction is well-regarded in the construction industry and is frequently sought after for its expertise.
SJ Construction offers extensive products and services, including construction services, equipment rentals, and construction material trading. The company has executed various projects, including the construction of schools, hospitals, residential properties, mosques, and health centres. Furthermore, SJ Construction offers consultation services to ensure that its clients’ projects are executed expeditiously, within budget, and to the most elevated standards of quality.
SJ Construction provides equipment rentals to complement its construction services, such as surveying equipment, construction equipment, vehicles, and tools. Its trading division supplies an array of construction and building materials, including steel, timber-plywood, hardware, sanitary & bathroom fittings, machinery, paint, tiles, and electrical lighting and fittings.
SJ Construction is under the guidance of Mr Mohamed Shahid, who boasts over 25 years of experience in the construction industry. Under his astute leadership, the company has accomplished significant growth and success. Meanwhile, Uz. Shihad Ibrahim, a construction management specialist and a professional lawyer, oversees the company’s overall operations. With over 15 years of experience in the industry, Mr Ibrahim ensures that SJ Construction maintains its high standards of quality and professionalism.
SJ Construction has successfully executed multiple public sector projects during its journey, such as the N1 Hulhumale’ Police Station and R. Ungoofaaru Islamic Center. Recently, the company has undertaken the construction and design of 50 housing units in K. Kurendhoo and 75 housing units in S. Feydhoo.
In 2017, SJ Trade was established as a sister company, which operates SJ Hardware and SJ Aluminum. This expansion has enabled SJ Construction to offer even more comprehensive services to its clients, guaranteeing that they receive everything they need for their construction projects in one place.
With its extensive experience, expertise, and unwavering commitment to quality, the company has established itself as a dependable partner in the construction industry.
The Ministry of National Planning, Housing and Infrastructure in the Maldives has awarded a USD4.5 million contract to the Maldives Transport and Contracting Company (MTCC) for the renovation and expansion of the harbour in Maalhos, Baa atoll. The agreement was signed by the Chief Operating Officer (COO) of MTCC, Shahid Hussain Moosa, and the Permanent Secretary of the Planning Ministry, Zeeniya Ahmed Hameed.
The project involves the development of a 700ft long harbour and the paving of the surrounding area, as well as the installation of harbour lights. The project is expected to be completed within 450 days.
The Maalhos harbour has been in use for many years, but has deteriorated due to inadequate repairs after the Indian Ocean tsunami in 2004. As a result, the residents have been facing challenges
in loading and unloading goods. The President of Maalhos Island Council, Abdulla Shujau, stated that the shallow lagoon has made it difficult for boats carrying goods to reach the island, causing economic loss to the island.
The development of the harbour was recommended by the residents, and the project is expected to alleviate the economic burden caused by the inadequate harbour. The expansion and renovation of the harbour will facilitate the transport of goods and help boost economic activities on the island.
This project is one of the many infrastructure development projects in the Maldives aimed at improving the lives of the residents. The government of Maldives is committed to developing infrastructure and providing basic amenities to its citizens, and this project is a step in that direction.
Road Development Corporation (RDC) has revealed that the first three segments of the Ameenee Magu Road Development Project have been completed and are now accessible to the public. However, some finishing work is still ongoing in these segments, including the establishment of traffic signs and markings, and the installation of a stormwater drainage system.
The fourth and fifth segments involve constructing pavements and carrying out excavation work respectively. The laying of asphalt in these
segments, which cover the area from Sinamale’ flats to Imaduddin School, will happen at a later date.
The Ministry of National Planning, Housing, and Infrastructure signed a contract with RDC on July 3, 2022, for the redevelopment of Ameenee Magu, a crucial road connecting all the wards of the city. The redevelopment project involves 13 segments and costs USD 5.5 million. It includes paving the entire 1.7km length of Ameenee Magu with asphalt and installing a new stormwater drainage system.
The global pace of reforms toward equal treatment of women under the law has slumped to a 20year low, constituting a potential impediment to economic growth at a critical time for the global economy, a new World Bank report shows.
In 2022, the global average score on the World Bank’s Women, Business and the Law index rose just half a point to 77.1—indicating women, on average, enjoy barely 77 percent of the legal rights that men do. At the current pace of reform, in many countries a woman entering the workforce today will retire before she will be able to gain the same rights as men, the report notes.
“At a time when global economic growth is slowing, all countries need to mobilize their full productive capacity to confront the confluence of crises besetting them,” said Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics. “Governments can’t afford to sideline as much as half of their population. Denying equal rights
to women across much of the world is not just unfair to women; it is a barrier to countries’ ability to promote green, resilient, and inclusive development.”
Women, Business and the Law 2023 assesses 190 countries’ laws and regulations in eight areas related to women’s economic participation— mobility, workplace, pay, marriage, parenthood, entrepreneurship, assets, and pensions. The data—which are current through Oct. 1, 2022—offer objective and measurable benchmarks for global progress toward legal gender equality. Today, just 14 countries—all high-income economies—have laws that give women the same rights as men.
Worldwide, nearly 2.4 billion women of working age still do not have the same rights as men. Closing the gender employment gap could raise long-term GDP per capita by nearly 20% on average across countries. Studies estimate global economic gains of $5-6 trillion if women started and scaled new businesses at the same rate as men do.
In 2022, only 34 gender-related legal reforms were recorded across 18 countries—the lowest number since 2001. Most reforms focused on increasing paid leave for parents and fathers, removing restrictions to women’s work, and mandating equal pay. It will take another 1,549 reforms to reach substantial legal gender equality everywhere in the areas measured by the report. At the current pace, the report, notes, it would take at least 50 years on average to reach that target.
The latest Women, Business and the Law report provides a comprehensive assessment of global progress toward gender equality in the law over the past 50 years. Since 1970, the global average Women, Business and the Law score has improved by about 2/3, rising from 45.8 to 77.1 points.
The first decade of this century saw strong gains towards legal gender equality. Between 2000 and 2009, over 600 reforms were introduced, with a peak of 73 annual reforms in 2002 and 2008. Since then, reform fatigue seems to have set in—
particularly in areas that involve long-established norms, such as the rights of women to inherit and own property. New analysis of the data shows that economies with historically larger legal gender gaps have been catching up, especially since 2000.
Currently, equality of economic opportunity for women is highest in OECD high-income economies but important reforms have continued in developing economies. Sub-Saharan Africa made significant progress last year. The region accounted for over half of all reforms worldwide in 2022, with seven economies—Benin, the Republic of Congo, Côte d’Ivoire, Gabon, Malawi, Senegal, and Uganda—enacting 18 positive legal changes.
Although great achievements have been made over the last five decades, more needs to be done worldwide to ensure that good intentions are accompanied by tangible results —that is, equal opportunity under the law for women. Women cannot afford to wait any longer to reach gender equality. Neither can the global economy.
“Governments can’t afford to sideline as much as half of their population. Denying equal rights to women across much of the world is not just unfair to women; it is a barrier to countries’ ability to promote green, resilient, and inclusive development.”
Indermit Gill, Chief Economist of World Bank Group & Senior Vice President for Development Economics
As the Maldives’ leading digital service provider, Dhiraagu has made significant strides towards promoting gender diversity and inclusion in the workplace. The company’s commitment to empowering women in leadership roles is evident through the entirely female-led Legal and Investor Relations team. Additionally, at Dhiraagu, women lead major functions in various departments, including product marketing, business intelligence, customer service, public relations, community social responsibility, sponsorships and events.
Dhiraagu workplace culture promotes and supports female leadership by providing opportunities for inclusive leadership and professional development. The company is committed to creating a work environment that is equitable and unbiased towards gender, and offers its employees the freedom to thrive. The organization facilitates access to various resources, industry networks, and leadership figures within the organization to aid in further growth.
Regarding Dhiraagu’s efforts to encourage women to take on leadership roles within the company, Nizmeen Latheef, Head of Analytics & Business Intelligence, explained:
Head of Analytics & Business Intelligence at Dhiraagu“Dhiraagu fosters a supportive work culture by investing in inclusive leadership skills and training for professional development, ensures an environment that is free from gender discrimination, and offers freedom and flexibility. It also has designed a very open and progressive work culture where we are able to easily contact proper resources, network in the industry and access leaders in the company for assistance, guidance, and mentorship.”
Nizmeen Latheef
Supportive management and colleagues value inclusion and diversity, and foster a sense of belonging, encouraging women to pursue their goals both professionally and personally. The experiences of women at Dhiraagu show how the company helps achieve personal and professional goals for women in the corporate environment.
In the words of Naiya
Brand:
The company aims to ensure the advancement of women in technical and non-technical roles within the organization. In partnership with the International Financial Corporation (IFC), Dhiraagu launched its Gender Advisory Programme last December to enhance its Gender Action Plan and promote gender equality across the company’s operations. The programme will help Dhiraagu meet its gender commitments by tapping into IFC’s expertise and strengthening the company’s new Environmental, Social, and Governance (ESG) function.
Shareef, Assistant Manager
“I joined Dhiraagu at the age of 19 and you could say I’ve grown alongside the company over my 15 years here. The corporate culture at Dhiraagu has provided me with opportunities for my professional development and networking that helped me advance in my career as a woman in the industry. I wouldn’t be who I am and where I am today
Naiya Shareef Assistant Manager Brand
if it wasn’t for the supportive management and colleagues here who value inclusion and diversity and fosters a sense of belonging which encourages women to pursue their goals both professionally and personally.”
The company’s commitment to gender diversity and inclusion not only fulfils its moral obligation, but also makes business sense. It brings diverse perspectives, ideas, and experiences to the table, ultimately contributing to better decisionmaking and improved business outcomes. With its ongoing partnership with IFC, Dhiraagu is well on its way to further expanding diversity and inclusivity in the company. On International Women’s Day, Dhiraagu celebrates its women-led powerhouse and encourages other companies to follow suit.
Dhiraagu is one of the largest public limited companies (PLC) in the Maldives and a marketdriven company with a massive customer base.
As the leading telecommunications and digital service provider in the Maldives, the company plays a crucial role in the country’s development by providing high-quality digital services to individuals and businesses alike. Dhiraagu’s commitment to gender diversity and inclusion in the workplace is just one of the many ways the company stands out as a leader in the industry. With its cutting-edge technology, innovative services, and customer-centric approach, Dhiraagu continues to set the standard for excellence in the telecommunications and digital services sector.
Mariyam Ibthisaam
Executive Assistant to the CEO & President of Dhiraagu E-Club
“Working at Dhiraagu for 25 years has given me exposure to various departments within the company and enabled me to explore opportunities outside of work,”
said Mariyam Ibthisaam, Executive Assistant to the CEO and President of Dhiraagu E-Club.
“Dhiraagu is a well-respected and established company in the Maldives, and being associated with such a brand has opened many doors for me. I have had the opportunity to coordinate various events and programmes with some of the leading companies in Maldives and Government Ministries where I have had the opportunity to network with industry leaders, senior management and key people working in private sector and government agencies of the Maldives. It has been an amazing and valuable experience for me, and I am grateful for the opportunities that Dhiraagu has provided for me.”
State Trading Organization (STO) has announced the appointment of Mr Abdullah Saeed as the CEO and MD of the company, effective 4th April 2023.
In a statement, the company expressed their confidence in Mr Saeed’s ability to lead the organization to greater heights with his extensive expertise and proven leadership skills.
The appointment of Mr Saeed follows the dismissal of the former CEO and MD, Hussain Amr. Mr Amr was dismissed over allegations of violating government policies and participating in discussions against the government’s interests. His dismissal is part of a more significant restructuring effort by the company to ensure that it operates with transparency and accountability.
Maagiri Hotel, the premier city hotel in Male’, has recently promoted Shirmeen Ibrahim to the position of Hotel Manager.
With over 15 years of experience in the Maldivian hospitality industry, Shirmeen is an accomplished hotelier who has demonstrated expertise in various areas including Rooms Division, Health & Safety Reservation, Revenue, Sales, and Hospitality Management. Her promotion is a testament to her exceptional performance as the Senior Operations Manager and her ability to excel in leadership roles.
Before assuming her new role as Hotel Manager at Maagiri Hotel, Shirmeen served as the Senior Operations Manager of the same establishment. She began her career in 2005 as a Health and Safety Consultant and Trainer at Food Safety Asia. In 2017, she joined the Maagiri project and was appointed Operations Manager of Maagiri Hotel.
Maagiri Hotel, located in one of the premier locations in Male’, is conveniently situated opposite Velana International Airport. The hotel offers four categories of rooms, each designed with elegant interiors, luxurious comforts, and panoramic views of the Maldivian seas. To enhance the guests’ experience, the hotel provides a wide range of amenities including a coffee shop, restaurant and lounge, semi-fine dining, meeting rooms, and a fully equipped rooftop gym.
Corporate Maldives sat down with Mohamed Firaq, Founder and CEO of Inner Maldives Holidays, one of the leading travel operators in the Maldives. With over two decades of experience in the tourism industry, Firaq shared his insights on the company’s success, his vision for the future, and his efforts to develop Southern Maldives as a tourist hub. He has also been serving as the Honorary Consul of Seychelles in the Maldives for the past 10 years.
destination. I would go to the airport and pick up clients using only a telephone and fax machine, which posed significant hurdles. However, technology has since improved and made our work much easier.
What inspired you to start Inner Maldives, and what challenges did you face during the initial stages of the company’s formation?
During my time at school in Majeedhiyaa, I noticed a lot of movement among the shops and many tourists in the area, including a well-known tourist company Ocean Sports Limited. I am still close friends with one of their establishment members. After school, I explored various career options, but opportunities were limited, particularly for younger individuals. I began my professional journey working in retail and later transitioned to a tourist shop, followed by a role as a tour guide. However, I soon realized that I had the potential to do more and achieve greater things. It was during my tenure at Sun Travels and Rover Tours that I decided to establish my own company, despite the fact that it was a small-scale operation. I believed in my potential and wanted to explore new opportunities, which led me to venture into the travel industry.
At the time, we didn’t have access to the technology we have today, and I faced numerous challenges, particularly in terms of communication and promotion of the
Aside from the technical challenges, we encountered many other difficulties, and there were times when I considered giving up and joining another company. However, I convinced myself to persevere and continue with my venture. It is a common experience among newcomers and even experienced individuals in the travel industry, particularly in a country like the Maldives. We require multinational partnerships with various destinations to survive and thrive, as the competition is high, and financial support from our banking system is limited, with highinterest rates and little support for local travel agencies. We must explore new possibilities and keep moving forward, rather than depending on a single source.
Although we cannot say that we are much better than others, we understand that competition is a reality in the business world. At the core of our strength is our team. We are proud to have dedicated staff who have been working with us for many years, providing us with a wealth of knowledge and experience that sets us apart from others. This is how we are able to move better and more efficiently than our competitors.
We constantly research the market and take note of new trends and innovations. Our different departments analyze market positions, study what our competitors are doing, and determine what new things are coming in. We have been in the travel industry for a long time, and have experienced many ups and downs. We have learned from both good and bad experiences, especially during times like the pandemic or natural disasters such as the tsunami.
Through these experiences, we have learned how to control our costs and improve our operations. As an advisor, I always remind newcomers that the money they receive is not entirely theirs, as they are essentially operating as a postman to deliver services to hotels or other partners. This limited income requires us to be strategic and thoughtful in our approach. Our commitment to our partners also strengthens our competitive edge. We always strive to keep our partners’ interests at the forefront of our work, which helps us build and maintain strong relationships. Overall, our team, research, experience, and commitment to our partners are the key strategies that help us remain competitive in the industry.
As we look to modernize, there are many things we could do with a particular emphasis on information technology. Unfortunately, the current system of the Maldives is not fully supportive, especially when it comes to the banking system and payment gateways. The lending charges and costs associated with such systems are very high, making it difficult for individuals in the industry to operate effectively. There are many inquiries and paperwork requirements, especially when it comes to booking high-end resorts like those found in the Maldives. The cost of such bookings can reach tens of thousands of dollars, and
extra paperwork must be completed to prove legitimacy to resident authorities.
As a model, it is essential to have a modern, upto-date system that supports the way we earn money. The majority of our income is dependent on payment gateways or banks, which means that daily inquiries from authorities can be timeconsuming and frustrating. For instance, we have to fight for things like payment confirmations, which can delay or even disrupt our business operations. Therefore, there is a need for a better system that can keep up with our demands and understand the unique challenges we face in the industry. By investing in modern technology and improving the current system, we can ensure that the industry continues to thrive and grow.
Despite our efforts over the past six years, we have not given up on bringing better connectivity to Southern Maldives. Currently, we have two flights with Sri Lanka, and flydubai initially announced a new flight service which was postponed but will continue in late October. With that, we need support from all stakeholders, particularly domestic airline operators, to ensure better connectivity and promote tourism in the region and the resorts in the south.
I am proud to say that I have had the most experience in trying to diversify tourism in Southern Maldives. We need to discuss the challenges openly and collaboratively to make progress in this regard.
To improve connectivity, we need support from industry associations and the government, as tourists will not come if there is no convenient way to travel. We must ensure that there is a smooth transfer process for travellers, as they do not want to wait for hours without connectivity. Furthermore, we are also planning to begin new connectivity to Maafaru Airport in the north, with paperwork almost complete, hopefully starting by the end of the year.
I believe that for a company to succeed, it needs to have a succession plan in place. As I have children who are growing up, I hope that they will take over the company in the near future. In the last 25 years, we have been able to build this brand without any major financial investment from resorts, properties, or investors, and we are proud of that.
In the next five years, we aim to expand our offerings and services to cater to the growing demand for travel in the Maldives. We plan to invest in technology and innovative solutions that can help us improve customer experience and satisfaction. We also hope to build stronger partnerships with local businesses and stakeholders to support sustainable tourism in the region.
Villa Resorts has announced the launch of their new and innovative Employee Appreciation Program on International Employee Appreciation Day 2023. As work environments continue to evolve and become more diverse, multi-generational, and technologydriven, Villa Resorts believe that recognition and appreciation should evolve as well.
Effective March 3rd, 2023, the recognition initiatives have been integrated with mobile technology to make it easier and more frequent to acknowledge team members. The program includes gamification and a range of reward options, enabling team members to select the type of appreciation they value most. Villa Resorts is empowering everyone to celebrate achievements and share them through their social space.
“Our appreciation program strongly emphasizes genuine, specific, and sincere recognitions tailored to each individual’s accomplishments. Unlike
traditional infrequent appreciation, our flexible and frequent recognition system will reinforce positive behaviours, motivate team members, and create a culture of continuous appreciation and recognition,” said Mohamed Aalim, Group Director of Talent and Culture, at Villa Resorts.
At Villa Resorts, they are committed to cultivating a work environment that values and recognizes the team members, fosters positivity, and encourages everyone to reach their full potential. As part of the transformation initiatives, they have also launched the Villa Academy of Excellence to promote a growth mindset and the Employee Wellbeing Certification to prioritize all the team members’ mental and physical health.
Human Resources — A Critical Driver of STO’s Success, Ensuring an Exceptional Workforce
National HR Day was marked in the Maldives on 22nd February 2023, the first celebration of its kind. The day is dedicated to HR professionals and people leaders across all organizations and levels, who drive a company’s success by managing its most critical asset — its employees.
At State Trading Organization (STO), the leading government-owned trading company in the Maldives, HR plays a proactive role in identifying and addressing workforce challenges and opportunities, and in shaping the overall culture and direction of the organization. In the early days, manual processes were used in HR at STO, and hence more focus had to be put on administrative
tasks. Over time, the role of HR expanded, and emphasis was placed on strategic functions such as talent management, employee development, employee engagement, and organizational design. With its efforts, STO is now an ACCA-approved employer and has successfully embarked as a brand employer nationwide.
The HR department at STO is currently led by four managers who are each responsible for four distinct functions including Talent Acquisition, Talent Development, Talent Analytics, and Employee Relations. All the functions work harmoniously in tandem to ensure a skilled, happy and motivated workforce within the organization.
As the Talent Analytics Manager, Shimhaaz’s roles include ensuring talent availability for current and future operations of the company, managing the HR system, and securing talent data is readily available for management and decision-making. He also oversees employee performance, goal appraisal and workforce planning.
According to Shimhaaz, STO strives to keep employee productivity and morale high in various ways. “Employees receive competitive compensation and benefits packages, along with flexible work arrangements for better work-life balance,” says Shimhaaz.
“STO also offers attractive benefits to its employees such as comprehensive health insurance, professional development and training opportunities, engagement activities, and STO recreational club activities. What’s more, STO prioritizes agility, learning, adaptability, creativity, innovation, and tech-savvy practices in every work setting.”
Thooza Saeed is the Employee Relations Manager at STO, responsible for managing the relationships between the organization and its employees while ensuring that their rights are protected and concerns are addressed in a timely and efficient manner. Her main responsibilities include creating a positive work environment, developing and implementing employee engagement programs along with initiatives to improve retention rates, and overseeing payroll and attendance processes.
Thooza reveals that STO’s engagement programs and initiatives are designed to create a positive and supportive work environment for employees.
she says. “Some of the memorable ones include the STO Staff Awards, an appreciation function that recognized and celebrated employees in various categories; STO Little Wonders, a daycare assistance program for STO employees; and the Staff Privilege program, an initiative to enable our employees to enjoy various discounts from privilege partner outlets.”
Awareness campaigns are also frequently conducted at STO to promote mental well-being and health, according to Thooza. “A series of training sessions and seminars have been held to educate employees on various aspects of mental health, gratitude, and emotional intelligence, which provided employees with valuable insights into managing stress, anxiety, and other emotional issues. STO has taken it a step further by providing offering an insurance policy that covers psychological treatments as well.”
“These initiatives have brought employees closer together and helped create a positive and supportive work environment,”
Lulu is the Talent Development Manager, whose role involves developing the workforce in accordance with the company requirements. Her primary responsibilities include conducting training programs for the staff, administering STO-sponsored development courses, focusing and monitoring potential programs, and training to retain the staff on personnel development, and seeking potential programs or training to optimize the work efficiency of staff to serve the nation.
“Back in the day HR has been focusing on daily operations in managing staff-related affairs,” says Lulu. “However, now our focus is broader than just managing the daily operations. With the globalized, agile, diversified culture and joining of a new generation of workforce, we are constantly on the verge of seeking the emerging HR trends and attempting to harness them into the current culture with the intention of providing the ideal employee experience providing them with a safe working environment where they could freely
show their creativity and innovative ideas. Today, we analyse the areas we need the talent, how to cultivate the talent and instil a constant learning culture to upskill our workforce.”
“We listen to our employee needs and delivers above or beyond to bring out their productivity,” she adds.
“It is not only their performance that matters to us, but their and their loved ones’ health and wellbeing as well. We believe taking proper care of our people is the most vital aspect for a high-performing culture. We often receive numerous CVs showing interest to join the family, and we are flooded with hundreds of applications for an opening.”
Ihsana is the Talent Acquisition Manager, responsible for leading the talent acquisition team and ensuring the recruitment of top talent for the organization. According to Ihsana, recruiting and retaining top talent requires a comprehensive approach that extends beyond compensation and benefits.
“At STO, we have established a powerful employer brand that aligns with our values and culture,” she mentions. “Apart from competitive compensation and benefits packages, we provide high-quality opportunities for professional development and career advancement, such as short-term and longterm trainings. We foster a positive and supportive work environment that encourages collaboration, creativity, and innovation, and we prioritize flexible work arrangements and are currently exploring options for remote work to enhance our modern work culture.”
“We also recognize and reward our employees for their contributions and achievements through various rewarding mechanisms,” Ihsana adds.
“As part of our effort to promote creativity and innovation, we encourage employees to participate in project development, giving them an opportunity to contribute their ideas and perspectives to our company’s growth and success. By focusing on these key factors, we have increased chances of attracting and retaining top talent in today’s highly competitive job market.”
Happily.ai, a Thailand-based company offering a one-of-a-kind employee engagement platform that combines people science and gamification to facilitate new employee experiences at work, has announced a strategic partnership with CTI Maldives, a leading premium training institute & human resource development company in the Maldives.
Happily.ai and CTI Maldives have joined forces to introduce Happily.ai’s cutting-edge technology built on behavioural science and people analytics research as a comprehensive and sustainable solution for organizations to build a positive and productive culture that supports growth and success. CTI Maldives’ vast knowledge in human resource development & training will be instrumental in successfully bringing Happily. ai’s technology to the market, while advancing the mission to enhance human capital in the Maldives.
Happily.ai helps companies improve their culture and business performance by focusing on people and their relationships and mindset. By using leading people analytics research and applying
behavioural science, it creates complexity conscious and people-positive organizations. Happily’s artificial intelligence (AI) precisely delivers actionable insights for leaders, managers and employees. With the right tools, frameworks and services, companies can create psychological safety, develop effective managers, operationalize core values and practice human skills.
“We are excited to announce our partnership with CTI Maldives,” said Tareef Jafferi, CEO and founder of Happily.ai. “Their expertise in human development will greatly contribute to how our science and analytics can be adopted and applied, which will empower organizations to build high-performing teams and future-proof their businesses.”
“At CTI Maldives, our goal has always been to elevate the human capital of the Maldives, and our partnership with Happily.ai aligns perfectly with that mission,” said Badhurudheen Hassan, Managing Director of CTI Maldives. “We believe that the combination of Happily.ai’s technology and our expertise will have a profound impact on organizations and the future of human capital in the Maldives.”
The State Electric Company Limited (STELCO) has signed a memorandum of understanding (MOU) with the Maldives Polytechnic Institute to enhance their workforce. The agreement was signed by Ahmed Shareef, the Managing Director of STELCO, and Mohamed Hashim, the CEO of the Maldives Polytechnic Institute.
The purpose of the MOU is to enable students at Maldives Polytechnic to pursue an education in their desired field, while STELCO can retain a welltrained workforce. Under the agreement, STELCO employees will be offered the opportunity to obtain certification through training programmes provided by Maldives Polytechnic, allowing STELCO to keep its employees in the atolls and maintain utility services on the islands.
At the signing ceremony, Shareef stated that STELCO is committed to offering its employees the chance to obtain certification this year. Meanwhile, CEO Hashim emphasised the importance of educational qualifications for job seekers, highlighting that companies have faith in the institute’s ability to train skilled workers. He also urged state-owned enterprises (SOEs) to help develop the institute further by expanding its courses into more fields.
The MOU signed between STELCO and Maldives Polytechnic Institute is expected to enhance the capabilities of both organisations and lead to a better-trained workforce in the Maldives.
Jalboot Marine Services Private Limited has announced the successful completion of its internship batch for 2022.
The six-month internship program allowed interns to gain hands-on experience and practical knowledge in the marine industry. The interns were assigned to different departments within the company, including Water Transport, Watersport & Diving, and Marina Management. The ceremony was graced by Charge’d’Affaires of the UAE Embassy, H.E. Mr. Abdulrahman Alshamsi, and the audience consisted of Jalboot’s interns, their parents, and the staff of Jalboot.
The internship program was designed to provide opportunities for young individuals to learn from industry professionals and work on reallife projects. The program has been an incredible success, with interns expressing their appreciation for the valuable experience gained during their time with the company.
Jalboot Marine Services is committed to supporting the growth and development of young individuals in the marine industry. “We
believe that our internship program provides an excellent platform for young talents to learn from and contribute to the industry,” revealed the company in a press statement. “We have extended permanent job offers to all of our interns, reflecting the success of our internship program and our commitment to nurturing future talent We look forward to welcoming more interns in the future and providing them with opportunities to grow and excel in their careers.”
Jalboot Marine Services is a subsidiary of Jalboot Holding LLC, a marine company based in the capital of the United Arab Emirates. Established in 2017, Jalboot Marine Services specializes in delivering high quality, fully integrated marine solutions such as water transport services, Marina Management, Water Sports, Diving and Excursion, design and building of custom boats, water sports, and luxury charters. Despite its young age, Jalboot is a pioneer in marine services in the Maldives where it is successfully serving some of the biggest resort islands in the Maldives.
The Business Centre Corporation (BCC) has launched a new magazine called Kumevi, specifically targeted towards small and mediumsized enterprises (SMEs). The launch event took place at the SME Hub and was inaugurated by the Minister of State for Economic Development, Neeza Imad.
During her speech at the ceremony, State Minister Neeza highlighted that Kumevi is the first of its kind in the Maldives, with the aim of providing SMEs with the most up-to-date information on the small and medium business landscape throughout the country. She also commended BCC for their efforts to support and develop SMEs and acknowledged the magazine’s
role in sharing the latest developments in the business sector.
The BCC has announced that Kumevi will be published on a monthly basis and will provide a platform for SMEs to promote their business to the public and connect with potential customers. Moreover, it will also provide support to entrepreneurs who are interested in starting their own business ventures.
SMEs from any sector and any region of the country can request to be featured in the magazine by submitting their application via the BCC website or email.
Plaza has long been a go-to destination for customers seeking high-quality Middle Eastern perfumery and textiles in the Maldives. In addition to these offerings, the company has launched a wide range of popular IKEA products, catering to customers who seek stylish and reliable solutions to furnish their homes at affordable prices.
With its product catalogue now including all the popular IKEA products, Plaza Online has become the ideal shopping destination for customers who value quality and affordability. As the holy
month of Ramadan approaches, customers can choose from a diverse range of IKEA products available on Plaza Online with free delivery to Male’ and Addu.
Plaza’s commitment to delivering exceptional customer service and providing customers with the best products available in the market has earned it a reputation for excellence in the Maldives. By featuring IKEA products, the company has further strengthened its offerings, providing customers with greater access to the renowned brand.
A gala was held in late February to mark the 15th year anniversary of the Maldives Stock Exchange (MSE) and Maldives Securities Depository. Shareholders, board members, and stakeholders joined the staff in celebrating this milestone.
During the gala, tokens of appreciation were presented to long-standing contributors to the growth of the market, along with all the listed companies for being an important part of the journey.
The highlight of the event was the launch of the year as “The Year of Trading, #AhannakyvesInvestareh” by the team. MSE has become a driving force for developing groundbreaking technological solutions in-house that are making the capital market more accessible and seamless to stakeholders and investors alike.
The aim of the awareness programs launched in the timeline is to advocate for financial inclusion and literacy for the community. In this manner, the fishing and tourism industries have been identified as focus industries whilst programs will exclusively be curated for youth and women as select demographics.
MSE CSR Initiative for the year 2023 was accomplished. In line with World Cancer Day which falls on February 4, Cancer Society of Maldives (CSM) was chosen as the candidate to receive a donation of MVR 150,000 from MSE. Cancer being a prevalent cause of death in the Maldives, MSE identified CSM as a driver of change working towards reducing the incidence and impact of cancer in our community. The donation was open to the public, corporates and businesses over the course of the month.
Bank of Maldives (BML) has implemented new security measures to safeguard their customers’ online banking experience. In an effort to increase protection, the bank has enabled email alerts for all failed login attempts on both Internet and Mobile Banking platforms. Additionally, customers will receive an email notification if their Internet or Mobile Banking is disabled after three consecutive unsuccessful login attempts.
The Bank has implemented these measures to keep its customers informed of any login activity and ensure their accounts are protected. BML has recommended that customers change
their passwords immediately if they notice any unusual login activity. They have also advised against sharing login credentials with anyone and suggested using strong passwords that are changed regularly.
To combat the increasing number of scams, BML has taken multiple steps to enhance security. The Bank has enabled One Time Passwords (OTP) for all Scan to Pay payments and introduced authenticator apps to generate OTPs, disabling email as a default OTP channel. Moreover, BML now sends login alerts and push notifications for all Internet and Mobile Banking transactions.
First National Finance Corporation received the award for introducing digital brokerage services for the first time in the history of capital markets of Maldives. The award was presented to First National by the Capital Market Development Authority (CMDA) during an event to celebrate CMDA’s 17th anniversary.
On receiving the award, CEO of First National, Mr. Hassan Ziyath commended CMDA and the Maldives Stock Exchange for their efforts to develop capital markets. “We are extremely delighted to have received the award for introducing digital brokerage services which immensely contributed to improving liquidity in the market and providing access to the capital market easily and efficiently. This is indeed a
happy occasion for our team at First National and an encouragement to do even better.”
First National Finance Corporation is a ‘Securities Dealer’ and ‘Investment Advisor’ licensed by the Capital Market Development Authority (CMDA) and aims to integrate the local economy to global financial systems, develop financial products, create effective and efficient technology-driven marketplaces, and develop highly skilled financial professionals.
First National is also the lead advisor in the first private bond offering in the Maldives through the ‘Viyana’ platform. The ‘Viyana’ platform is a regulated market in the Maldives for the issuing of private debt securities.
Euro Marketing Pvt Ltd’s debut bond of MVR 25 million listed on the ‘Viyana’ platform was oversubscribed with overwhelming support from the investors. The 4-year bond was opened for subscription on the 29th of December 2022 and was closed on the 5th of March 2023.
Euro Marketing is one of the pioneers of the wholesale and retail industry, and is one of the leading distributors of premium confectionary in Maldives.
This bond issuance marks a milestone in the history of the capital market of Maldives as it is the first time a private company has raised finance through capital markets. First National Finance Corporation Pvt Ltd was the lead arranger for this issuance.
On the success of the bond issue, the CEO of First National thanked the foresight of the founders of Euro Marketing and the regulators as well as
Maldives Stock Exchange. “I am humbled by the overwhelming response from the market for safe and secure products from good quality private companies. We are also bringing to the market the first private Islamic Sukuk that will open the doors to the further development of Shari’ah Compliant investments in Maldives.”
First National Finance Corporation operates in the capital market space providing lead manager services, structuring, and arranging finances, and providing investment solutions, fund management and private wealth planning.
Bonds are regulated investment products issued to raise finance. In comparison to bank loans, a bond can raise finance through multiple investors.
The Capital Market Development Authority (CMDA) marked its 17th anniversary with a ceremony attended by the Auditor General, Mr. Hussain Niyazy, and other stakeholders in the Maldives capital market. CMDA, established on 26th January 2006, is responsible for developing and regulating the market under the Maldives Securities Act (2/2006).
The Auditor General highlighted the importance of developing the capital market in the Maldives, strengthening corporate governance, increasing transparency and accountability of companies as well as maintaining investor confidence in the market. In addition, Ms. Aisha Zahira, Chairperson
of the Board of Directors of CMDA, spoke on the objectives of the Capital Market Strategic Plan. Furthermore, CMDA Chief Executive Officer Mr. Mohammed Hussain Maniku presented a summary report on the recent developments brought to the market.
At the ceremony, awards were presented to the employees of CMDA. In addition, two awards were given to recognise those who have brought innovative developments to the capital market. The awards were presented to the Maldives Stock Exchange and First National Finance Corporation. In addition, Dr. Aishath Muneeza was presented with an award for her valuable services to the development of the Islamic capital market in the Maldives.
The event was attended by heads of capital market institutions, listed companies and stakeholders associated with the capital market.
Founded in 2005, Maxcom Technologies has earned a stellar reputation among the IT vendors in the Maldives, delivering a diverse array of innovative IT solutions to its clientele. Guided by CEO Managing Director Mohamed Fazeel, the company has experienced rapid growth, employing professionals who are dedicated to providing exceptional service to customers across various industries.
Maxcom Technologies specializes in solution designing, hardware, software, support services, security, and subscriptions. Their comprehensive offerings include computer hardware and software, enterprise IT solutions, consumer IT products and services, and aftersales support services.
The company has established itself as a trusted partner to over 300 corporate customers in various verticals, including the public sector, health, telecommunications, and hospitality segments. It has also gained recognition as a top IT vendor, having received various regional awards from partners. Notably, Maxcom Technologies has deployed data center facilities for major national infrastructure projects,
solidifying its reputation as a trailblazer in the industry.
In addition to its IT solutions, Maxcom Technologies has established a subsidiary, Maxcom Training Solutions, to offer training courses in various IT-related fields. This initiative is indicative of the company’s dedication to delivering high-quality solutions while simultaneously investing in its employees’ development.
Maxcom Technologies has earned its position as the market leader in the Maldives’ ICT industry by prioritizing innovation, customer service, and exceptional quality. The company proudly holds DELL EMC Titanium Partner status, recognizing its commitment to providing superior IT solutions. Its product and service portfolio includes a range of cutting-edge offerings, such as Microsoft licensing solutions, DELL desktops, laptops, client products, servers, storage, VxRail HI solutions, and Huawei enterprise infrastructure solutions for data centres and smart city applications. The company also provides artificial intelligence surveillance and Huawei cloud storage solutions.
Ooredoo Maldives has announced its partnership with Microsoft, as part of the Ooredoo Group’s commitment to providing innovative cloudbased solutions and services for business customers. This partnership will enable businesses in Maldives to take advantage of cutting-edge technology and software solutions, available either individually or bundled with Ooredoo’s connectivity services.
Ooredoo Maldives Managing Director & CEO, Khalid Al-Hamadi said: “Leveraging on our international partnerships we are continuously working to upgrade the lives of our communities across the Maldives. Today, we are thrilled to offer the latest digital solutions to enable businesses expand and grow, through our partnership with Microsoft. Our mission is to empower businesses
to operate more efficiently and effectively, and this partnership is a significant step towards achieving that goal.”
The partnership will provide a range of services, from productivity tools like Office365 and Microsoft Teams, Microsoft Teams Voice, Microsoft Teams Rooms, Microsoft Power Apps, Mobile Device Management and SharePoint to the efficient execution of business processes. By upgrading way of work, businesses can accelerate their digitization journey, build resilience, and cater to their own customers’ needs.
“The tech industry is rapidly evolving, and demand for innovative products, services, and solutions is growing exponentially,” said Aziz
Aluthman Fakhroo, Managing Director and Group CEO of Ooredoo. “Our partnership with Microsoft, a long-standing partner of Ooredoo, enables us to respond to increased market demand for cloud-based solutions and services.”
Bin Shen, Vice President Global Communications Partners at Microsoft said: “Our relationship with Ooredoo Group as a valuable partner in the region spans many years, and as the digital landscape continues to evolve, we are excited to expand our partnership to deliver on the promise of cloud transformation for their business customers across regions, industries, and organizations.”
The partnership with Microsoft consolidates Ooredoo’s position as a one-stop-shop for connectivity and cloud-based solutions and
services, ensuring a comprehensive offering and support for its B2B customers. The roll-out of the partnership will take place throughout 2023 and will encompass all Ooredoo Group’s companies.
said Bin Shen, Vice President Global Communication Partners at Microsoft
“Our relationship with Ooredoo Group as a valuable partner in the region spans many years, and as the digital landscape continues to evolve, we are excited to expand our partnership to deliver on the promise of cloud transformation for their business customers across regions, industries, and organizations.”
Dhiraagu has signed the second facility agreement of $30 million with the International Finance Corporation (IFC), a member of the World Bank Group, and the Asian Development Bank (ADB) to fund Dhiraagu’s investment in the SEA-ME-WE 6 (SMW6) Submarine Cable System.
Dhiraagu’s investment in SMW6 will connect the Maldives to the global internet superhighway, further strengthening the digital infrastructure of the company and helping make the Maldives a global digital hub. It will also help reduce latency, improve quality, and reduce the cost of Dhiraagu’s internet services.
The second facility brings the total funding from IFC and ADB to $55 million which will support Dhiraagu’s investment in digital infrastructure and strengthen connectivity across the Maldives.
Last year, Dhiraagu signed the first facility agreement of $25 million, which supports Dhiraagu’s working capital and capital investment programme to meet the increasing data and broadband needs of customers by expanding 5G services, providing high-speed fibre broadband to more islands and supporting the company’s Domestic Submarine Cable expansion project.
“We are delighted to sign this second facility with IFC and ADB which will support a critical investment for Dhiraagu, that will enable Maldives to be connected to the SMW6 global submarine cable system. As a member of the SMW6 consortium, and co-owner of the system, Dhiraagu will have access to multiple internet data centres along the SMW6 route from Europe to Singapore. This is a significant
development in strengthening our international diversity, and improving digital connectivity across the Maldives, which fuels the socioeconomic development of the nation. The collaboration with IFC and ADB has also given us an opportunity to strengthen our sustainability initiatives, and lead to a focussed strategy on Environmental, Social and Governance (ESG) which will contribute to accomplishing our mission of enriching lives and empowering digital communities,” stated Ismail Rasheed, CEO & MD at Dhiraagu.
“Digital connectivity has enormous potential, specifically in connecting the unconnected, creating better and more opportunities for people. IFC’s latest investment in Dhiraagu will enable widespread, fast, and reliable connectivity across the Maldives, leading to inclusive business growth and improving
quality of life for all,” stated Alejandro Alvarez de la Campa, IFC Country Manager for Sri Lanka and Maldives.
“Having access to mobile and internet connectivity is essential for socioeconomic progress, especially for island nations like the Maldives where the population is widely dispersed. This assistance, marking ADB’s first private sector financing of an infrastructure project in the Maldives, will help enable the provision of less expensive, faster regional connectivity in the country,” stated Suzanne Gaboury, Director General of ADB Private Sector Operations Department.
Dhiraagu reiterated its commitment to develop the digital infrastructure necessary for island communities to engage in the digital economy and boost socio-economic development.
“Digital connectivity has enormous potential, specifically in connecting the unconnected, creating better and more opportunities for people. IFC’s latest investment in Dhiraagu will enable widespread, fast, and reliable connectivity across the Maldives, leading to inclusive business growth and improving quality of life for all,”
Ayady Takaful, the Islamic Window of Allied Insurance Company, has launched a new service called ‘Crop Takaful’. This service was officially introduced at a press conference held at the headquarters of Allied Insurance, where General Manager Ibrahim Firshan and Ayady Takaful Manager Fathimath Nizma provided information about the product.
Crop Takaful is designed to provide protection and security to farmers, helping them overcome potential income constraints. The service is an online instant service that does not require any documentation to register, and it currently provides coverage for compensation for damage to fields caused by natural disasters. If a farmer experiences such a loss during the plan period, they can submit a photograph of the incident to receive compensation, which includes the
costs incurred in cultivating the field and the estimated profit.
Allied Insurance already offers a range of lifestyle-oriented and empowering services, and Crop Takaful is another service designed to reduce the impact of climate change on farmers’ income and enhance their quality of life. The company hopes that all of its customers will take advantage of this service, which is available instantly and easily through My Allied. If customers are interested in checking the cost of this service, they can do so via My Allied.
Ayady Takaful provides protection for individuals and companies against financial losses in accordance with the principles of Islamic Shariah Law.
Four vessels are being brought to the Maldives to improve the country’s capacity for fish processing, according to the Maldives Industrial Fisheries Company (MIFCO).
Three vessels from Thailand and one from Japan are being purchased by MIFCO. To overcome the difficulties in processing fish, the government is also modernizing the company’s facilities.
According to MIFCO CEO Ismail Fauzee, the vessel being brought in from Japan has a 400T storage capacity and a 120T brine freezing
capacity, assuring that the vessels would ease the challenges faced by fishermen.
Before these purchases, MIFCO’s fleet had two fish processing boats: Mahaa Kalaminja, with a storage capacity of 90T, and Jazeera 102, with a storage capacity of 100T.
According to MIFCO, both the fisheries industry and the number of fish processed have improved. The company has already purchased over 12,000T of fish and disbursed over USD12.8 million to fishermen so far this year.
The Maldives as a nation has a proud history of possessing the largest shipping fleet in the region. Maldives State Shipping (MSS) is reclaiming the title once again, with three years of illustrious service now under its belt.
Backed by a professional and experienced team along with multiple vessels, MSS offers an extensive international liner shipping service with a mission to simplify trade and transform the Maldivian economy to benefit both businesses and its citizens.
In the early days of its operations, MSS had chartered the Ibrerian Express, a container carrier sailing under the flag of Gibraltar. With a cargo capacity of 1118 containers, this vessel was utilized by MSS between March 2020 and July 2021.
MSS was also utilizing the Bonthi II from November 2020. Before its offloading, this vessel was utilized as the first cargo ferry link between Addu, Huvadhoo and Tuticorin, India. With a deadweight of 4,106 tonnes, the Bonthi
II boasted an overall length of 86.30 metres, a moulded breadth of 14.50 metres and moulded depth of 8.80 metres.
The MSS Galena is the first vessel purchased by MSS. It made its maiden call at Maldives Ports Limited in late November 2021. With a cargo capacity of 680 containers, this vessel is poised to enhance direct shipping services between Maldives and Sri Lanka.
The second vessel to be registered under the company, MSS Chrome is the largest to ever fly the Maldivian flag. The vessel has the capacity to carry 43,929 tons of cargo, and is 190 meters long and over 16 meters high. According to MSS, the main purpose of acquiring this bulk carrier for its fleet is to import construction materials at an affordable rate.
Lastly, the MSS Graphene was the third vessel to be acquired by MSS. With its 680 TEU capacity on board, this glorious addition to the fleet facilitates direct cargo service between Maldives, Singapore & Malaysia.
Maldives Ports Limited (MPL) has announced the commencement of the Gulhifalhu Reclamation Project, as part of the government’s strategy to relocate the Male’ Commercial Harbour to Gulhifalhu. The government has allocated USD 62 million for the reclamation of Gulhifalhu to develop the main seaport.
According to MPL’s Chief Executive Officer (CEO) Shahid Ali, the project to relocate the Male’ Commercial Harbour is making rapid progress, with land reclamation preparations already underway. A dredger has been brought in to reclaim the remaining area, while four prequalified companies is set to be assigned the project upon completion of the land reclamation.
The Male’ Commercial Harbour will be transferred to Gulhifalhu and resume its activities within two years. Shahid emphasized that the project is essential as it will significantly increase the port’s capacity and enhance logistics operations.
MPL acknowledged that the lack of space is a major obstacle to port operations and has made it a top priority to implement solutions. Consequently, MPL intends to construct a bulk terminal in Thilafushi, Kaafu Atoll, to store rock boulders and metal. Furthermore, the company revealed that its operations are overcapacity by three times, handling 130,000 containers per year in an area that can only hold 50,000 containers.
Male’ Water and Sewerage Company (MWSC) has introduced a lab equipment calibration service.
The service was launched at a special function held at MWSC by Fisheries Minister Hussain Rasheed Hassan. MWSC’s Managing Director Hassan Shah, board directors, management and employees of the company were present on the occasion.
Speaking at the function, MWSC Managing Director Hasan Shah stated that the newly launched laboratory equipment calibrating
service is an important tool to ensure the safety and security of water and sanitation services provided by utility service providers across the country. The confidence in the results of the tests conducted through this service will also increase.
“This service will increase our confidence in the results of the tests conducted through this equipment, which maintains the international requirements of lab equipment,” Shah noted.
MWSC provides this service utilizing local employees with training and experience. In order to make the service easily accessible to customers, the package can be prepared according to the customer’s needs through the resources and parameters provided.
On 8th March, 2023, the United States Mission to Maldives, USAID Sri Lanka and Maldives Mission, and the American Center – Malé collaborated to launch the USAID Ocean Plastics Reduction Activity in the Maldives. The event started with a beach cleanup in the vicinity of the Artificial Beach, followed by a launch event on a stage on the Artificial Beach.
The USAID Ocean Plastics Reduction Activity is a five-year project with a budget of $5,737,111.75. Its objective is to reduce environmental plastics by decreasing plastic inputs and improving integrated solid waste management (SWM) practices in Maldives and Sri Lanka. The project will focus on ocean plastics pollution, promote the 3R principles of reducing, reusing, and recycling, and improve government capacity to manage the use and disposal of plastics.
The project’s approach is to maximize impact by combining proven and innovative solutions from government, donors, industries, and local initiatives. It will partner with a variety of local groups and focus on strengthening the entire waste management and environmental protection system at the national, atoll, and island levels through targeted activities. The project’s objectives prioritize comprehensive
private-sector engagement, locally-led solutions, and gender equality for women, youth, and marginalized groups.
The project’s impact is expected to prevent thousands of tons of plastic from leaking into the environment and increase SWM and 3R behaviours at household, community, and private sector levels. The activity’s launch event served as an opportunity to introduce and promote the project to stakeholders and potential partners, communicate its objectives, and facilitate networking and partnerships.
The USAID Ocean Plastics Reduction Activity officially commenced in December 2022, and the launch event held on 8th March 2023, was an important step in raising awareness and garnering support for the project. With its focus on reducing environmental plastics and improving waste management practices, the project aligns with the United States’ partnership with the Maldives to strengthen its ability to adapt to climate change, implement economic and democratic reforms, and build a robust civil society. USAID programs in Maldives focus on strengthening democratic governance, advancing public financial management, and protecting Maldives’ delicate ecosystems.
Noo Raajje has released the final report of the world’s largest Ocean Use Survey ever conducted. The nationwide survey shows how more than 25,000 Maldivians use and value their ocean.
The Noo Raajje team presented the survey findings for the first time at Maldives National University and hosted a community event on Rasdhoo to celebrate and engage ocean users. The final report revealed that overall community response to the survey was positive, and that people were eager to continue participating in planning for the future of the ocean.
The Noo Raajje team visited all 189 inhabited islands and collected over 4,900 survey responses, making this the largest Ocean Use Survey to ever be conducted worldwide. Survey responses exceeded population-based targets and reached more than double the fisher target.
Noo Raajje hosted an interactive presentation at Maldives National University where 50 students, faculty members, government officials and
members of the conservation community had the opportunity to hear key findings and engage in discussion with Noo Raajje team member.
Noo Raajje also held a community event at Rasdhoo to celebrate the completion of the Ocean Use Survey. As an island with a strong fishing and tourism industry that is also home to a Marine Protected Area, the island of Rasdhoo is an example of how different ocean uses can work together for the economy, environment, and community. The Kanduveringe Festival featured a fishing competition, ocean races, and educational activities.
The Ocean Use Survey is a first step in ensuring all ocean use sectors, especially fishers, are consulted and represented in the ongoing Marine Spatial Planning process, which aims to be science-based, community-driven and collaborative. The team coordinated closely with key government agencies and the President’s Office in designing and implementing the survey.
Maldivians still have the opportunity to get involved in the ocean planning process by providing input and feedback to the draft Marine Spatial Plans, which Noo Raajje will be releasing in the coming months, starting with the Offshore Marine Spatial Plan.
“Every decision we make about the ocean affects Maldivians, and it is very important that we know how exactly people use the ocean space, and how they value it. It was very encouraging to see the high level of participation in the Ocean Use Survey, across all sectors, including fishers, the tourism industry, shipping industry, cultural users, recreational users and more. I hope this high level of engagement remains in future planning processes as well,” stated Minister of Fisheries Dr. Hussain Rasheed Hassan.
“We wouldn’t have been able to complete the World’s largest Ocean Use Survey without receiving a lot of support from a lot of institutions, conservation partners and most importantly local communities. Noo Raajje is thankful for the support for the survey and hope that the support will continue in the future,” said Fathimath Nistharan, Noo Raaje Site Manager.
Aviation
ACE AVIATION SERVICES
MALDIVES PRIVATE LIMITED
+960 7776886 roshan@aceaviation.mv
AVIA MALDIVES PVT LTD
+960 778 6419 commercial@aviamaldives.com www.aviamaldives.com
ISLAND AVIATION
+960 3335566 sales@iasl.aero www.maldivian.aero
Boat Manufacture & Marine Services
AL SHAALI MARINE MALDIVES PVT LTD
+960 6646066 shareef@asmarinemaldives.com www.asmarinemaldives.com
D BLUE PVT LTD
+960 7775254 info@dblue.com.mv www.dblue.com.mv
Construction
ABC CONSTRUCTION PVT LTD
+960 3003636 md@abcconstruction.com.mv www.abcconstruction.com.mv
MALDIVES AIRPORTS COMPANY LTD
+960 3325511 info@macl.aero www.macl.aero
TRANS MALDIVIAN AIRWAYS
+960 7637995
marketing@transmaldivian.com www.transmaldivian.com
AMIN CONSTRUCTION PVT LTD
+960 3324369 projects@aminconstruction.net www.amin.com.mv
BISON MALDIVES PVT LTD
+960 331 5878
info@bison.com.mv www.bison.com.mv
FEDO PRIVATE LIMITED
+960 333 3773 corporate@fedo.mv www.fedo.mv
RASHEED CARPENTRY & CONSTRUCTION PVT LTD
+960 331 7878 inquiries@rcc.com.mv www.rcc.com.mv
SJ CONSTRUCTION PVT LTD
+960 3300665
admin@sjconstruction.mv www.sjconstruction.mv
Education
ISLANDERS EDUCATION PVT LTD
+960 3022000
info@islanderseducation.com www.islanderseducation.com
REEFSIDE COMPANY PVT LTD
+960 332 3545 reefside@reefsidemaldives.com www.reefside.mv
REFCOOL
+960 3309900 info@refcool.com.mv www.refcool.com.mv
MALE’ AERATED WATER COMPANY PVT LTD
+960 3329999 sales@mawc.com.mv www.mawc.com.mv
CEYLINCO INSURANCE COMPANY PVT LTD
+960 969 3939 info@ceylincoinsurance.com.mv www.ceylinco-insurance.com
SYMPHONY MALDIVES PVT LTD
+960 943 1561 info@symphonymaldives.com www.symphonymaldives.com
ILAA MALDIVES PVT LTD
+960 335 5751 info@ilaamaldives.com www.ilaamaldives.com
ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD
+960 3300033 info@allied.mv www.allied.mv
EVENT MALDIVES PVT LTD
+960 7781702 md@eventmaldives.com.mv www.eventmaldives.com.mv
AMÃNA TAKAFUL MALDIVES PUBLIC LIMITED COMPANY
+960 3315262 info@takaful.mv www.takaful.mv
BANK OF MALDIVES PLC
CITY INVESTMENTS PVT LTD
+960 3342862 info@city.com.mv www.city.com.mv
ENSIS FISHERIES PVT LTD
+960 3356677 info@ensisgroup.com www.ensisgroup.com
+960 3315262 info@takaful.mv www.takaful.mv
FUEL SUPPLIES MALDIVES PVT LTD
+960 3336655 marketing@fuelmaldives.net www.fuelmaldives.com
THE HAWKS PVT LTD
+960 334 4949 info@thehawks.biz www.thehawks.biz
Fuel Logistics Healthcare
MEDTECH MALDIVES PRIVATE LIMITED
+960 330 8663 info@medtechmaldives.com www.medtechmaldives.com
NAADU
+960 3006789 info@naadumaldives.com www.naadumaldives.com
ICT
ATOLLMARKET PVT LTD
+960 3326297 info@atollmarket.com www.atollmarket.com
ECHES PVT LTD
+960 7790989 info@echesconsultancy.com www.echesconsultancy.com
KEIRETSU PRIVATE LIMITED
+960 7924636 info@keiretsu.mv www.keiretse.mv
LINK SERVE PVT LTD
+960 3003000 sales@linkserve.com.mv www.linkserve.com.mv
MAXCOM TECHNOLOGIES PVT LTD
+960 777 8220 sales@maxcom.com.mv www.maxcom.com.mv
MEGACHIP ELECTRONICS PVT LTD
+960 3333088 info@megachipcomputers.com www.megachiplive.com
PERSONAL COMPUTERS
+960 3003033 marketing@personalcomputers.mv www.personalcomputers.mv
Law
SHC LAW & TAX
+960 3333644 info@shclawyers.com www.shclawyers.com
Logistics
ASIA FORWARDING PVT LTD
+960 3343041 info@theasiaforwarding.com www.theasiaforwarding.com
LEO TRADING PRIVATE LIMITED
+960 3006638 leo@trading.mv www.leotrading.mv
MALDIVES STATE SHIPPING
+960 3029200 info@stateshipping.mv www.stateshipping.mv
TTS GROUP MALDIVES PVT LTD
+960 3011888 info@ttsgroup.com www.ttsgroupmaldives.com
COPIER PLUS (PVT) LTD
+960 7772612 copeirplus@gmail.com www.copierplus.com.mv
DONAD INVESTMENTS PVT LTD
+960 3336096 info@metalsigns.com.mv www.metalsigns.com.mv
M7 PRINT PVT LTD
+960 3307787 print@m7maldives.com www.m7maldives.com
NOVELTY PRINTERS AND PUBLISHERS PVT LTD
+960 3318844 sales.printers@novelty.com.mv www.novelty.com.mv
PRINT LAB
+960 3333022 info@printlab.com.mv www.printlab.com.mv
RED CREATIC
+960 3002003 creatic@red.mv www.red.mv
Real Estate
HOUSING DEVELOPMENT CORPORATION LIMITED
+960 3353535 mail@hdc.com.mv www.hdc.com.mv
Safety & Security
GAGE PVT LTD
+960 3304055 info@gage.com.mv www.gage.com.mv
Telecommunications
DHIVEHI RAAJJEYGE GULHUN PUBLIC LIMITED COMPANY
+960 3322802 info@dhiraagu.com.mv www.dhiraagu.com.mv
OOREDOO MALDIVES
+929 or +960 9613929 care@ooredoo.mv www.ooredoo.mv
RAAJJE ONLINE
+960 3014232 marketing@rol.mv www.rol.net.mv
Tourism & Hospitality
ACE TRAVELS MALDIVES PRIVATE LIMITED
+960 7776886 roshan@acetravels.mv
ANGIRI RESORTS MANAGEMENT & OPERATIONS PVT LTD
+960 3313523 info@angiri.com www.angiri.com
ARENA PVT LTD
+960 7778599
samih@arenabeachmaldives.com www.arenabeachmaldives.com
CAPITAL TRAVEL & TOURS
+960 3315089 support@capitaltravel.com www.capitaltravel.com
CROWN & CHAMPA RESORTS
+960 6640219 info@crownandchamparesorts.com www.crownandchamparesorts.com
DIETHELM TRAVEL THE MALDIVES
+960 3006913 coordinator@mv.diethelmtravel.com www.diethelmtravel.com/maldives
INTOUR MALDIVES PVT LTD
+960 3339994 info@intourmaldives.com www.intourmaldives.com
JETAN TRAVEL SERVICES COMPANY PVT LTD
+960 3315238 suresh@aitkenspace.lk www.adaaran.com
KAIMOO TRAVELS & HOTELS SERVICES PRIVATE LIMITED
+960 3322212 kaimoo@dhivehi.net.mv www.kaimoo.com
LILY HOTELS PTE LTD
+960 3317464
hrm@lilyhotels.com www.lilybeachmaldives.com
MALDIVES GETAWAYS
+960 7966551 maldives@getaways.mv www.getaways.mv SILVER SANDS PVT LTD
+960 3342737 info@silversands.com.mv www.silversandsdiving.com
UNIVERSAL ENTERPRISES
+960 3323080 reservations@universalresorts.com www.universalresorts.com
VOYAGES MALDIVES PVT LTD
+960 3322019 info@voyagesmaldives.com www.voyagesmaldives.com
VILLA TRAVELS
+960 3330088 info@villatravels.com www.villatravels.com
Utilities
MALE’ WATER AND SEWERAGE COMPANY PRIVATE LIMITED
+960 3323209 mail@mwsc.com.mv www.mwsc.com.mv
STATE ELECTRIC COMPANY LIMITED
+960 3320982 admin@stelco.com.mv www.stelco.com.mv
Wholesale & Retail
APOLLO HOLDINGS PRIVATE LIMITED
+960 3320065 info@apolloholdings.com.mv www.apolloholdings.com.mv
CO-LOAD (MALDIVES) PVT LTD
+960 3320450 admin@coload.com.mv www.coload.com.mv
DAMAS COMPANY PVT LTD
+960 3333000 info@damas.com.mv www.damas.com.mv
HAPPY MARKET TRADING COMPANY PVT LTD
+960 3313523 info@happymarket.com.mv www.happymarket.com.mv
LIFE SUPPORT PVT LTD
+960 333 4646 info@lifesupport.mv www.lifesupport.mv
M.H.A. PRIVATE LIMITED
+960 3323246 info@mha.mv www.mha.mv
MALDIVES GAS PVT LTD
+960 3335614 info@maldivesgas.com www.maldivesgas.com
PLAZA ENTERPRISES
+960 3328675 admin@plaza.com.mv
RAINBOW ALUMINUM
+960 3314356 aluminium@rainbow.com.mv www.rainbowaluminium.com.mv
REDWAVE PVT LTD
+960 9194499 sales@redwave.mv www.redwave.mv
SEAGULL GROUP PVT LTD
+960 3323617
info@seagullmaldives.com www.seagullmaldives.com
SENIOR INTERNATIONAL PVT LTD
+960 3332002 info@serniormaldives.com
SONEE HARDWARE PVT LTD
+960 3336699 info@sonee.com.mv www.sonee.com.mv
SONEE SPORTS PVT LTD
+960 3335995 info@soneesports.com.mv www.soneesports.com
SOUVENIR MARINE
+960 3325893 ask@souveniremarine.com www.souvenirmarine.com
STATE TRADING ORGANIZATION PLC
1422 info@sto.mv www.sto.mv
SUN FRONT PVT LTD
+960 3313313 adminhr@sunfront.com.mv www.sunfront.com.mv
Other
ADK GROUP OF COMPANIES
+960 3010086 nashid@adkenterprises.com www.adkhospital.mv
ANTRAC HOLDING PVT LTD
+960 3310096 info@antracholding.com www.antracholding.com
AVI TECHNOLOGIES
+960 3301022 info@avitech.com.mv www.avitech.com.mv
DTECH COMPANY
+960 3334051 info@dtech.com.mv www.dtech.com.mv
EYECARE PVT LTD
+960 3324300 info@eyecare.com.mv www.eyecare.mv
HANDY HOLDINGS PVT LTD
+960 3310812 info@handyholdings.com www.handyholdings.com
HORIZON FISHERIES PRIVATE LIMITED
+960 332 8855 sales@horizonfisheries.com www.horizonfisheries.com
HOUSING DEVELOPMENT FINANCE CORPORATION PLC
+960 3334666 info@hfdc.com.mv www.hdfc.com.mv
LITUS AUTOMOBILES PRIVATE LIMITED
+960 7444117 asif@litusgroup.mv www.litus.mv
MALDIVES INDUSTRIAL FISHERIES COMPANY
+960 3323932 info@mifco.mv www.mifco.mv
MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC
+960 3326822 info@mtcc.com.mv www.mtcc.mv
MEDIANET PVT LTD
+960 3320800 customerservice@medianet.com.mv www.medianet.mv
MIANZ PVT LTD
+960 3341545 info@micollege.edu.mv www.micollege.edu.mv
MUNI GROUP OF COMPANIES
+960 3331512 info@muni.com.mv www.munihomecare.com
VILLA SHIPPING AND TRADING COMPANY PVT LTD
+960 3320356 info@villahotels.com.mv www.villa.mv
www.crossroadsmaldives.com
destination.m@crossroadsmaldives.com
