Corporate Maldives Magazine

Managing Director & CEO Akhmeem Abdul Razzaq

Director - Content Creation Mohamed Khoorsheed

Director - Digital Strategy Ibrahim Areef

Chief Design Officer Zaya Ahmed

Chief Operating Officer Ahmed Nasir

Manager - Accounts & Admin Ali Sageef Ibrahim

Managing Editor Zeek Ashraf

Managing Editor Nashama Mohamed

Design Manager Hamdhoon W.

Manager - Content Production Kudie

Assistant Manager - Media & Marketing Raaya Abdulla

Assistant Manager - Media & Marketing

Fathimath Zeen Mohamed

Assistant Manager - Media & Marketing Aminath Suha Mohamed

Digital Marketeer Mohamed Mizyan

Designer Thoo Nazim

Designer Mohamed Lihaz

Senior Content Creator Ma’aan Abdulla

Content Creator Nuha Hassan

Associate Editor Fathimath Shaaira

Consultant Moothi

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Editor’s Note

Welcome to the December 2022 edition of the Corporate Maldives Magazine, a bi-monthly print publication dedicated entirely to the business community of the Maldives.

Our first Corporate Maldives Spotlight this month is on Bison Maldives, a leading indigenous construction company in the Maldives. Here, we shine the spotlight on the various resort developments carried out by Bison, as well as its upcoming project, the one-of-a-kind ‘Maldives Floating City’. We also sat down to have a chat with Abdul Majeed, the Chairman and Managing Director of Bison Maldives, to gain further insight into the company.

For our second Corporate Maldives Spotlight, our focus is on Jalboot Maldives, a subsidiary of UAE-based marine company Jalboot Holdings. As a fully integrated marine solutions provider, Jalboot Maldives’ services include water transportation, marina management, boatbuilding, watersports and luxury charters. In addition, we bring you the story of Mohamed Roestali, the CEO of Jalboot Holdings.

As usual, our news segments touch on various industries and business sectors of the Maldives, including tourism, construction, banking, technology, trade, fisheries and agriculture, among many others.

Happy reading!

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Bison MaldivesLeading Indigenous Construction Company in the Maldives

Bison Maldives is the leading indigenous construction company in the Maldives. Over the years Bison Maldives has been selected as the principal contractor for large resort investment projects in the Maldives.

Over the years, Bison has become one of the largest and most respected civil engineering and resort development companies in the Maldives, with the promise of 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.

Some of the prestigious resorts Bison has constructed have won international awards such as the Best Designer Resort. The recently developed Aailafushi and Lobigili resorts, with the underwater restaurant, boast the largest seating capacity underwater restaurant in the Maldives. The company also holds the distinction of completing a fully functional resort in a short period of time.

Reza Marjan CEO of Bison Maldives

As a valuable partner for our clients, Bison Group offers value-added construction services to customers by crafting a mutually rewarding relationship that endows the highest level of quality in construction services at fair and competitive market rates. For every project, we ensure there are construction project managers and engineers with proficient consulting services as well as innovative project intelligence approaches to outperform. As a result, we achieve repetitive and referral business opportunities through Integrated Customer Relationship Management.

Built on a foundation of experience and expertise in construction management, trading, retail and travel, Bison Group is dedicated to well-exploit all its know-how, skills and wide range of technical tools to support projects to blossom while meeting

budget constraints. Projects undertaken are free of high and costly delays, risks and conflicts. We exhibit a high degree of timeliness, attention to detail and service-minded attitudes to maintain the highest levels of professionalism, integrity, honesty and fairness with our valued clients, suppliers, subcontractors, and with professional associates.

Mr.

Apart from developing resorts for local conglomerates, Bison Maldives has the distinction of developing resorts in the Maldives for large conglomerates from South Asia and South East Asia and has recently embarked on an international resort development project in Zanzibar, Tanzania, making them to be among the elite local construction companies with an international presence.

With a strong reputation, backed by nearly two decades of successful construction solutions to the nation, Bison has been successful to forge partnerships with international companies and has become an authorised agent in the Maldives for construction-related materials with various international brands.

Furthermore, Bison, together with their international partners Venturer Pvt Ltd - Singapore, has successfully completed the mock-up structure of the floating city by utilizing engineered timber structures for the floating city initial mock-up set up. Venturer is a company that focused on the design, supply and installation of Mass Engineered Timber (MET) and hybrid structures.

For its success over the years, Bison has also been awarded the “GOLD 100” award annually since 2016 until date, published by Corporate Maldives, becoming one of the leading 100 companies in the Maldives, and also named as one of the leading construction companies in the Maldives.

Abdul Majeed Chairman and Managing Director of Bison Maldives

My initial involvement with resort development commenced in 1990, when I first embarked on developing Mahchafushi resort with a lot of challenges, which gave me much inspiration to get more involved in the resort development business.

With the completion of successful projects, I commenced Bison Maldives in 2002 on a small scale and gradually developed it into a leading player in the construction sector in Maldives. From our very modest beginnings, we have positioned ourselves as a leading player in the construction industry in the Maldives and we have been involved in the resort and building construction sector for more than 20 years. We have undertaken a number of large projects and have been selected as the principal contractor for large investment projects.

Apart from developing resorts for local conglomerates, Bison Maldives has the distinction of developing resorts in the Maldives for large conglomerates from South Asia and South East Asia and has recently embarked on an international resort development project in Zanzibar, Tanzania, making us one of the elite local construction companies with an international presence.

We are always on the lookout for smart investment opportunities. Over the past 20 years, we have ventured into multiple sectors based on the relationships we have built through our journey. Some of the notable achievements are as follows:

• President’s Gold Award for the outstanding contribution to the tourism industry awarded to Bison Maldives in October 2022

• Corporate Maldives – Gold 100 company from 2016-2021

• Corporate Maldives Lifetime award for Mr. Abdul Majeed – 2021

• South Asia Travel Award for the Best Boutique Hotel awarded to Reveries Diving Village - 2017, 2018, 2019, 2020, 2021

• Maldives Travel Award for Reveries Diving Village - 2016, 2017, 2018, 2019, 2020, 2021

• Maldives Business Award – Winner, Inspirational Leader of the Year 2018 – Mr. Abdul Majeed

challenges

There are two factors that we find challenging when working in the Maldives.

One is the lack of sufficient skilled technical and managerial staff as well as skilled/semiskilled workers. It’s difficult to find the numbers we require locally. Therefore, as usual with the whole industry, the only option is to recruit from abroad. Here the challenge is the pay scale, in order to keep up with the competition where most clients prefer the cheapest contract price when awarding a contract. Of course, our experience counts, but we need more technical and managerial staff with relevant experience in the type of projects we undertake which is resort construction. You need to tap experienced people who naturally would ask for high salaries on top of other benefits.

Can you tell us a bit about your career so far?

Mr. Abdul Majeed is the Chairman and Managing Director of Bison Maldives, a key player in the resort and building construction sector of the Maldives. Our team sat down to have a chat with Mr. Majeed about his humble beginnings, how Bison has grown and evolved over the years, and the various challenges facing the industry today.

Bison’s business portfolio is impressive, to say the least. What have been some of the company’s most noteworthy achievements?

What are the biggest

you have faced in recent years?

Secondly, as mentioned above most clients look for the lowest contract price. This is a hindrance for us to source the expertise we would really like to have. Also being a local contractor, a lot of local companies have a tendency to grade us below foreign contractors who are based here even if their prices are on the higher side compared to ours.

Luckily with two decades of hard work in resort construction, we have proved ourselves and secured a good client base who keeps us busy with a continuous workload.

Life is a continuous learning experience. Throughout our lives we keep rising and falling, picking up important lessons along the way. Some of these lessons come from experience, yet there are others that we learn by watching others.

No matter how much we learn from books there is a significant difference between practical and theoretical experience. Furthermore, there are many life lessons that we simply cannot learn until we face certain situations in our life. Most people would say that there are some lessons that come too late, catching us off-guard and unprepared.

Our aim is to further expand ourselves internationally. As you may be aware we already have construction projects with foreign parties and management.

On top of our existing business partnerships with companies from abroad in our ventures here in the Maldives, we have expanded our resort and building construction work overseas in Tanzania where we have commenced work on building a resort. This would be just the beginning and we are very confident that we would be able to venture further within the next 2-3 years. Maldives is famous for its tourism and resort hotels, most of which are built by Maldivians. So why not use this expertise internationally to create the same elsewhere? I am very confident that we can make a mark globally and make Bison a Global Brand.

I am in this because I am passionate about this work which includes a lot of collaboration with people of various fields, from property magnates to bankers to architects and the crafty workmen on site, all striving to make a dream come true. Then comes the end users. The sheer satisfaction on each one’s face at the end of the day makes us all proud. I love working alongside people. I live a very simple life and my time is filled not with life’s luxuries, but with people.

This peer pressure can make you stray from the path you started to carve for your future. Don’t mind other people’s aspirations, and don’t ever let someone else’s goals and dreams influence your vision of life. It’s your path and you decide where it takes you and how long it takes you to see it through.

When it comes to inspiration, it is the people and the staff who have inspired me.  I am proud to be the leader of many and no one can be a great leader unless they genuinely care about the success of everyone in their team. Actually, what I believe is, a role of a leader is not to come up with all great ideas, but the role of a leader is to create an environment in which great ideas can happen.

What can we expect from Bison in the future? What’s next?

Do you have any words of advice for those looking to start their own entrepreneurial journey?

Additionally, Director for Maldives Floating City Ibrahim Riyaz also stated: “We are excited to start the physical construction of Maldives Floating City, after months of painstaking legal and technical work to prepare for this worldclass and affordable housing development. I look forward to taking members of the public to the first houses, so they can see the project for themselves. In such an innovative development, seeing is believing.”

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.

Maldives Floating City, a One-of-a-Kind Project to be Constructed by Bison Maldives

Leading indigenous construction company Bison Maldives is the principal contractor for the construction of the first homes in Maldives Floating City — a new, floating development of 5,000 homes being constructed in a lagoon five minutes speedboat ride from Male’.

Bison Maldives signed a contract with Dutch Docklands Maldives earlier this year for this project.

Together with their international partners from Singapore at Venturer Pvt Ltd, the development of the first mock-up unit of the floating city project city by utilizing engineered timber structures has also been completed by Bison. Venturer is a company focusing on the design, supply and installation of Mass Engineered Timber (MET) and hybrid structures.

For this one-of-a-kind project, Bison’s talented staff is responsible for its creation and development.

Commenting on the involvement of Bison in this project, Abdul Majeed, Founder and Managing Director of Bison Maldives said: “Bison Maldives is delighted to be part of this ground-breaking housing project and we look forward to delivering the first houses on time.”

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

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 fivestar 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.

Cutting Edge Steel Brand MELWA, Brought to You by Bison Maldives

Leading construction firm Bison Maldives has partnered with MELWA, Sri Lanka’s largest steel maker, to meet the industry’s current and future demands.

The MELWA-Bison Act was implemented in the Maldives because of its global influence. Offering reasonable rates and lead times from Colombo to Male’ will accommodate the industry’s small and large requirements with product customization, hence eliminating wastage on building sites. MELWA, wholly owned by a Sri Lankan family, is currently the largest steel maker and market leader in Sri Lanka.

MELWA’s brand name is linked with quality and perfection. It is a household favourite, and a trusted and reliable business partner. MELWA’s primary purpose is to adhere to the necessary manufacturing standards of steel for the building industry and the expansion of infrastructure. As the market leader in Sri Lanka’s industrial sector, MELWA is currently extending into other industries (hotel and health) and global business endeavours.

MELWA steel products are available through Bison Maldives Pvt Ltd. The primary advantage is the travel time between the ports of Colombo and Male’. Shipments could be delivered to the Maldives within 5 days, and the pricing per ton is quite affordable and competitive.

Advantages include increased tensile and flexural strength, improved ductility and bending ability, and enhanced tolerance for high temperatures and high humidity in the environment.

They are created using cutting-edge technology and are widely used in the construction industry to reinforce concrete. The design criteria surpass expectations with a grade RB 500 and production in compliance with BS4449 certification and ISO 1786.

MS Wire Rods GI Tubes/GI Pipes/Clamps

Wire rods demonstrate their quality by attaining SLS26. In this accomplishment, premium lowcarbon billets that fulfil SAE 1006 and 1008 requirements play a pivotal role.

The production of GI Pipes/GI Tubes and Clamps has made it possible to meet demand by procuring raw materials of the highest quality from renowned manufacturers. The GI plant is outfitted with European technology and equipment and adheres to European quality standards.

Bison Maldives is currently one of the country’s leading construction firms. Bison Group is involved in a variety of industries, including resort construction, real estate development, aluminium, and glass production, hardware, retail, fashion, and hospitality. Bison’s expert construction management team has given its clients a competitive edge, allowing them to complete some of the largest resort projects in the Maldives in the recent past.

Parliament Approves Massive MVR 42.8 Billion Budget for 2023

The People’s Majlis has approved a state budget of MVR 42.8 billion for the upcoming fiscal year.

The budget was approved with the votes of 61 parliamentarians from the 69 who took part in the vote. Eight voted against approving the budget.

A massive budget of MVR 42.7 billion was presented to the Parliament on 31st October 2022. The Parliamentary Budget Committee, following their research of the budget, decided to approve a budget of MVR 42.8 billion, with an additional MVR 161 million.

The Committee has advised that special emphasis be given to securing MVR 161 million in grant assistance and the collection of unpaid taxes from individuals. They also underlined the need to submit any necessary supplementary budget requests for approval in advance.

In addition, the Parliament authorized an MVR 5.8 billion supplementary budget to the one already approved for this year. The supplementary budget will be used to fund the Thilamale’ bridge project, Addu road development project, oil subsidy, SIFCO housing project, and Aasandha.

Budget 2023, according to Minister Ameer, aims to alleviate the difficulties caused by the COVID-19 economic crisis and rising commodity prices on the market as a consequence of the Russia-Ukraine war, as well as ensure fiscal and debt sustainability. The state budget for 2023 is MVR 5.8 billion greater than the budget approved for the year 2022.

In presenting the budget, he stated that the country’s economic growth will rise and output will increase by 7.6% in the following fiscal year. It is anticipated to remain at 7.1% for the following three years.

The budget forecasts that inflation will increase to 5.4% due to increased global commodity costs and price changes resulting from the decision to raise taxes. On the other hand, it is anticipated that the inflation rate would remain relatively stable at 2.1% over the medium term as global prices decline and tax reforms stabilize.

In presenting the budget, Minister Ameer stated that the country’s economic growth will rise and output will increase by 7.6 percent in the following fiscal year. It is anticipated to remain at 7.1 percent for the following three years.

Expenditure Details

MIRA Revenue Collection 2022

A Breakdown of MMA’s Major Concerns Regarding Budget 2023

The Maldives Monetary Authority (MMA)’s recommendations on the proposed government budget for next year have flagged a number of concerns.

The issue of raising taxes

According to the MMA’s recommendation sent to the Parliament, the hike in GST and TGST is likely to push up the country’s inflation rate to around 5.4 percent. Of this, 2.2 percent is directly due to the increase in prices as a result of raising GST and TGST.

MMA stated that traders are likely to raise prices even further to boost profits in the wake of the GST hike. Therefore, there is a high probability that the price of commodities will go up by more than 2.2 percent.

In January next year, the TGST will be increased from 12 to 16 percent and GST from 6 to 8 percent. According to MMA, the main purpose of raising taxes is to meet expenses and reduce the deficit. However, this will not be achieved in the budget for 2023, as the allocated expenditure has also gone up.

Furthermore, MMA said the changes to the tourism sector caused by an increase in TGST need to be evaluated in advance. The central bank also urged to not depend on the increase in TGST as the sole way to meet the expenditure of the state.

According to the central bank, based on the experience of the past few years, if the budget had projected MVR 2.5 billion in grants, in actuality, a figure closer to MVR 1.7 billion would be received next year. With this, the state’s deficit is expected to rise again.

Reality check on expected grants

MMA stated that MVR 2.5 billion worth of grants is estimated in the upcoming budget. However, the Maldivian government has consistently gotten MVR 800 million less than what was estimated in the annual budget for the last six years, excluding the year 2020.

While MVR 2.5 billion is allocated as grants in the next year’s budget, there is no outline of exactly how MVR 1.5 billion of this will be received, the MMA said.

Revenue cannot meet recurring expenses

The state is expected to earn MVR 32 billion in total revenue next year.

According to MMA, the current fiscal situation in the country has resulted in high levels of debt. At this point in time, it is unlikely that the revenue will cover recurring expenses. The main reason for this is the rise in global oil prices, making it difficult for official reserves to provide foreign currency used for government projects, the MMA elaborated.

The central bank has requested the government to delay the execution of projects if they are unable to secure the required foreign funds before implementing them from the domestic budget. The MMA has also asked the government to identify the projects that will reap the maximum economic benefits and give priority to such projects.

MMA also advised the reduction of expenditure on PSIP projects. MVR 8.4 billion has been allocated for PSIP projects in the upcoming budget.

According to MMA, budgetary expenditure has been rising yearly, and it is becoming increasingly difficult to get the required finances to meet the expenses. Therefore, it was requested not to increase next year’s expenses, but to reduce the additional expenditure by obtaining financing.

Moreover, Budget 2023 estimates raising MVR 6.4 billion in foreign financing and MVR 4.7 billion from the domestic market next year. MMA, however, pointed out that there were serious challenges in obtaining the amount allocated from the foreign market.

Maldives and Hungary Sign 3 Key Agreements

The Minister of Foreign Affairs and Trade of Hungary, His Excellency Péter Szijjártó arrived in the Maldives on an official visit on 9th November, on the invitation of the Minister of Foreign Affairs of the Republic of Maldives, His Excellency Abdulla Shahid.

This was the first official visit from a Minister of Foreign Affairs and Trade of Hungary and marks an important milestone in the 47-year-long bilateral relationship between the Maldives and Hungary.

During this visit, Minister Szijjártó held official talks with Minister Shahid and signed three agreements between Maldives and Hungary.

Firstly, the additional protocol to the MoU on Hungaricum Stipendium scholarships was signed by Szijjártó and Maldivian Higher Education Minister Dr. Ibrahim Hassan. With the additional

protocol, the annual scholarships offered by Hungary to Maldivian students will increase from 15 slots to 25 slots.

The second MoU was on economic cooperation, signed by Szijjártó and Maldivian Foreign Minister Shahid. According to Shahid, the agreement aims to promote business linkages and facilitate the growth of bilateral trade and investments in several areas such as construction, hospitality and tourism through the exchange of officials and experts between the two countries.

Lastly, the MoU on cooperation in the field of sports diplomacy was signed by Szijjártó and Maldivian Sports Minister Ahmed Mahloof. According to Shahid, the agreement will facilitate the exchange of technical skills, information, and training programs between the two countries.

Despite Recent Downturn, Economic Outlook Appears Promising: President Solih

President Ibrahim Mohamed Solih has stated that the country’s economic outlook looks promising, despite the recent downturn it faced due to global events. He made these remarks while addressing the nation at the official function to mark the 55th Republic Day.

The President attributed the joint efforts of the government and the people to the recovery from the economic downturn caused by the Covid-19 pandemic and the Russia-Ukraine war. He, however, stated that attempts to use the opportunity to create fear and uncertainty for political gain far outweigh the economic situation.

Highlighting the budget proposed by the administration, the President stated that it focuses on austerity measures. He assured the administration would take steps to deter any negative impact on the economy and the people. Underscoring achievements in the economic sector over the past four years, the President said the administration had ensured a conducive environment for the growth of small and medium enterprises (SMEs), including eliminating difficulties in registering businesses and digitising such processes.

The President also lauded the administration’s efforts to introduce a minimum wage and revise the salaries of education sector staff.

The President also reiterated that the wages of healthcare sector staff would be revised and announced soon.

The President also spoke about the administration-led projects over the past four years to up the socio-economic development of the island communities, including the development of water and sewerage networks, easing difficulties due to a lack of good harbours, and other essential requirements.

The administration this year launched its “Binveriyaa” and “Gedhoruveriyaa” housing schemes. Citing these initiatives, the President announced that the administration had received 35,861 applications for the programmes. He said that the evaluation of the applications is now in progress.

The administration is also committed to building generations of productive youth. On this note, the President highlighted the success of the administration’s free degree programme and announced that the number of people enrolled in the programme exceeds 15,547.

Debt Levels Very High, but Maldives is ‘Not Yet’ in Debt Distress, Finds New Think Tank Report

The Maldives’ government’s stock of public and publicly-guaranteed debt (PPG) is at an extremely high level and has increased significantly over the past few years, but the country is not yet in debt distress.

This is the finding of a comprehensive new report on the country’s debt levels, published by the Baani Centre for International Policy, a new Maldives-based think tank.

In the detailed study of Maldives’ debt, the report states that:

“Public debt in the Maldives began rapidly increasing from 2016 following a ramp up in the government’s spending on infrastructure. The Covid-19 pandemic exacerbated the public finance and debt situation in 2020, as with revenues constrained and not much room to reduce expenditure, the government was forced to heavily borrow to meet its financing requirement.”

The report goes onto warn that:

“The rise in the debt stock in the face of a contracting economy, coupled with increasing debt service costs arising due to the rapid buildup of the debt stock over the past few years have led to an increase in the risk of debt distress for the Maldives. However, despite the high risk, the country is not yet in debt distress.

The economy bounced back better-thanexpected and revenue flow into the government started to improve in 2021 and is expected to reach pre-pandemic levels in 2022 and continue improve in the medium-term as tourism sector operations become normal.”

Chinese vs Indian debt

The report, entitled ‘An Overview of Public Debt in the Maldives’, notes that a large proportion of Maldives’ debt is owed to Chinese creditors. By 2021, debt to Chinese creditors stood at US$1,596 million, which was 26 percent of the total PPG debt.

Debts owed to India are also on the rise, with debt from Indian creditors accounting for 26 percent of total PPG debt – the same proportion as the Chinese debt. The increase in Indian debt is a more recent development in the debt portfolio, with the current administration being able to mobilise or negotiate more financing from India, due to positive and close bilateral relationship with the Indian counterparts.

The report notes a worrying increase in the Maldives’ debt levels over time, and cautions the Government to “enforce careful and stringent measures on monitoring the performance of its loan portfolio and guaranteed loans and the projects tied to those financing.”

The report also suggests that the Government release more information on its debts, especially regarding the terms and conditions of loans and the repayment schedule. This information would allow the general public to better understand the nation’s debt liabilities to any particular country, and whether the Maldives is in danger of falling into a ‘debt trap’.

The report says:

“It is important that this information be available to generate conversations and discussions scrutinizing the growing government debt portfolio.”

Maldives Signs Country Engagement Plan on Tax for SDGs Initiative by UNDP Maldives

Maldives Inland Revenue Authority (MIRA) and Ministry of Finance has signed an agreement with UNDP Maldives to launch the country engagement plan on tax for Sustainable Development Goals (SDGs) initiative.

The initiative was launched at a special ceremony held at the Ministry of Finance with participants from MIRA, UNDP and the Ministry.

UNDP Maldives affirms that taxes contribute to growth and better outcomes in environment, health, gender and other SDGs area, therefore the signing of this agreement will further strengthen fiscal space and capacities for efficient and equitable tax systems. Enrico Gaveglia, UNDP Resident Representative in the Maldives said: “This agreement will reinforce the existing support UNDP is providing to the Maldives government to broaden the fiscal space and leverage innovative financing solutions through the Climate-themed Development Finance Analysis and the INFF.”

With the support of Norway and Finland, Maldives and Bhutan are the only countries selected from the Asia Pacific region as #Tax4SDGs focus countries. This plan will focus on:

Speaking on the occasion, Commissioner General of Taxation Mr. Fathullah Jameel highlighted the importance of such a programme for the Maldives to cope with the challenges faced by the tax system over time. Among these challenges, the Commissioner General highlighted the challenges in the tax system through a digitised global economy, gender-based taxes and the difficulties in getting businesses operating outside laws and regulations into the tax system. He also acknowledged the financial and technical support provided by UNDP to strengthen the tax system and achieve economic goals.

Under the Tax for SDG programme, the relevant institutions will be developed by making necessary changes in the tax system, according to MIRA. In this context, MIRA has targeted to focus on two main areas under this program which includes establishing a data governance framework to achieve tax digitalization goals and developing the enterprise risk management framework and business continuity plan.

With this initiative, Finance Minister Ameer further stated that the government aims to enhance effectiveness of the Maldivian tax system, and accelerate the progress of attaining SDGs.

Our Ageing Population — A Cause for Economic Concern?

The World Health Organization (WHO) predicted that between 2015 and 2050, Japan’s population over the age of 60 will increase from 12% to 22%. One-third of the Japanese population will be beyond the age of 65 by 2036, according to the National Institute of Population and Social Security Research.

The ageing of the working population is one of Japan’s most significant problems, and one of the main factors contributing to the slowing of economic growth. In the year 2000, the Japanese government created a social care system for the elderly. According to sources, each year 400 elementary and secondary schools have to be closed and converted into nursing homes in order to construct such facilities.

The issue of the global population’s ageing has also prompted concerns. This may be a result of the low incidence of maternal deaths and the increased average life expectancy. It may also be due to the countries’ efforts to limit their populations and communities’ inculcation of the concept of population control through lifestyle.

If we take a look at the Maldives, the numbers show a similar trend. In the last eight years, the population of Maldivian citizens has climbed by 16,897, according to statistics. This is an average of 2,112 each year, and 5.7 daily. According to the recent census conducted by the National Bureau of Statistics, the total population of the Maldives is 355,331 people.

Because of their lifestyle, it is not easy for everyone to continue caring for ageing parents or to stay at home with them. In an economy where the average married couple can hardly survive on their own due to high rent and bills, how can they be expected to care and spend for their elderly parents on top of their existing expenses?

Compared to Japan, the Maldives hardly has any social security measures in place for the elderly,

and an allowance for them was only introduced fairly recently. To address the issue, the social security system needs to be streamlined as the population continues to grow older. Nursing homes should be set up to take care of senior citizens with adequate facilities for them, and in doing so, we must not burden the state budget either.

Experts estimate that half a million workers will be needed in the future to run the country’s economy. As of now, the problem of the ageing working population will lead to a lack of locals to run the economy, which will in turn increase our dependence on expatriates.

Maldives Defends its Title of World’s Leading Destination

“This accomplishment is a testament to the popularity and vibrancy of the Maldives as a tourist destination. The industry’s achievements throughout the past three years reflect the resilience of the Maldives tourism industry amidst any crisis – and that united, we can achieve anything,” Minister of Tourism H.E Dr. Abdulla Mausoom stated, speaking at the ceremony.

Speaking at the ceremony, CEO & MD of MMPRC Thoyyib stated:

The Chief Executive Officer and Managing Director of Maldives Marketing and Public Relations Corporation (CEO & MD of MMPRC / Visit Maldives), Mr. Thoyyib Mohamed, and the Minister of Tourism of the Maldives, Dr. Abdulla Mausoom, accepted the award on behalf of the nation at the awards ceremony held at Al Bustan Palace, a Ritz-Carlton Hotel, Oman. The Maldives beat out 18 other countries for this title — Dubai, Portugal, Indonesia, and Greece among them.

In addition to this prestigious title for the Maldives, MMPRC attained the title of the World’s Leading Tourist Board this year – the first time that the Maldives has secured this award. Some of the largest tourist boards in the world with extensive reach and budget were nominated for this award. MMPRC won this award competing with 28 other prominent tourism boards including Incredible India, Tourism Australia, and Visit England.

“It is truly an honour to win the prestigious title of World’s Leading Destination for the third year in a row. This year is our Golden Jubilee of Tourism in the Maldives, and I couldn’t have asked for a better achievement to mark 50 years of welcoming visitors to our shores. This award is thanks to the guidance of our government, the support of our partners, and the hard work of the tourism industry as a whole. And of course, our visitors – we are blessed that people from around the world love the Maldives so much. This is also the first year that MMPRC, also known as Visit Maldives, secured the title of the World’s Leading Tourist Board. It feels like an affirmation of the hard work of our team over these past few years, pushing through the toughest global crises of recent times. Thank you to everyone for voting for the Maldives, and I hope to welcome you soon to the Sunny Side of Life.”

In a moment of triumph for the nation, the Maldives has successfully secured the title of the World’s Leading Destination for the third year in a row at the World Travel Awards 2022. The Maldives received several awards including the most prestigious title in the global tourism industry for the third year running.

Tourism pioneer and celebrated local entrepreneur, Mr. Hussein Afeef, also commented on the success achieved by the Maldives at this year’s World Travel Awards. He stated that he considers it a blessing that the entire tourism industry, the cornerstone of the economy, has come together for the betterment of the country. He congratulated all tourism industry stakeholders, organisations, and every citizen of the nation for

this outstanding success. Mr. Afeef added that MMPRC’s efforts to raise the Maldives to new and radiant heights are appreciated by people around the world, congratulating the organisation, the board members, and employees for securing the World’s Leading Tourist Board title this year.

Securing the Title for the First Time Amid the Worst of the Pandemic

The Maldives first secured the title of the World’s Leading Destination in 2020, in the midst of the worst of the Covid-19 pandemic. Nations struggled as world borders closed and international travel ground to a halt. It was the same in the Maldives as well, at least for a few months, as the travel and tourism industry was disrupted as it had never been before, and the future looked grim.

That was until MMPRC decided to switch the online platforms and continued marketing the Maldives, advising people around the world to dream of the Maldives now, and Visit Maldives later. The Government’s efforts and plans for the reopening of the borders were drafted with the contribution of the entire industry, emphasising the unique geographical formation of the Maldivian islands as the key USP of the oneisland-one-resort concept. These characteristics make the Maldives one of the safest destinations for visitors even amidst the pandemic. The rest of the world was constantly being made aware of the stringent safety measures and procedures in place for tourists. The nation reopened their borders for international travel on July 15th, 2020, while most other countries were still struggling with stunted travel options. More importantly, the country reopened their borders with extensive safety guidelines and measures in place so that every traveller could visit the Maldives with peace of mind.

As for MMPRC, the organization carried out over 412 different marketing activities in 22 global markets, partnering with several international PR agencies to ensure that every visitor in every market still continued to see the beautiful sights of the Maldives despite global border closures. 314 activities were carried out during this pandemic as part of the crisis recovery plan; some of these include fairs (online as well as offline), webinars, FAM trips, online roadshows, outdoor campaigns, digital media campaigns and more.

Securing the title of World’s Leading Destination in 2020 was a remarkable testament to the hard work of the Maldives tourism industry. Every relevant government agency, organisation, and stakeholder in the industry came together and made continuous contributions to revive and restore tourism in the Maldives. In 2020 Maldives competed against 22 other destinations including Dubai, Malaysia, Spain, Mauritius, and Sri Lanka to win the title.

The Second Consecutive Win in 2021

By the time 2021 rolled in, more and more countries around the world began to reopen their borders for international travel. While this meant that more travellers could start visiting the Maldives again, it also meant more competitors were reemerging for the Maldives. The tourism industry itself evolved as hybrid activities became the norm, and the number of visitors looking up information online about the nation skyrocketed and the Maldives officially became the most Googled destination in the world. The aforementioned one-islandone-resort concept, the distinct geographical features, and the constant promotion continued to give the Maldives an added advantage over other destinations.

At MMPRC, the organization decided to take this opportunity to tap into an under-utilised market segment of tourism, the MICE travel segment, as travellers around the world began to experience

the inevitable ‘zoom blues’. The ‘Redefining MICE’ campaign was a great success and prompted even more travellers to see the Maldives truly as a destination with something for everyone. Several marketing activities and campaigns were carried out in 2021, providing a platform for tourists from around the world to relive their happy memories and rediscover the wonders of Maldives. MMPRC carried out 209 different marketing activities in 24 global markets in 2021. These include 109 marketing campaigns, 60 fairs & virtual events, 10 roadshows and 30 familiarisation trips. With interviews and other participation, over 400 activities were conducted in 2021.

Winning this title for the second year in a row in 2021 proved that the hard work of the Maldives tourism industry was appreciated by visitors and organisations from around the world. The tiny nation won the top title competing against 18 other destinations including the biggest names in global tourism such as Dubai, Indonesia, Spain, Vietnam, USA and Greece.

World’s Leading Destination for the Third Year in a Row

There were many who did not expect the Maldives to retain the top spot once all other nations reopened their borders and initiated their efforts to revive tourism in their respective countries. Retaining the place at the top while competing with fully-active destinations from around the world is the greatest proof that people all over the world love the Maldives and voted for us time and time again.

MMPRC conducted a total of 149 activities in 22 global markets over the first three quarters of 2022, targeting the travel trade and consumers alike, with a reach of over 8.6 billion. One of the key focuses of the strategies was to maintain brand visibility in the global markets. Apart from promoting the Maldives as a premier luxury destination with various affordable options and diverse experiences, the messaging was clearly communicated to build confidence in the destination. MMPRC augmented this with

Winning this award a third year in a row, especially during the Golden Jubilee Year of Tourism, has not only fortified the nation’s place as a tourism hotspot but also as a leader in the global travel trade.

Even amid the pandemic, Maldives has welcomed over half a million tourists in 2020, 1.3 million in 2021, and are close to reaching the 1.6 million milestone in 2022.

the Tourism Golden Jubilee messaging, to veer visitors towards the celebratory mood in the Maldives tourism industry this year, to great success.

An Overview of the Maldives Tourism Market

According to statistics, Maldives has welcomed a total of 1,388,044 tourists so far in the Golden Jubilee Year of tourism. Compared to the 1,055,924 arrivals recorded last year for the same period, this year’s arrivals show an increase of 31.5%.

The Maldives is getting closer to achieving its tourist arrival target for the current year.

According to statistics, Maldives has welcomed a total of 1,524,265 tourists so far in the Golden Jubilee Year of tourism. Compared to the 1,188,785 arrivals recorded last year for the same period, this year’s arrivals show an increase of 28.2%.

As of October 27, this year, the total number of tourists visiting the Maldives has surpassed that of the entire year 2021.

This October also marked the highest number of 153,737 tourist arrivals in the history of Maldivian tourism. The Maldives, which is commemorating 50 years of tourism, has not experienced a spike in visitors in a single month until now, even in the record-breaking year of 2019.

Maldives Marketing and Public Relations Corporation (MMPRC) Chief Executive officer and Managing Director Thoyyib Mohamed predicts that the Maldives would reach its target of 1.6 million tourist arrivals by early December.

India now leads as the top market for Maldives tourism, accounting for over 14.1% of the market,

with Russia following in second with a 12.2% market share. The United Kingdom takes a close third place with 10.8% of arrivals as of 6th December 2022. Other top markets include Germany, Italy, the USA, France, Spain, South Korea, and Switzerland.

According to the Ministry of Tourism’s most recent statistics, there are 1,199 accommodation facilities open this year, including resorts, guesthouses, safari vessels, and hotels. The overall operational capacity is presently 59,459 beds.

The average stay of tourists in the Maldives is 8.0 days.

27% Increase in International Flight Movements to VIA

Velana International Airport (VIA) has recorded a 27% increase in international flight movements so far this year compared to last year.

According to the statistics published by Maldives Monetary Authority (MMA), 11,070 international flights had arrived at VIA from January until September 2022. Last year, only 8,698 international flights were recorded in the same period, hence showing a 27% increase this year.

Chartered and scheduled flights, however, show a decrease of 12.3% as 1,609 flights were recorded in this area this year, whereas during 2021, 1,834 flights had been recorded.

As of right now, there are 29 international flights operating to the Maldives.

Villa Travels Appointed as Passenger Sales Agent for FitsAir

Sri Lanka’s biggest private airline, FitsAir has appointed Villa Travels & Tours as their first passenger sales agent in the Maldives.

FitsAir commenced its scheduled flights to Male’, Maldives on 10th October 2022. Since then, the airline has been operating weekly 3 flights from Sri Lanka to the Maldives on Monday, Thursday, and Saturday.

Villa Travels & Tours has been providing travel-related services in the Maldives for over 24 years. They are the general sales agent for Malaysia Airlines and China Southern, and the passenger sales agent for Air India, Sri Lankan Airlines, Maldivian, Qatar Airways, China Eastern, Fly Dubai Indigo, Gulf Air, US-Bangla Airline, and Flyme.

Tourism Employees Association of the Maldives Endorses Tax Hikes

Tourism Employees Association of the Maldives (TEAM) has released a statement endorsing the government-proposed tax hikes.

In the statement, TEAM has stated that the government-proposed tax hikes are essential for ensuring the growth of state revenue, a stable economy, and an increase in employee wages. The statement further read that increasing the tourism goods and services tax (TGST), business profit tax (BPT), and income tax, will reduce wealth inequality.

Additionally, the association also encouraged the government to focus on recovering unpaid taxes and land lease payments.

Finance Minister Ameer stated that increasing the GST and TGST is the most significant step in increasing government revenue, as it will allow the government to control its recurrent expenditure. As per the Minister, the proposed tax hikes will bring in USD 63 million in GST and USD 137 million in TGST.

TMA Hosts Familiarization Trip for Students of Thaa Atoll School

On 1st November 2022, Trans Maldivian Airways hosted a familiarization trip for 22 students and 3 teachers of Thaa Atoll School. During their trip, the students were able to acquire practical knowledge of TMA’s seaplane services along with a tour of TMA’s facilities at the Noovilu Seaplane Terminal.

Team members from several key departments of Trans Maldivian Airways held information sessions for the students, giving an introduction of their respective departments, the responsibilities that come with their roles and how each department contributes to the smooth operations of TMA. This was followed by a question-and-answer session where the students were able to ask about any queries or curiosities they might have regarding the job roles, educational qualifications and pathways required to get to that point and more. The information sessions were led by team members from Business Development, Human Resources, Safety & Security, Quality & Compliance, Approved Maintenance Organization (AMO) as well as Flight Operations.

Following the information sessions, students were given a personalized tour of TMA’s facilities, including the Guest Lounges, Boarding Gates,

Seaplane Docks and the unique experience of witnessing TMA’s Operations Control Centre in action. Overall, the students were able to get insightful knowledge of the daily workflow and a first-hand look into the daily operations at the World’s Largest Seaplane Operator.

Over the years, TMA has hosted several familiarization trips for school students of all age groups. Through the information sessions led by working professionals, students are able to get a realistic insight into the day-to- day activities that entail their job roles. TMA hopes to carry out more activities in the future that will spark interest in school students and young adults and encourage them to pursue exciting careers in the field of aviation.

Trans Maldivian Airways states that they are proud to be considered one of the most soughtafter places to work in the Maldives. The company has been pushing boundaries in creating skilled employment in the aviation and the service sector in the country, and aspires to continue being a responsible partner to the holistic development of the Maldives for years to come.

Neyvaa 2 Receives Guinness World Record for the Most Number of People Performing Static Apnea

Neyvaa 2 has officially received Guinness World Record for the most number of people performing static apnea from all over the Maldives with multiple locations across the archipelago at the given time.

The certificate was presented by the Representative at Guinness World Record Swapnil Dangarikar and was received by the Founder of Freedive Maldives Fahud Faiz at the gala dinner held to celebrate the freediving record.

At the event held on 1st October 2022 at CROSSROADS Maldives, a total of 459 individuals participated in the event from 12 different resorts and several corporate companies. However, only 455 individuals were able to hold their breath underwater for one minute and thirty seconds as per the guidelines set for the record.

Neyvaa 2 organized by Freedive Maldives was held to commemorate Golden Jubilee – 50 years of tourism in the Maldives. This event promoted the passion for freediving and highlighted the Maldives on the map for freedivers worldwide. The event further focused on the climate change awareness. Using the hashtag #1breath4theoceans the organizers aimed to raise awareness on the global climate crisis affecting our island destination.

Virgin Atlantic Announces New Routes to the Maldives

Virgin Atlantic has announced that the airline will begin flying to the idyllic islands of the Maldives in 2023 offering a slice of utopia and the chance to explore the world’s most beautiful beaches, and the finest snorkelling and scuba diving.

Juha Jarvinen, Chief Commercial Officer at Virgin Atlantic, said: “We couldn’t be more thrilled to add these new routes to our flying portfolio. The Maldives has always been an incredibly popular destination for Virgin Atlantic Holidays customers, which is why we couldn’t wait to give them the opportunity to travel to the idyllic location in style onboard Virgin Atlantic aircraft.”

Virgin Atlantic will be utilizing Boeing 787 Dreamliners, featuring 31 upper class, 35 premium and 192 economy delight, classic and light seats for the Maldives operations.

The airline will also launch a winter seasonal threetimes-weekly service to the Maldives from London Heathrow.

Currently, the UK accounts for 10.9% of arrivals ranking in the 3rd place of top markets in 2022.

HDC Unveils Integrated Tourism Megaproject

‘Urban Isle’

Housing Development Corporation (HDC) has disclosed plans to launch an integrated tourism megaproject in Hulhumale Phase II, dubbed ‘Urban Isle’.

The plan was unveiled by the Managing Director of HDC, Ahmed Athif at the Corporate Maldives”GOLD 100 GALA” held on the night of 29th November 2022.

In the northernmost region of Hulhumale Phase II, close to the Sheraton Full Moon Resort, land has been set aside for the Urban Isle project, which aims to create various kinds of tourism, according to an announcement made by HDC via its social media accounts. It has a 1,03,421 square meter footprint.

The Urban Isle project is to be developed independently of the Hulhumale’ development project. It consists of the following:

• Three medium-sized, 10-storey hotels — an area of 19,103 square metres

• Three high-end, 10-storey hotels – an area of 50,681 square metres

• Four 8-10-storey city hotels — an area of 2,850 square metres

• 21 six-storey guesthouses – 9,224 square metres of land

• 11 three-storey luxury villas – an area of 5,083 square metres

• 10 plots for construction of serviced apartments in 8-12 storey towers – 7,006 square metres

• Nine plots of land – 9,474 square metres for business development

The integrated tourism island presents an expansive range of properties to invest in. The island welcomes every type of traveler, from international and domestic visitors, to budget travelers and those seeking an extravagant stay. The properties are positioned to offer short-term stays for transit purposes, as well as long-term stays for residents and digital nomads.

The business models proposed by Urban Isle include the lease model, fixed lease model, and JV model. Investor proposals are not restricted to any model, and investors have the opportunity to propose any business model.

MTCC Introduces 6 New Electric Buses to its RTL Bus Fleet

Maldives Transport and Contracting Company (MTCC) has introduced 6 new fuel-free electric buses to its Raajje’ Transport Link bus fleet.

The new additions are compact in size, each with a capacity of eleven passengers. These vehicles are also designed with wheelchair access.

MTCC stated that the buses adhere to President Ibrahim Mohamed Solih’s plan to reduce emissions of greenhouse gases in the Maldives by 2023.

According to the corporation, the vehicles will not only cut emissions of hazardous gases, but will also contribute to efforts to enhance customer service.

Currently, 12 fuel buses are used for the Male’ City minibus service, each of which accommodates 20 passengers. With the addition of the 6 new electric buses, the Male’ bus service will have a total of 18 vehicles in its fleet. Nevertheless, it is unclear when these new buses will be put into operation.

SJ Construction — A Leading Contractor in the Maldives

SJ Construction is a well-experienced and leading contractor in the Maldives, that started out as a general works contractor in 1996.

Over the years, the company has widened the scope through undertaking numerous challenging projects and accumulated skills and experiences in building solutions and related engineering works. With the expansion, SJ Trade was introduced as a sister company in 2017, under which SJ Hardware and SJ Aluminium are operated.

SJ Construction is led by Mr. Mohamed Shahid who is a well-known name in the construction industry. Mr. Shahid is backed by over 25 years of experience in the construction industry and now is responsible for leading SJ Construction to success. Meanwhile, Uz. Shihad Ibrahim, an expert in construction management and a professional lawyer, is responsible for the overall operations

of the company. He has more than 15 years of experience in the industry.

Throughout its journey, the company has implemented a wide range of public sector projects, such as the recently opened N1 Hulhumale’ Police Station and R. Ungoofaaru Islamic Centre.

Additionally, the invitation by the Committee on National Development of the Parliament to provide a professional opinion on the official draft of the Construction Bill, in which SJ Construction’s chief engineer participated and provided input, is an indicator that the government recognizes the company’s contribution to the industry.

Government of Japan Pledges Grant Worth USD 174,230 for K. Himmafushi Health Centre

The grant contract for the K. Himmafushi Health Centre upgrade project under Japan’s Grant Assistance for Grass-Roots Human Security Projects scheme was signed between Her Excellency Mrs. Midori Takeuchi, Ambassador of Japan to the Maldives, and Mr. Abdulla Shafeeu, Senior Administrator, Health Services of K. Himmafushi Health Centre at a ceremony held on 8th November at the Ministry of Health.

Under the terms of the grant contract, the Government of Japan has committed a grant of 174,230 USD for the development of new facilities which include an emergency room, laboratory, X-ray room, and 2 consultation rooms.

With the implementation of this project, the Health Centre will be able to provide basic Laboratory and Radiology services for the

residents in K. Himmafushi. The Ministry of Health and K. Himmafushi Council complements this project by covering the cost of all necessary equipment and furniture upon completion of the construction.

The GGP is part of the Japanese Official Development Assistance (ODA) implemented by the Embassy of Japan in Maldives in order to empower people at the grassroots level. Since 1996, the GGP has been implemented in broad areas such as education, environment, health, transportation and energy in order to contribute to sustainable development of the Maldives.

Ministry of Health Conducts First National Symposium on Patient Safety

Ministry of Health in collaboration with WHO Maldives has conducted the first national symposium on patient safety with participation from health care professionals from different disciplines across the nation.

The symposium started on 23 October 2022 and the healthcare professionals in attendance included doctors, nurses, lab technologists, community health workers and health service discipline lecturers. The theme for this year patient safety day is “medication without harm” and the theme for the symposium was “patient safety starts with me”.

This symposium was conducted hybrid with a total of 75 in person and more than 100 online participations. The in-person session included 2 participants from each atoll, including Male’ Atoll and 3 to 7 participants from hospitals within Greater Male Area. The online participants

were from health centres across the country. The opportunity was given to all island health centres to participate online in the symposium.

The symposium covered patient safety, safe medication, medication without harm, infection prevention and control, hospital acquired infection surveillance, healthcare waste management, equipment safety, collaborative pharmaceutical care for patient safety, safe surgical checklist, incorporation of Infection prevention and control in teaching curriculum, patient safety incident reporting and learning systems, and training on undertaking point-of-care quality improvement initiatives, The symposium gave participants opportunity to discuss cases review them with experts and identify learning and practice change.

While all the participants were awarded participation certificates, the infection control and prevention with hospital acquired infection

surveillance component started with a pre-test and at the end of the 2-day session, participants were given a post-test and those who reached a post-test mark above 80 percent were awarded competency certificates.  Similarly, the point of care quality improvement training was also conducted in a similar manner and those participants who received a post-test mark above 80 percent were awarded competency certificates. Further, a total of 30 quality improvement projects were designed and presented to the participants with the assistance of facilitators. The projects that are successfully implemented will get the opportunity to be published in an international journal.

Opportunity to showcase quality improvement projects by different hospitals were given as experience sharing. A total of 12 local experts and 21 foreign experts facilitated the symposium.

The symposium concluded on 27 October 2022. In addition to MoH and WHO, the point of care training was conducted in collaboration with National Quality of Care Network India.

New Appointments

H.E. Kwaku Asomah-Cheremeh

Sujatha Haleem

H.E. Paul Wesley Stephens

H.E. Itzel Patiño de Villarreal

Kazi Abu Muhammad Majedur Rahman

Ibrahim Shaheeb

Ibrahim Azzam Wajeeh

Mufaddal Idris Khumri

Ashraf Ali

High Commissioner of Ghana to the Maldives

Chief Executive Officer of Maldives Pension Administration Office

High Commissioner of Australia to the Maldives

Ambassador of Panama to the Maldives

Chairman of Maldives Islamic Bank

High Commissioner of the Maldives to India

Managing Director of Aasandha Company

Chief Executive Officer of Maldives Islamic Bank

Deputy Minister at the Ministry of Home Affairs

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

Vunadhaana Festival 2022 Held by BCC, Dedicated to SMEs

The ‘Vunadhaana Festival 2022’ has been organized and held by the Business Center Corporation (BCC) in November.

The exhibition was held as part of the administration’s efforts to create an enabling and inclusive business environment for promoting small and medium-sized enterprises (SMEs). First Lady Fazna Ahmed toured the exhibition, visited the various stalls set up at the exhibition and inquired about the products and services on display.

The exhibition provided the opportunity for 60 SMEs to showcase their products and services. Held on November 16, 2022, from 4-6 p.m. and 8-11 p.m. at the Artificial Beach in Malé, the exhibition also featured information about the services offered by state-owned enterprises (SOEs) and BCC.

Goods from STELCO Sales Centre Can Now Be Financed Via MIB Ujaalaa Dhiriulhun!

State Electric Company (STELCO) has announced that goods from the STELCO Sales Centre can now be financed via Maldives Islamic Bank’s Ujaalaa Dhiriulhun facility.

In this regard, customers will be able to finance all the equipment required for electricity supply and wiring, as well as various brands of products related to electricity under the scheme.

MIB’s Ujaalaa Dhiriulhun is designed to assist individuals to purchase lifestyle consumer goods. Customers can purchase a wide variety of goods such as phones, electrical goods, furniture, kitchenware, construction materials, and much more. This facility is based on the Islamic finance concept of Murabaha.

Any local above 18 years of age who is employed with an employer accepted by the bank, or is

a rental income earner, can buy goods from STELCO under the scheme.

Unlike other financing schemes, this scheme allows the customer to choose between 18 and 48 months of the time required to pay. Such schemes will provide immense convenience to customers who find it difficult to make one-time payments.

Bank of Maldives Announces Q3 Results with a Strong Financial Performance

Bank of Maldives posted its financial performance for the third quarter of 2022 with a net profit after tax of MVR 367 million and an operating profit of MVR 694 million, a 17 percent increase over the previous quarter.

Business volumes across all key sectors were robust whilst maintaining a quality loan portfolio. Capital and liquidity ratios are well above regulatory requirements and the bank expects to close the year strongly.

The bank continues to support local communities and opened two new self-service banking centres in H.A Filladhoo and Vashafaru. Celebrating its 40th Anniversary, the bank continued its 12 high impact monthly community initiatives by announcing its commitment to establish a dedicated oncology ward at Indira Gandhi Memorial Hospital (IGMH), supporting the upgrade of the National Museum and its sports scholarship program.

Commenting on the results, the bank’s CEO Karl Stumke said: “This quarter’s financial performance is encouraging with all core business lines performing well. We will work harder to meet our customers’ expectations and continue to support the people of the Maldives by seeking to be their bank of choice. We look forward to a strong end to the year and I would like to thank our customers for their loyalty and support, the Board of Directors for their guidance and oversight and our hardworking team for their continued commitment and dedication.”

With a nationwide network of 35 branches across all 20 atolls, 82 self-service banking centres, 140 ATMs, 7,900 POS merchants, over 200 agents and a full suite of digital banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across the Maldives.

First National Finance and Amana Takaful Sign MoU to Develop Islamic Finance in Maldives

An MoU has been signed between First National Finance Corporation Pvt Ltd and Amana Takaful (Maldives) PLC to develop Islamic Finance in the Maldives.

The signing of the Memorandum of Understanding between the two parties took place on 1st November at the office of First National Finance Corporation. The MoU was signed by Mr. Hassan Ziyath, Chief Executive Officer of First National Finance Corporation, and Mr. Hareez Sulaiman, Managing Director at Amana Takaful (Maldives).

The main objective of signing the MoU is to establish a partnership between First National Finance Corporation Amana Takaful (Maldives) in order to develop Islamic finance in the domestic market by collaborating to structure Islamic finance instruments including debt and equity instruments in the Maldives as well as conduct market awareness programs.

Maldives Finance Forum 2022 Held on 16th November

The Maldives Finance Forum has been held by the Pension Office on 16th November 2022 at Kurumba Maldives.

The Finance Forum is a forum for discussing the possibilities for the financial sector’s development in the country. The theme of the 2022 forum was “The Development of Financial Infrastructure”. Senior individuals from the financial sector, business, economy, politics, science, and society attended the forum.

The annual meeting reviewed the present state of the Maldives’ financial infrastructure as well as ongoing and upcoming projects to develop it. Scheduled for discussion was the exchange of information for the growth and improvement of the country’s financial infrastructure in order to construct a complete financial system.

It is vital to establish a favourable climate for investors by providing them with access to the resources and investment opportunities, as well as the clear information they require for development, thereby boosting their likelihood of identifying viable investment prospects.

The Bank of Maldives was the event’s primary sponsor. Maldives Islamic Bank and Maldives Finance and Leasing Company were co-sponsors. Telecom partner was Ooredoo Maldives, and associate partners included Maldives Monetary Authority, Capital Market Development Authority, Housing Development Finance Corporation, and Mauritius Commercial Bank.

Ooredoo Maldives Continues Partnership with UNDP Maldives

The participating teams will be provided with the tools, additional knowledge and guidance from mentors and facilitators to elevate their ideas. Their ideas can be refined to identify the key social change they would like to bring with consideration for the sustainability of the project and its impact on the community.

Ooredoo Maldives continues its partnership with UNDP Maldives for the 7th edition of Miyaheli and opened registrations on 19th October 2022. Unlike previous years, the 2022 social innovation challenge is open for Civil Society Organizations (CSO’s) under the theme focusing on ‘Innovation for People, Planet and Prosperity’, providing the space for CSO’s to collaborate and co-create solutions to address social issues in their immediate communities.

“We are proud to continue our partnership with UNDP Maldives, with the aim to create sustainable solutions through innovative ideas and combat prevalent issues faced by our communities. This years’ Miyaheli provides great opportunity for the Civil Society Organisations across the nation to build their ideas into reality and contribute to the community by creating opportunities, increase accessibility and inclusivity to ensure a prosperous future for the people and our planet. We look forward to seeing the participants pitch their innovative ideas and assist them into making it a reality,” said Ooredoo Maldives Managing Director & CEO, Khalid Al- Hamadi.

The Miyaheli Social Innovation Challenge would encourage CSOs to go beyond the regular activities of the organizations and explore innovative solutions. Winning CSOs will be able to pilot their visions with the support of grant funding for social innovation projects and explore further opportunities to scale their projects.

13 CSOs will be selected to attend the Miyaheli Camp out of which 3 CSOs will receive the winning grant to pilot their innovative solutions. The three winning teams will receive a seed funding of MVR 300,000 and mentorship in accordance with their proposed budget and requirements, so that the ideas can continue to prosper and make a difference. From the grants awarded 2 of the grants will be reserved for CSOs based outside of the greater Male’ region where a majority of CSOs operate.

Miyaheli 2022 is the seventh collaboration of Ooredoo Maldives and UNDP Maldives for this Social Innovation Camp since its official the official launch in 2016.

Dhiraagu High-Speed Fibre Broadband Launched in Th. Kandoodhoo

Dhiraagu has launched its high-speed Fibre Broadband service in Th. Kandoodhoo.

With this service expansion, Th. Kandoodhoo residents can now choose from a great variety of Dhiraagu Home Fibre Broadband packages that have been developed to cater different customer segments. They can also enjoy the biggest data packages with the highest speeds available in the market in order to enhance their digital experience.

The service was launched with a special promotion for residents of Kandoodhoo, allowing them to enjoy free connection and free ONT router with every Home Fibre Broadband connection.

As a result of continued investments, Dhiraagu high-speed Fibre Broadband service is now

available to 85 percent of national households making their lives easier, smarter, and more rewarding. Dhiraagu Fibre Broadband network is the largest high-speed data network in the nation, which provides unparalleled experience to communities in 100 islands across the country.

Additionally, the island community will be able to subscribe to the best entertainment bundles with DhiraaguTV. All customers applying for DhiraaguTV service can also enjoy free connection and free Joybox (set-up-box).

Dhiraagu continues to play a pivotal role in enriching lives and empower people through building strong, inclusive digital communities.

PurpleLane – Bringing a Revolution in the Rewards and Loyalty Program of Maldives

PurpleLane App, a locally conceptualized revolutionary start-up, is working towards changing the game of how customers are rewarded by their favourite brands through an effective loyalty program which offers deals and new perks to their members was launched in a special event with early adopters of the product attending the event.

PurpleLane App is a rewards platform founded and established by four founders during the pandemic. The product was initially launched in mid-2021 with early adopters like Family Room Coffee, The Coffee Shrub and Seahouse Café with minimal features.  After a year of testing and validating the product, the customer mobile application was officially launched in a special event.

The new launch brings additional features on top of the already tested and loved features:

• PurpleLane App is a one stop rewards and corporate card aggregator that brings all your cards into one single mobile phone app.

• Partner stores can roll out their customized rewards program with a few clicks while businesses and corporates can instantly integrate existing programs securely.

• Partner Stores can roll out and start rewarding customers by giving them reward/loyalty points every time they visit. The points can be redeemed based on customized terms and conditions by the store.

• Members can transfer points among other members within a partner store.

• Members can steal amazing deals and grab limited coupons from their favourite partner stores.

• Members can follow each other, checkin, comment and socialize within the app and most importantly be the mayor of your favourite store and earn additional perks.

• Members can gift cards to their loved ones on special occasion or as a giveaway

Umar, co-founder of PurpleLane App said that the core belief when they wanted to digitize the rewards program was to ensure that businesses are able to convert any walk-in customers as their regulars with better tools and ensure there is a continuity in their engagement. They believe that the core functionality of this product is to learn customer behaviour and how businesses can adapt to these to give a better service to their customer and ensure that they are loved and respected.

PurpleLane App early adopters highlighted how the product has been helping them in engaging with their customers and also understanding their customer segments. They have been able to make better business decisions after they started using the PurpleLane app and those who have been using EwityPOS have talked about how easy the integration is with PurpleLane. Early adopters equated the product to filling a large gap that was existing between them and their customers and how easy and convenient it is now to connect with their customers.

The businesses who have rolled out the app have been getting insights leveraging on the customer data and analytics, which helps them to keep a closer connection with their customer, incentivise them and offer special offers to them through the product. The platform is designed to help both the business owners and their customers simultaneously so that they grow together.

Jinan, co-founder of PurpleLane highlighted that the product is developed for integration with any POS vendors, who are looking to roll out the Rewards Program to their clients. At the moment, points can be added and redeemed with the integration and more API endpoints would be released for POS to give a total solution of the platform including coupon redemption and issuing gift cards.

Jalboot Maldives - Offering Fully Integrated Marine Solutions

If you’re on the hunt for a marine solution provider with experience and integrity, look no further. Established in 2017, Jalboot Maldives specializes in delivering high quality, fully integrated marine solutions such as water transport, marina management, design and build of custom boats, watersports, and luxury charters.

Despite its young age, Jalboot Maldives is a pioneer in marine services in the Maldives. It is successfully serving some of the biggest resort Islands of the country, anticipating and customizing services to its clients’ needs and beyond. Jalboot Maldives aims to deliver comprehensive professional marine services with a focus on high standards of safety, quality, and environmental protection.

“At Jalboot, we have a track record of providing

exceptional services in the marine industry worldwide,” stated Mohamed Roestali, the CEO of Jalboot Group. “We also have a firm platform in the Maldives to support our operation and to expand in this fast-growing and exciting market. We aim to elevate the water transport sector to a whole new level by offering comfortable and safe boat transfers within the Maldives.”

Jalboot Maldives is a subsidiary of Jalboot Holdings LLC, a marine company based in the capital of the United Arab Emirates. Founded in 2013, Jalboot Holdings is a leading integrated provider of vessel design, construction and operation of sightseeing and passenger transfer ferry services based in Abu Dhabi. The company has surged to the frontline of the marine transport service industry, and in addition, also provides private and commercial boat charters.

Mohamed Roestali CEO of Jalboot Holdings

My career began in the Netherlands where I did my education and carried out my military duties. I stayed 18 years in the Navy, of which 11 years were spent with the big operational fleet. The last seven years were with the Coast Guard where I was sent on duty all around the world. After that, I had to choose between family or the sea. Of course, I chose family. My first daughter was born in Colombia. My second daughter was born in the Caribbean, Aruba, and my third daughter was born in Dubai.

I moved to the UAE where I started from the bottom as an engineer, as my background is in engineering. But then I found out a captain earned more than an engineer, so I studied for six years to become a captain. And then I went as an engineer to Radio Holland Middle East, a company that repairs boats and navigational equipment. After one year I became the maintenance service manager.

But then again, if you are a seafarer, and I think Maldivians know this very well; the sea will keep calling you back. So, I was really not happy sitting at a desk job. Soon, I became a captain of a 70-meter-yacht owned by a very well-known Emirati. I stayed with him for three years before moving and working for the royal family of Abu Dhabi.

I have always been linked to the sea. And I have always been linked to boats. I think that is where my passion lies. I started with my current employer in Abu Dhabi where we started to do transfers. We found a gap in the market and built our own vessels, designing them in a way that was suitable for the specific area. We then expanded and are now in the Maldives. That is my career, in a nutshell, and I hope to stay with Jalboot until they carry me out feet first.

There are two factors that we find challenging when working in the Maldives.

One is the lack of sufficient skilled technical and managerial staff as well as skilled/semiskilled workers. It’s difficult to find the numbers we require locally. Therefore, as usual with the whole industry, the only option is to recruit from abroad. Here the challenge is the pay scale, in order to keep up with the competition where most clients prefer the cheapest contract price when awarding a contract. Of course, our experience counts, but we need more technical and managerial staff with relevant experience in the type of projects we undertake which is resort construction. You need to tap experienced people who naturally would ask for high salaries on top of other benefits.

Personally, I believe that our biggest achievement was being able to set up the company in the Maldives. If you can succeed in the Maldives, you will be able to succeed in the rest of the world. I find the Maldives the most difficult country to work in. I don’t mean this in a bad way, not at all. I think that the Maldives protects its market and its people very well, which makes it difficult for foreign companies to get established over here. I find personal pride in the fact that we were able to do that.

Can you tell us a bit about your career so far?

Mr. Mohamed Roestali is the CEO of Jalboot Holdings, a pioneering marine company based in the UAE. Jalboot Maldives is a subsidiary of Jalboot Holdings, specializing in delivering highquality, fully integrated marine solutions.

Our team sat down with Mr. Roestali to find out more about his career, and how Jalboot Maldives differentiates itself in the Maldives sea transport market.

Could you tell us more about Jalboot? How does it differentiate itself from other companies?

Could you tell us more about Jalboot? How does it differentiate itself from other companies?

If you look at Jalboot right now, we are in the Maldives and the UAE, we are setting up in Belize and Sri Lanka, and we now have an agreement in place with the Philippines. So Jalboot has grown, in my opinion, at an exponential rate. In addition to that, we started as an operating company in transportation with only one boat. Our fleet currently is over 35 vessels, and we now have more resorts under our watersports segment than our transport segment.

If you look at Jalboot right now, we have about 150 people working with us. I can proudly say that over 90% are local people. We are now diversifying and will be setting up a maintenance workshop and a construction yard. We are setting up a boat-building shipyard as well. Taking all of this into account, by the end of next year, Jalboot will have employed over 300 people in the Maldives.

launched an internship program to train young Maldivians in the field of marine operations. Developing people is one of Jalboot’s aims because good employees are our biggest assets.

Challenges are a continuous process. Do you really overcome a challenge or do you attack a challenge and stay in it? One challenge we have here is making people understand that Jalboot is not here to steal jobs or steal money. Jalboot is here to create jobs, work with the local people and enhance the country.

I also have challenges in the UAE because I also report back to a head office. They do not understand how business is done over here. It is a continuous challenge because I can explain it to them this month, and they will still ask the same questions again next month, and the month after that too.

And then the hiring issues, because everyone knows the Maldives is paradise until you have to work over here. This applies not only to expats but to locals as well. So, figuring out how to retain my staff is a challenge. But overcoming this challenge is simple — we treat everybody like family at Jalboot. If you work with us, it means we care about you, we care about your spouse, your children, your parents, everyone. Because we strongly believe that if our employees are happy, they will perform. In addition to that, you need to give your employees a future. We recently

What’s next for Jalboot is, if I can say it in one word, diversification. I think Jalboot has proven itself in the transport industry. It has become bigger and bigger in watersports as well. And now, it’s time to show the Maldives what else Jalboot can offer, besides the workshop and the construction yard. There is a lot more in the pipeline, but I would like to leave you with those two: the workshop and the shipyard. Everything else, I will leave as a surprise.

Tell us about the challenges faced by Jalboot over the last few years. How did you overcome them?

What’s next for Jalboot Maldives? What do you have in store?

A Myriad of Memorable Experiences Await You at KOAMAS Dive & Watersports Center

The Maldives conjure up images of pristine beaches, brilliant turquoise lagoons, and reefringed islands, making it the ideal destination for adventure, discovery, and hedonistic pleasures.

KOAMAS Dive & Watersports Center by Jalboot Maldives offers innumerable unforgettable experiences. Swim in the lagoon with turtles and colourful reef fish, witness the enchanted Maldivian sunset from the ocean, and enjoy water sports with your family and friends.

The watersports centre is situated in VARU, the newest resort developed by the Atmosphere Hotels & Resorts, OBLU XPERIENCE Ailafushi, OBLU SELECT Lobigili, Fiyavalhu and soon to be open at the new Amari and Bodufinolhu. At the KOAMAS facility, a variety of activities such as scuba diving, motorized and non-motorized watersports, excursions, and boat charters are provided.

With the cruises and excursions, you can enjoy the island lifestyle. Whether it is diving, snorkelling, deep sea fishing or even snorkelling, they have got it covered. A little distance from the resort island, one can find themselves surrounded by a fascinating world of aquatic life and breathtaking ocean views.

Jalboot Maldives is a subsidiary of Jalboot Holdings LLC, a marine corporation headquartered in the emirate’s capital. Jalboot Maldives was founded in 2017 and specializes in providing high-quality, completely integrated maritime solutions, including water transport, marina management, custom boat design and construction, watersports, and luxury charters. Despite its youth, Jalboot Maldives is a pioneer in marine services in the Maldives, where it serves some of the country’s largest resort islands.

Fisheries Ministry and Aqua Bridge Group Sign Agreement to Operate Hatchery in GA. Maanaagala

Ministry of Fisheries Marine Resources and Agriculture has signed an agreement with the United Arab Emirates’ (UAE) Aqua Bridge Group to build and operate a multi-species hatchery in GA. Maanaagala.

Under the agreement, GA. Maanaagala is given for a period of 21 years to develop and operate the hatchery and this project is valued at USD 16 million.

Agreement was signed on 27th October 2022. Planning Executive Eenas Nasir signed on behalf of the Ministry, while CEO of Aqua Group Mohamed Thabish signed on behalf of the company.

Speaking at the ceremony, Fisheries Minister Dr. Hussain Rasheed Hassan highlighted that this hatchery is a wonderful opportunity for mariculture in the Maldives and also has the potential to train locals to mariculture.

The first phase of the administrative blocks required for the hatchery operations have already been constructed.

The project falls under World Bank’s grant towards improvement of fisheries and agriculture sector, run by the ministry under “Sustainable Fisheries Resource Development Project”. Aqua Bridge Group is expected to run the hatchery that will largely focus on production of sea cucumbers, groupers and baitfish.

STO Records MVR 4.6 Billion as Total Revenue in Q3

The statistics for the third quarter of 2022 of State Trading Organization (STO) has been published on the company’s website on October 30, 2022.

The revenue total for the third quarter was MVR 4.6 billion. The company reported a net income of MVR 458 million in the second quarter and MVR 515 million in the third. This represents a 13 percent increase over the previous quarter. This is mostly due to the fact that all STO operations have been enhanced and the cost of procuring items has decreased.

The operating profit for the second quarter was MVR 217 million and the operating profit for the

third quarter was MVR 255 million. This is an 18 percent increase over the previous quarter.

While the cost of financing climbed as oil prices rose on the worldwide market, net income grew due to better overall profits and a decrease in the cost of holdings. Before the tax decrease, the quarter’s net income was MVR 205 million. In the second quarter, the net profit after taxes amounted to MVR 155 million, increasing by 8 percent to MVR 168 million in the current quarter.

STELCO Unveils New Child Care Centre

State Electric Company (STELCO) has opened a new child care centre, the first of its kind in the Maldives.

The centre opened its doors on November 9, 2022, as part of the administration’s policies on ensuring social stability, empowering women, and helping build healthy families.

The day-care centre supervises the children of the company’s staff during official working hours in a safe and quality childcare setting. Located on the first floor of the company’s office building, the centre caters to children between the ages of 5 and 10 from 8:15 a.m. to 4 p.m. 33 children are registered with the centre, which is staffed by qualified and trained childcare professionals.

Maldives Customs Publishes Annual Statistical Review 2021

Maldives Customs Service has published the annual statistical review for the year 2021.

The worldwide supply networks were interrupted by the COVID-19 pandemic and in a last-ditch effort to limit the deadly virus, all nations including the Maldives coordinated the implementation of extreme measures such as lockdowns and border closures.

The consequence was a significant decrease in economic activities and a precipitous decline in commerce. In 2020, the value of CIF imports to the Maldives decreased by 36 percent compared to 2019. In 2020, imports decreased from MVR 44.3 billion in 2019 to MVR 28.2 billion.

As the nation entered a state of lockdown in March of 2020, imports decreased substantially. With the cautious relaxing of measures, including the opening of borders to tourism, the numbers began to gradually increase. The year 2021 depicts an economy that is gaining momentum with optimism. Imports in 2021 increased by a remarkable 40 percent compared to the previous year. The CIF value of imports increased from MVR 28.2 billion in 2020 to MVR 39.4 billion in 2021.

Considering the direction of trade in 2021, about half of the value of commodities imported last year came from only four countries: Oman, the United Arab Emirates, China, and India. It is noteworthy to observe that each of these four countries imported a similar amount of merchandise.

With the decline in imports, customs revenue also decreased dramatically in 2020, before reverting to pre-pandemic levels in 2021. The revenue received by Customs increased by 35 percent from the 2.3 billion it collected in 2020 to 3.3 billion in 2021.

In 2011, the government of Maldives abandoned customs taxes in favour of the Goods and Services Tax, drastically altering the country’s fiscal reliance on customs duties as the primary source of state revenue (GST). Despite this, import duty continues to contribute significantly to the national tax collection at 20 percent.

Since there were no large external shocks, such as the pandemic, many of the numbers we observed last year and the year before were significantly different from those of regular years. A detailed examination of the statistics reveals some intriguing tendencies linked to the Covid-19 epidemic.

The efforts of the government to obtain sufficient food and other necessities are supported by customs data. In the first quarter of 2020, for instance, imports of staple foods climbed by an astounding 34 percent compared to the same period the previous year. Similarly, import costs for pharmaceuticals and personal hygiene products such as sanitizers and disinfectants climbed by more than threefold in 2020 compared to the prior year.

Coca-Cola Commits New Investments to the Maldives

Coca-Cola is expanding its packaging offerings in Maldives with a new, first-of-its-kind canning line in the country. Launched as part of the company’s commitment to introduce sustainable packaging solutions, the new investment by Coca-Cola’s bottling partner in Maldives, Male’ Aerated Water Company, allows for the first time ever the company’s much-loved beverages to be packaged in cans manufactured directly in the island nation.

Coca-Cola is taking bold steps to enable and promote solutions that effectively tackle plastic pollution and create a circular economy around the use of its packaging. Sprite recently

transformed its packaging from the famous green bottle to a clear one.  It has a higher chance of being collected, recycled and reused, thus creating a circular solution for plastic in the Maldives. The entire beverage range offered by The Company is available in glass bottles too across Coca-Cola, Sprite, Fanta, Schweppes and Bon Aqua.

Mr. Sanjay Maniku, Managing Director of Male’ Aerated Water Company

The canning line at Male’ Aerated Water Company’s bottling plant on the Thulusdhoo Island adds to Coca-Cola’s efforts to innovate and expand its packaging offerings in Maldives. Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Sprite, Fanta Orange, Fanta Strawberry, and Schweppes ranges are now available in ‘Made in Maldives’ cans, in capacities of 330ml and 185ml.

In addition to the packaging transformations, Coca-Cola has also forged strong partnerships with local organisations that are involved in practical solutions to address plastic waste. Voluntarily implementing Extended Producer Responsibility (EPR) in Maldives, Coca-Cola together with its partners is giving a new life to the 100 percent recyclable and versatile PET plastic packaging through large scale collection efforts. These initiatives contribute to CocaCola’s vision to create a circular economy for plastic and a better shared future that makes a difference in people’s lives, communities, and the planet.

Mr. Pankaj Sinha, Managing Director for Coca-Cola in the Maldives

Coca-Cola is one of the world’s most famous and best-loved brands and has been refreshing the world for 136 years. The Coca-Cola Company, through its bottling partner, Male’ Aerated Water Company, has introduced a range of hydrating and delicious beverages to Maldives, including Coca-Cola, Sprite, Fanta, Bon Aqua and Schweppes. The Coca-Cola brand has also sought to brighten consumers’ lives through a variety of engaging projects and activities.

Male’ Aerated Water Company began manufacturing beverages in Maldives and has been serving Coca-Cola products to people in the Maldives for over 32 years now. The company remains to date one of the few manufacturers in the Maldives. It is also a major job creator in the country with over 330+ employees working across a range of sectors from manufacturing and distribution to sales and marketing.

“At the Male’ Aerated Water Company, we are committed to creating economic opportunities through new investments. As we stay true to our aim of better serving consumers and the tourism sector, we are also keen to engage with the government in exploring ways to create a circular economy around our packaging and tackle plastic pollution in the Maldives.”

“Coca-Cola continues to foster sustainability initiatives through effective on-the-ground investments in PET collection and knowledge sharing to make the Maldives and the world a better place for all. We remain committed to investing in scalable models to Reduce, Reuse and Recycle our packaging.”

Corporate Maldives “GOLD 100 GALA” 2022 Highlights

Introduction

The sixth edition of Corporate Maldives “GOLD 100 GALA” was held at CROSSROADS Maldives on the night of 29th November 2022, attended by 200 top-level executives from the leading companies of the Maldives and VIP guests.

“GOLD 100 GALA” is an annual invitationonly networking event bringing together top executives of the Maldivian business community. At the gala function, GOLD 100 companies were presented with an award and the “GOLD 100” magazine was launched. GOLD 100 is a list of the leading 100 business entities in the Maldives, published by Corporate Maldives every year.

Through a transparent and unbiased selection criterion, the winning businesses are listed in alphabetical order, chosen based on the number of years in operation, the scale of operations, successful innovations introduced to their industry, and creative CSR efforts – all within the confines of Maldivian law. After a thorough examination, only the top 100 companies are deemed eligible to be part of this list.

Corporate Maldives also awarded the Lifetime Achievement Award to recognize a visionary business leader who has made significant contributions to their respective industry. This year, the award recipient was Mr. Mohamed Salih, the Chairman of Damas Company Limited. He was awarded for his businesses and philanthropic activities, which have enhanced the overall development of the Maldivian business community.

The Platinum Partner for this year’s “GOLD 100 GALA” was the Bank of Maldives, the largest bank and leading financial institution in the Maldives. Gold Partners included Medtech Maldives, The Hawks, Al Shaali Marine Maldives, and Housing Development Corporation (HDC). CROSSROADS Maldives was the Host Partner of the event, Jalboot Maldives was the Transport Partner and Red Creatic was the Printing Partner.

Objective & Highlights

One of the main objectives of the “GOLD 100 GALA” is to recognize and celebrate the work done by prolific leaders of the business community in the Maldives. It also aims to provide the space for top executives to network, interact and make new, meaningful business relationships. As such, before the event, a networking session was held at the Beach Club at CROSSROADS Maldives.

The event was graced by the chief guest, Vice President H.E. Faisal Naseem, along with respected dignitaries including the High Commissioner of India to the Maldives, H.E. Shri Munu Mahawar, High Commissioner of Bangladesh to the Maldives, H.E. Rear Admiral S M Abul Kalam Azad, Deputy Ambassador of Saudi Arabia to the Maldives, H.E. Saleh Al Bedah, High Commissioner of Sri Lanka to the Maldives, H.E. Adam Maznavee Jaufer Sadiq, Auditor General, Hussain Niyazy and CEO of Maldives Pension Administration Office, Sujatha Haleem.

The sixth issue of the Corporate Maldives GOLD 100 magazine was unveiled at the event, launched by Vice President H.E. Faisal Naseem and the Director of Retail, Business, and SME Banking of the Bank of Maldives, Mr. Moosa Nimal. The magazine contains the listing of the leading businesses in the Maldives, the GOLD 100, categorized by industry with company profiles and other up-to-date information.

Speaking at the event, Vice President H.E. Faisal Naseem highlighted the economic challenges in the country and underscored the important role played by businesses in sustaining the economy. He further thanked Corporate Maldives, for recognizing and empowering the business sector of the Maldives.

The Vice President acknowledged the private sector’s support in executing the administration’s economic measures towards managing the pandemic and emphasised that a nation can only thrive based on its economic structure. He went on to commend the private sector for helping manage the economic situation and noted that the Maldives’ tourism is entirely dependent on the private sector.

The Chairman of Damas Company Pvt Ltd., Mr. Mohamed Salih received the prestigious Corporate Maldives Lifetime Achievement Award at the “GOLD 100 GALA”. He is the chairman of Damas Company Pvt Ltd and since its inception, Damas has grown and transformed into one of the most reputed groups in the Maldives, helmed by a pioneering leader who inspires action.

Additionally, at the event, Housing Development Corporation (HDC) unveiled an integrated tourism megaproject in Hulhumale’ Phase II, dubbed ‘Urban Isle’. The plan was unveiled by the Managing Director of HDC, Ahmed Athif.

The event concluded with dinner, giving attendees the time to network, exchange cards, and make new business contacts. The GOLD 100 GALA 2022 was a triumphant success and the immensely positive feedback from our event partners, participants and winners of the previous six years will only strengthen our resolve to make our next GOLD 100 GALA even more memorable than ever before.

The

Chairman of Damas Company Pvt Ltd., Mr. Mohamed Salih received the prestigious Corporate Maldives Lifetime Achievement Award at the “GOLD 100 GALA”.

and Chairman of The Hawks Private Limited

and Founder of the Villa Group

of

Chairman and Managing Director of Bison Maldives Chairman of AAA Trading Company Pvt. Ltd

Business Directory

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REFCOOL

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AMÃNA TAKAFUL

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Healthcare

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BANK OF MALDIVES PLC

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PRINT LAB

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MAXCOM TECHNOLOGIES

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COPIER PLUS (PVT) LTD

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+960 3323080 reservations@universalresorts.com www.universalresorts.com

INTOUR MALDIVES PVT LTD

+960 3339994 info@intourmaldives.com www.intourmaldives.com

Tourism & Hospitality

ACE TRAVELS MALDIVES PRIVATE LIMITED

+960 3014232 marketing@rol.mv www.rol.net.mv +960 7776886 roshan@acetravels.mv

JETAN TRAVEL SERVICES COMPANY PVT LTD

+960 3315238 suresh@aitkenspace.lk www.adaaran.com

VOYAGES MALDIVES PVT LTD

VILLA TRAVELS

+960 3330088 info@villatravels.com www.villatravels.com

ANGIRI RESORTS MANAGEMENT & OPERATIONS PVT LTD

+960 3313523 info@angiri.com www.angiri.com

KAIMOO

TRAVELS & HOTELS SERVICES PRIVATE LIMITED

+960 3322212 kaimoo@dhivehi.net.mv www.kaimoo.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

SEAGULL GROUP PVT LTD +960 3323617 info@seagullmaldives.com www.seagullmaldives.com

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

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

MALDIVES GAS PVT LTD

+960 3335614 info@maldivesgas.com www.maldivesgas.com +960 3328675 admin@plaza.com.mv

+960 3335995 info@soneesports.com.mv www.soneesports.com

PLAZA ENTERPRISES

SOUVENIR MARINE

+960 3325893 ask@souveniremarine.com www.souvenirmarine.com

RAINBOW ALUMINUM

+960 3314356 aluminium@rainbow.com.mv www.rainbowaluminium.com.mv

STATE TRADING ORGANIZATION PLC

1422 info@sto.mv www.sto.mv

REDWAVE PVT LTD

+960 9194499 sales@redwave.mv www.redwave.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

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

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

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 PTV 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