Corporate Maldives Magazine by Orca Media Group

Spotlight Maldives State Shipping

In this issue: An Overview of the Tourism Industry as it Unfolded in 2021

Captain Abdullah Saeed Managing Director of Maldives State Shipping

MVR 6 Million Received as FDI Registry Fee Last Year; Highest in Last 8 Years!

_ Your Space @ CROSSROADS Maldives: The Ultimate Co-Working Space in the Maldives

_ Corporate Maldives Gold 100 — 2021 Higlights

Managing Director & CEO Akhmeem Abdul Razzaq Director - Content Creation Mohamed Khoorsheed Director - Digital Strategy Ibrahim Areef

Editor’s Note

Chief Operating Officer Ahmed Nasir Manager, Admin & Finance Ali Sageef Ibraahim Media & Marketing Zeek Ashraf Raaya Abdulla Fathimath Zeen Mohamed Aminath Suha Mohamed Fathimath Nashama Mohamed Mohamed Mizyan Shifna Ahmed Design & Art Direction Thoo Nazim Moothi Zaya Ahmed Hamdhoon W. Content Creation Kudie Maan Abdulla

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Welcome to the February 2022 edition of the Corporate Maldives Magazine, a bi-monthly print publication dedicated entirely to the business community of the Maldives. Our Corporate Maldives Spotlight this month is on Maldives State Shipping (MSS), a new shipping and logistics company that operates under the umbrella of State Trading Organization. As part of our Corporate Maldives Spotlight, we highlight how MSS has evolved over the last two years, its ambitious maritime training programmes, and its extensive, growing fleet. We also sat down to have a chat with Captain Abdullah Saeed, the Managing Director of MSS, to gain further insight into the company. Under our People segment, we take a look at the careers of Hassan Mughnee, the Managing Director of STELCO, and Shahid Ali, the CEO of Maldives Ports Limited. We also bring you the story of a young professional, Mishal Didi, the Managing Director of SIMDI Group, as well as that of Haroon Rasheed, the Managing Director of Agro National Corporation. 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.

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To wrap up this issue, we will be showcasing highlights from the Corporate Maldives Gold 100 Gala 2021, an invitation-only networking event bringing together the top executives of the Maldivian business community. On this note, we would like to thank all of our valued partners for their efforts in ensuring a successful fifth edition of the Corporate Maldives Gold 100 Gala. We look forward to an even more triumphant event to be held in 2022. Wishing you all a prosperous year ahead.

Corporate Maldives Spotlight: Maldives State Shipping

Government

Tourism & Aviation

Transport & Construction

Real Estate

Utilities

People

Education

Banking & Finance

Technology

Fisheries & Agriculture

Trade & Shipping

Environment & Sustainability

Corporate Maldives “Gold 100 Gala 2021” Highlights

Corporate Maldives Business Expo

92 Business Directory

Corporate Maldives Spotlight Maldives State Shipping

Corporate Maldives | February 22

Two Years of Maldives State Shipping – A Look Back on its Incredible Milestones

Maldives State Shipping (MSS), a shipping and logistics company offering an extensive international liner shipping service, celebrates two years of service this month.

of the biggest feeder service providers in Asia, as well as an agency agreement with Simatech Marine Services Lanka to expand its feeder operations.

Established in February 2020, MSS was born to overcome the difficulties faced by Maldivian traders and businesses in the absence of a reliable national shipping line. It also aims to provide employment opportunities for Maldivians in an industry other than our main economic driver, tourism.

In August 2020, MSS collaborated with the world’s largest shipping line ‘Maersk’, by becoming the sole carrier of Maersk containers to Maldives during this quarter. The following month, MSS became an agent for the Shipping Corporation of India (SCI)’s vessel ‘MV MCP Linz’ which is a direct cargo ferry service between Cochin, India and Northern most port of Maldives, Kulhudhuffushi Port Limited.

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

Furthermore, MV Bonthi II was acquired by MSS in late November, which has a capacity of 3700 tons. MV Bonthi II operates as a direct cargo ferry between Tuticorin and the Southern ports of Maldives, Addu and Thinadhoo.

Soon after MSS commenced its operations, the Maldives went into lockdown to curb the spread of COVID-19. Employees were confined to work from home, and were restricted from travelling. Therefore, arrangements abroad became a challenging task. Despite the challenges, MSS managed to persevere and achieve significant milestones in its now two-year history.

In July 2021, MV Iberian Express was off-hired and replaced by MV MCP Linz to carry MSS cargo from Colombo. Shortly after that, MSS signed a feeder agreement with Hapag Lloyd on 16th August 2021.

In March 2020, the MV Iberian Express was delivered to MSS by its owners. This vessel set sail on her maiden voyage on 5th April 2020. Additionally, during April 2020, MSS entered into a marketing agreement with Feedertech Pvt Ltd., one

The month of November 2021 saw a number of achievements for MSS, including the purchase of the company’s first own vessel, the MSS Galena. Its maiden voyage was on 23rd November. In addition, the joint venture subsidiary ‘Maldives Shipping Services Lanka Pvt Ltd’ was registered in Sri Lanka. Looking into the future, MSS hopes to become a full-fledged shipping company that not only serves Asia, but the entire globe.

Corporate Maldives | February 22

Captain Abdullah Saeed Managing Director of Maldives State Shipping

Captain Abdullah Saeed is the Managing Director of Maldives State Shipping (MSS) – a shipping and logistics company right here in the Maldives. Our team sat down with Captain Saeed to find out more about the beginnings of the company and what it has achieved so far.

Corporate Maldives | February 22

Could you tell us a bit about your career thus far? I started my career as a seafarer by being a cadet on a ship, then later becoming a master mariner and commanding vessels. After I left the sea, I did further studies in business and was working with several local companies before I joined the government. I worked in the government for 3 years, from 2008 to 2012. Thereafter, I was working abroad and returned to the Maldives in early 2020 and that is when I got the opportunity to work for Maldives State Shipping (MSS).

Could you give us an introduction to the company and what prompted the formation of MSS? Maldives State Shipping is a subsidiary of State Trading Organization (STO). It all started because STO has the task of importing staple goods for the Maldives. Throughout the years, they found that they needed a shipping line to serve the country. Hence, STO announced for a consultant to look into what can be done and that’s when I joined them as a consultant. We worked together in studying the prospects of container shipping to the Maldives. Finally, I told the STO management that once we start a container shipping line and start carrying third party cargoes, it will be better to have a subsidiary. This is because when the claims come, the entire organization need not be affected. So, I think this is why a subsidiary was formed, but the intention of starting a container shipping service was purely an initiative by STO under the direction of the President. It’s also because it’s necessary for them to evolve, in order to better serve the nation.

In the context of COVID-19, there’ve been major disruptions in the global shipping industry. How has MSS addressed the challenges of the pandemic? When we started operations in April 2020, right after our first call, Male’ went into lockdown and work-from-home was introduced. So, we had to meet all these disruptions caused by COVID-19 head on at the very beginning. In retrospect, it’s an advantage that we started with all this bad news, but we managed to run the organization even though it was very difficult. We had to find other means to build the network which we needed to start the services of MSS. Somehow, we managed to overcome the difficulties. Slowly, we started getting more cargoes and we managed to

Corporate Maldives Spotlight Maldives State Shipping

sail through this pandemic. It was also very exciting at that time because we were looking after all the imports of the necessary personal protection gears and what was urgently required by the country. We had done voyages with very few containers just because our main aim at that moment was serving the country to overcome this pandemic. Globally, a lot of ports were locked down and even if some ports were working, they had limited hours for customs and other clearing offices to function. We had this difficulty all over the world. One of our feeders is from Colombo to Male’. So, when Sri Lanka was going through the same thing, the gates were open for a couple of hours every day and we had to organize everything to use that window of time we got. All of this had to be done through Teams and other electronic communications, as there was no chance for any of us to physically be in Colombo to ensure these things went smoothly. We didn’t have that opportunity to be present in person. It was a very difficult undertaking, but as I said before, in retrospect, it’s a good thing that the pandemic came during the early days of MSS.

What do you consider to be the greatest success of MSS? I believe, overall, if you look at the period in which we started and what we have done, the entire MSS, the whole operation is a success. So, I wouldn’t specifically point out which particular one is a great success, I can’t pinpoint it like that. We have managed to do some new things like direct cargo services to the Southern Atolls, and direct cargo through India’s cargo ferry to the north as we happen to be their agents for Shipping Corporation of India (SCI). The direct cargo services to the atolls are something new in the Maldives and we are the first company to do this. Earlier, occasionally, vessels have gone to the islands directly but on a project basis. For example, when Shangri-La and Herethere were constructed in Addu, ships had called with cargoes, but these are all project cargoes. What we introduced is a direct cargo service from abroad directly to Addu, meaning traders in Addu can import directly to Addu instead of Male’, thereby getting the advantage of the duty concessions and also a lot of savings on freight. That is something remarkable and in line with the decentralization policy of the government. Another thing is that we were able to tie up with

Corporate Maldives Spotlight Maldives State Shipping

all the major mainliners serving the Maldives including Maersk and Hapag Lloyd, and CMA CGM. The general flow of cargo to Male’ from anywhere in the world, we will be able to address it now. In my view, this is a huge achievement for MSS, as we were only two years in operation during a period where we couldn’t travel or meet face to face. While it is not the ideal time to start anything, we managed to somehow bring up the company to a profitable venture.

How is MSS helping to develop human resources in the Maldives? From the very onset, we planned to develop the human resources of the country. We believe that seafaring is a good career opportunity for our youth. MSS is very proud that we are paying international wages to our seafarers with our first vessel. I also think it’s become public knowledge that we are offering very good salaries compared to the other Maldivian companies. The fact is that we are trying to provide a salary which anyone can receive even from a foreign company. In other words, what we are trying to do is attract the Maldivians to work for the Maldivian companies rather than working abroad. So, to achieve that, we had to match the salaries to the ones offered by foreign companies. We have also successfully employed a majority of Maldivians as part of our crew, except for one or two lower rank members.

Corporate Maldives | February 22

At MSS, the aim is to develop human resources and give opportunities for young people to become seafarers either as an engineer or navigators or even as a captain. We have also now announced fully funded scholarships. Currently, we are offering this scholarship for navigation officers, engineering officers and a reefer technician. We will be adding more people and more areas in the future like electricians, mechatronics and also welding. We will keep on introducing more courses and opportunities for people to develop their skills. I believe that as a state company, our focus should not only be on making a profit but while serving the nation, developing the human resources as well.

What’s in store for MSS in the future? What can we expect to see next? MSS will become a full-fledged shipping company. We will be expanding and diversifying, meaning we will not only be doing containers but we will be doing bulk cargoes, both dry and liquid, as well as special project cargoes. These are the areas which we will expand into in the future. Currently, we are only focused on the Maldives and serving the Maldives, but soon, we will be exploring other short-sea areas and trying to utilize these opportunities so that MSS can become a full-fledged international network on its own. The idea is for MSS to become a container liner service that is initially covering Asia, but later on, all over the world.

Corporate Maldives | February 22

Corporate Maldives Spotlight Maldives State Shipping

How MSS is Assembling a World-Class Shipping Fleet to Become a Leader of Logistics in the Region

The Maldives as a nation has a proud history of possessing the largest shipping fleet in the region. Maldives State Shipping (MSS), a new shipping and logistics company launched in 2020, aims to reclaim the title once again. Backed by a professional and experienced team along with multiple vessels, MSS offers an extensive international liner shipping service with a mission to simplify trade and transform the Maldivian economy to benefit both businesses and its citizens. In the early days of its operations, MSS had chartered the IBERIAN EXPRESS, a container carrier sailing under the flag of Gibraltar. With a cargo capacity of 1118 containers, this vessel was utilized by MSS between March 2020 and July 2021. MSS has been utilizing the BONTHI II since November 2020. Currently, the company utilizes this vessel for the first cargo ferry link between Addu, Huvadhoo and Tuticorin, India. With a deadweight of 4,106

tonnes, this general cargo ship is owned and operated by State Trading Organization (STO), the parent company of MSS. The BONTHI II boasts an overall length of 86.30 metres, a moulded breadth of 14.50 metres and moulded depth of 8.80 metres. However, MSS has revealed that the BONTHI II will be offloaded soon. The company’s newest acquisition, the MV MSS GALENA is the first vessel purchased by MSS. It made its maiden call at Maldives Ports Limited in late November 2021. With a cargo capacity of 680 containers, this vessel is poised to enhance direct shipping services between Maldives and Sri Lanka. Recently, MSS announced that the company is in the process of acquiring a new bulk carrier vessel for operations. With a deadweight of 43,000 metric tonnes, this will be the largest such vessel acquired by a Maldivian company. According to MSS, the main purpose of acquiring this bulk carrier for its fleet is to import construction materials at an affordable rate.

Corporate Maldives Spotlight Maldives State Shipping

Corporate Maldives | February 22

COVID-19 and Global Trade – How Has It Affected the Shipping Industry in the Maldives? The onslaught of the COVID-19 pandemic led to devastating economic repercussions across the globe, with most countries responding to the outbreak by imposing lockdowns and closing borders. Unsurprisingly, this had a severe impact on the global shipping industry, which accounts for about 80% of world trade. Restrictions in movement and travel resulted in not only a slump in consumer demand, but also an unprecedented drop in maritime mobility. Maldives State Shipping (MSS), a shipping and logistics company in the Maldives, began their operations just as the COVID situation was taking hold in the country. As a result, the company had to navigate the obstacles of the pandemic and its consequential effects on shipping, while still serving the nation as a state-owned subsidiary. The main challenges are three-fold- space and container shortage, equipment shortage, and perhaps most significant, an exponential spike in vessel charter rates. "Looking at the charter market, the rates have multiplied beyond what is feasible," said Captain Mohamed Nazim, the General Manager of MSS. "For a charter vessel that we would typically utilize, the rates have now increased by over 400 percent compared to pre-pandemic levels." Freight rates, similar to charter rates, also multiplied globally. In some cases, the rates have increased as much as over 300 percent. However, it was noted that the Colombo to Male’ sector was not affected, as MSS utilizes its own vessel for this sector. "The same existing rates were maintained for this sector, despite the increase in freight rates globally," Captain Nazim said. Because MSS maintained the same rates, the company ensured that other private liners and shipping companies complied as well. "As a state-owned subsidiary, our aim is not to make commercial profits, but rather, to serve the nation as best as we can," Captain Abdullah Saeed, Managing Director of MSS stated. "If we were a commercial company, we could have easily taken advantage of that opportunity, our profits would have skyrocketed. But we did not increase the rates by a single cent from that sector, because our primary mission is to ease the difficulties Maldivian traders face, especially in such troubled times." He noted that amid the COVID-19 situation, there were export difficulties faced by local fisheries companies including MIFCO, Ensisand Cyprea. These difficulties were mainly attributed to higher shipping rates per container, along with a fall in consumer demand. Despite the challenges, MSS was a key player in maintaining its parent company STO’s staple food security plan. Another important highlight is the contribution made by MSS to the public health sector. Early on, MSS brought in all the PPE and all the ancillary equipment required to combat the pandemic. The company, under the banner of STO, also provided assistance to the government in establishing a cold chain for vaccines with regards to technical expertise and purchasing know-how.

Corporate Maldives | February 22

Corporate Maldives Spotlight Maldives State Shipping

How MSS is Revolutionizing the Careers of Maritime Professionals in the Maldives

Maldives State Shipping (MSS) is offering professional training opportunities for shipping personnel such as the navigation officers and marine engineers as part of the company’s maritime human resources development programme. This is the first time in the Maldives that professional training for these two key personnel required for boats is being carried out. With the manpower requirement in need, MSS states that it is crucial to carry out the proper training as soon as possible for the shipping personnel as they emphasize hiring locals. The training opportunities are offered as fully funded scholarships. The scholarships are inclusive of full tuition fee, food, accommodation, pocket money and return airfare. Training is divided into several phases, whereby six months of studies will be followed by six months on the boat to get practical knowledge. Under the scholarship programme ‘Kalaaseen’, five scholarships are currently open at MSS. The first is for two positions in a Navigation Officer Cadet Training Course, while the second is for two positions in an Engineer Officer Cadet Training Course. 36-months will be required to complete the training and get certified for these two courses.

The last scholarship opportunity is for the Reefer Technician course and is a 12-month course unlike the other two. Upon successful completion of the required training, there will be employment opportunities with MSS. MSS is determined to pave the way for the youths of the country to work in a new industry, encouraging gainful employment for Maldivian officers and crewmen. Launched in 2020, MSS is a shipping and logistics company offering an extensive international liner shipping service. MSS was born to overcome the difficulties Maldivian traders and other businesses faced in the absence of a reliable national shipping line, and to provide employment opportunities for Maldivians in an industry other than tourism. MSS is owned by State Trading Organization (STO), one of the most reliable public companies in the nation. STO has been in operation for over 50 years with many thriving subsidiaries, joint ventures, and associates under its umbrella.

Corporate Maldives | February 22

Government

1,337 Projects Being Carried Out as Part of Government’s Strategic Action Plan National development remains one of the highest responsibilities of government. However, for many years, it was pursued haphazardly, with no long-term vision, definite criteria for success, or provisions for government accountability. The results of such short-term thinking and unorganized development efforts are clear for all to see - an overly congested capital, stark regional disparities in socio-economic and infrastructural progress - environmental degradation, unequal opportunities to accessing basic goods and services, and difficulties accessing meaningful employment, quality education, and affordable housing, among a plethora of other issues that previous governments not only neglected to solve but exacerbated. Therefore, the current administration came up with the Strategic Action Plan (SAP) 2019-2023, which serves as the government’s overarching reference point to steer national development efforts. The plan is a central policy framework and planning document that guides the overall development direction of the Maldives for the next five years. The SAP consolidates the current government’s manifesto pledges with existing sectoral priorities. Outlined within the SAP, there are five priority areas - Blue Economy, Caring State, Dignified Families, Jazeera Dhiriulhun, and Good Governance. Under these areas, there are goals relevant to each area and the precise steps to be taken to accomplish them. According to government statistics, there are 1,337 developmental projects being carried out as part of the current administration’s Strategic Action Plan across these five focus areas. About half of these projects have either been completed or are currently ongoing.

Blue Economy Outlines economic priorities and how it will be delivered in a sustainable manner. This includes tourism, MSMEs, fisheries and marine resources, agriculture, labour, employment and migration, as well as economic diversification.

Caring State Outlines priorities relevant to social progress, including health, education, higher education, social protection, prevention of narcotics and drug rehabilitation.

Dignified Families Also outlines priorities relevant to social progress, such as housing, youth issues, community empowerment, Islamic faith, sports and family.

Jazeera Dhiriulhun Outlines priorities relevant to community infrastructure and services. This includes clean energy, waste as a resource, environment protection and preservation, resilient communities, ICT, water and sanitation, transport network, arts, culture and heritage, as well as decentralization.

Good Governance Outlines key governance reforms, such as national security and public safety, accountable state, independent institutions and public service reform, rule of law and judicial reform, gender equality, foreign affairs, and elimination of corruption.

Government

Corporate Maldives | February 22

1,337 Total Projects 189 Inhabited Islands 775 Uninhabited Islands 378,114 Registered Poulation (2017)

4 4%

4 42%

28%

23%

3 3%

Projects allocated for each area:

Government

Corporate Maldives | February 22

Mobilization Advance Released for 8 High Impact Grant Projects in Maldives MVR 5.49 million has been released to Government of Maldives to commence mobilization work on 8 new High Impact Grant Projects in Maldives. MoUs to implement these projects were concluded on 21 October, 2021. Local Island Councils will execute these projects, included under the additional grant of MVR 70 million sanctioned in July 2021. These 8 projects, with a total cost of MVR 36.5 million, are spread across 7 Atolls of the Maldives – Thaa, Laamu, Haa Alif, Noonu, Kaafu, Alif Dhaalu, Gaafu Dhaalu. They include – installation of Street Lights in Th. Thimarafushi and Th. Veymandoo, setting up of an ice plant in L. Maabaidhoo, construction of a new Cultural Centre in ADh. Dhangethi, construction of N. Miladhoo Council Building, Strengthening Inclusive Education Support Units at Aboobakuru School (GDh. Thinadhoo), Ihadhdhoo School (L. Gan) and Atoll Education Centre (HA. Dhidhdhoo), acquisition of sea ambulances for the MNDF and the upgrade of Olympus theatre in Male’. Local authorities and Island Councils are currently implementing 12 High Impact projects across Maldives under the MVR 85 million grant extended in March 2019. India has also extended a cash grant of MVR 106 million under which 18 developmental projects were taken up for implementation. Of these 30 grant projects, 16 have been completed. High Impact grant projects constitute an important dimension of the vibrant India-Maldives development partnership. These projects are tailored to suit the requirements of local island communities. They are an effective tool to empower Local Councils that are vested with the responsibility to implement them. These projects, thus, help augment the participation of Councils in the overall social-economic development of the islands.

MVR 5.49 million has been released to Government of Maldives to commence mobilization work 8 projects, with a total cost of MVR 36.5 million, are spread across 7 Atolls of the Maldives Thaa, Laamu, Haa Alif, Noonu, Kaafu, Alif Dhaalu, Gaafu Dhaalu

Corporate Maldives | February 22

Government

SOEs Now Allowed to Acquire Advance Funds Without Need for Guarantee

Maldives and China Sign 5 Key Agreements

The amendment made to the Public Finance Regulations in 2020 has now been changed to provide leniency to state-owned enterprises in acquiring advance funds to carry out projects.

State Councilor and Minister of Foreign Affairs of the People’s Republic of China His Excellency Wang Yi and Minister of Foreign Affairs Abdulla Shahid witnessed the signing of a number of key agreements on important areas such as infrastructure development, health, and travel.

According to the gazetted amendment, funds can be disbursed in advance for some projects of state-owned companies with the permission of the Finance Minister, without the need for a guarantee. The appeal was made after the issuance of advance funds had been made stricter in 2020. According to the amendment, advance funds can only be disbursed to government public services, to temporarily fund capital expenditure, and to spend without having an account at MMA. Advance funds will also be disbursed for government office expenses incurred abroad as well. Prior to this amendment, if the money is released in advance of the project, a payment guarantee must be obtained for the project. The payment guarantee must be issued by a financial institution approved by the authorities. The rules for issuing advance payments for public finance regulations had been tightened in 2020 when the procurement of ventilators was carried out to the detriment of the state. At that time, a performance guarantee was necessary, but advance funds were released for the ventilators in contradiction to the regulations.

The agreements that were signed during the visit were "Agreement on Mutual Visa Exemption between the Government of the Republic of Maldives and the Government of the People’s Republic of China", which will allow Maldivians to travel to China on a 30-day visa free basis, once the pandemic restrictions have been lifted, and the "Agreement of Economic and Technical Cooperation between the Government of the Republic of Maldives and the Government of the People’s Republic of China on Grand Aid" focusing on development of key areas such as social, livelihood, and infrastructure projects. Both these agreements were signed by His Excellency Ahmed Khaleel on behalf of the Government of Maldives. His Excellency Mohamed Aslam, the Minister of National Planning, Housing and Infrastructure signed on behalf of the Government, a "Letter of Exchange on the Feasibility Study of Management and Maintenance of China-Maldives Friendship Bridge". His Excellency Akram Kamauludeen, Minister of State for National Planning, Housing and Infrastructure also signed a "Supplementary Contract to the Implementation Contract for China Aided Micro-Grid Sea-water Desalination Project in the Maldives". Finally, His Excellency Ahmed Naseem, Minister of Health, signed the "Agreement on Establishing a Hospital Assistance and Cooperation Programme between the Ministry of Health of the Republic of Maldives and the National Health Commission of the People’s Republic of China". The agreements signed today, will directly benefit the people of Maldives, improving their quality of health services, providing additional outlets for sea water desalination, and by assisting the Government with the maintenance of the flagship China-Maldives Friendship Bridge.

Government

Corporate Maldives | February 22

MVR 6 Million Received as FDI Registry Fee Last Year; Highest in Last 8 Years! In 2021, the state received the highest foreign direct investment (FDI) registry fee in the Maldives of the last eight years. This amounts to MVR 6 million. Maldives Inland Revenue Authority (MIRA) revealed that MVR 6 million was received as fees from foreign investments registered in the Maldives last year. The fee for the previous year amounted to MVR 3 million.

A large number of foreign direct investments (FDIs) were registered last year. However, the Economic Ministry has not made the figures public yet. According to the Ministry, investments worth USD 294 million (MVR 4.5 billion) were made to the Maldives in 2020. A total of 38 investments were made in the Maldives this year. This includes 11 investments made in the tourism sector and 27 investments made in other sectors. USD 89 million was invested in the tourism sector last year, while USD 205 million has been invested in non-tourism sectors. In 2019, 33 investments were made in the tourism sector. While 45 investments were made in other sectors, the total number of foreign direct investments that were made in the Maldives that year amounted to 78.

Corporate Maldives | February 22

Government

Civil Servants to Receive a Minimum Wage Allowance In preparation of providing minimum wage to civil servants next year, a fixed allowance has been allocated called the ‘minimum wage allowance’. The National Pay Commission and the Civil Service Commission, in a joint press conference at the Finance Ministry on 29th December 2021 shared changes to the pay of civil servants that will come with the implementation of the minimum wage. The allowance is fixed based on the rank of civil servants. The maximum civil servants will receive as minimum wage allowance is MVR 1,917. Speaking at the press conference, Civil Service Commission’s DirectorGeneral Abdulla Saeed said the commission will begin work on incrementing the pay of civil servants by adding the minimum wage allowance. He also said the allowance depends on the current pay, and that there will be differences between civil servants of different ranks. "It is possible that there will be differences between different civil servants. Given that the commission has declared the maximum civil servants will receive as allowance, they can check for themselves how much they will receive," Abdulla Saeed said. Mohamed Faizal, Secretary General of National Pay Commission said that with the minimum wage, the salaries of 11,828 civil servants will be changed.

The maximum civil servants will receive as minimum wage allowance is MVR 1,917.

The minimum wage set are MVR 4,500 for small businesses, MVR 7,500 for medium businesses, and MVR 8,000 for large businesses, and MVR 7,000 for the public sector.

Corporate Maldives | February 22

Government

MIRA Publishes Compliance Improvement Plan For 2022 Compliance improvement activities planned for this year includes Improving tax literacy of taxpayers and general public. Widening tax population through focused registration programs. Guiding micro and small businesses towards better tax compliance. Securing tax compliance of medium and large taxpayers. Prioritizing enforcement actions against high-risk non-compliers. MIRA first introduced the Compliance Improvement Plan in 2021. As per the plan, MIRA provided assistance in resolving the tax compliance issues caused by the COVID-19 pandemic and suspended some of the actions taken under the enforcement policy. However, MIRA said action will be taken as per the enforcement policy this year, with consideration to the improving economic situation.

As part of Maldives Inland Revenue Authority’s (MIRA) Compliance Risk Management Policy, MIRA has published the Compliance Improvement Plan for 2022. This year’s plan outlines five main activities planned by MIRA to increase taxpayers’ compliance with laws and regulations.

MIRA’s compliance risk management policy was compiled in order to ease the tax obligations for those paying taxes and increase voluntary compliance among payers, as well as to reduce non-compliance to tax laws and policies in place.

Government

Corporate Maldives | February 22

9 State-Owned Enterprises Assigned for Liquidation 9 state-owned enterprises (SOEs) are currently assigned for liquidation, as per the Ministry of Finance. The SOEs are as follows.

While MHPA LLP is the liquidator of Hazana Maldives Limited and National Investment Management Company Limited, the liquidator of all the other aforementioned SOEs is AccruPlus LLP. According to the Ministry, the status of the liquidation of these SOEs is currently ongoing.

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Tourism & Aviation

Corporate Maldives | February 22

An Overview of the Tourism Industry as it Unfolded in 2021 As 2021 concluded, Maldives welcomed over 1.3 million tourists for the year, surpassing its tourist arrival targets despite the several challenges faced during the year due to the pandemic of COVID-19. Since the reopening of borders for international travellers in July 2020, tourist arrivals have steadily been increasing with the Maldives with an overall increase during this year compared to that of 2020. Maldives recorded its 1 millionth tourist arrival on 29th October 2021 and 1.3 millionth tourist arrival on 27th December 2021 reaching the yearly target. Tourist arrivals in 2021 started to bounce back with the easing of travel restrictions as well as safety measures against Covid-19 implemented in the Maldives. As the tourist arrivals were recorded at 1,321,937 on 31st December 2021, it is a 138% increase from the slow arrivals recorded in 2020 due to the closing of borders of the Maldives. Tourist arrivals in 2021 however, shows an overall decrease of 21% in comparison to the arrivals recorded during the same period in 2019, a record-breaking year for Maldives tourism. Daily arrivals during the year remained over 3,600 tourists with an average stay of 8 nights. India remained the top market for Maldives tourism in 2021 dominating over 22% with 291,787 arrivals. Russia followed closely at second contributing 16.8% with 222,422 tourists. Third, comes Germany contributing 7.2% with 95,358 arrivals. Other top markets include the U.K, U.S.A, Saudi Arabia, Spain, Ukraine, France and Switzerland respectively.

Tourist arrivals were recorded at 1,321,937 on 31st December 2021 Daily arrivals during the year remained over 3,600 tourists with an average stay of 8 nights

Corporate Maldives | February 22

India climbed the ranks and made its place as the #1 top source market for the Maldives since February 2021 overtaking Russia. New markets emerged from the European Region and the Middle East including Ukraine and Saudi Arabia. Countries like Italy and United Kingdom (UK) – the Maldives’ most traditional market for tourism saw a decline in arrivals in 2021 due to the travel restrictions. They were only given the green light to travel to the Maldives from September onwards and arrivals from Italy and UK are expected to increase this new year. Additional ease of restrictions from Southeast Asia countries such as Singapore and Thailand with the commencement of direct flights, tourist arrivals from these countries are expected to increase significantly as well. According to the latest annual statistics released by the Ministry of Tourism, a total of 1,140 tourist accommodation facilities were in operation till 29th December 2021 including resorts, marinas, guesthouses, safari vessels and hotels. The total operating capacity was recorded as 53,140 beds. Despite the global challenges, the year 2021 has been a very successful year for Maldives tourism. Tourist bed capacity increased by 9.4% and the bed nights exceeded 11 million breaking the previous record of 10.7 nights. This year, Maldives is also getting ready to celebrate an exceptional year, marking 50 years – the Golden Jubilee celebration of tourism in the Maldives.

Tourism & Aviation

Corporate Maldives | February 22

Tourism & Aviation

Maldives Consecutively Secures the World’s Leading Destination Title and Other Accolades at WTA 2021

It was a triumphant success for Maldives as the country once again secured the World’s Leading Destination title and other accolades at World Travel Awards 2021. The announcement was made at the WTA 2021 ceremony held virtually on 16th December 2021. Established in 1993, World Travel Awards is the most prestigious honors program in global travel. The award is recognized globally as the ultimate hallmark of industry excellence. The distinguished award is of great value to the destination, especially as it was achieved during such a challenging time. Maldives won the title by competing against 18 destinations including Dubai, Indonesia, Spain, Vietnam, USA and Greece. Speaking about the achievement, Chief Executive Officer and Managing Director of Maldives Marketing and Public Relations (MMPRC) Thoyyib Mohamed expressed his sincere gratitude to everyone who voted for Maldives. MD Thoyyib noted that the achievement is possible due to the concerted efforts of the Government of Maldives, the Ministry of Tourism, other authorities, associations, NGOs and all tourism sector stakeholders. He particularly acknowledged the tireless effort of MMPRC employees in maintaining destination presence, marketing the destination as

a safe haven, promoting the tourism products and unique geography and experiences which promoted travellers’ confidence towards the destination post-COVID. This is the second time the Maldives won the World’s Leading Destination in a row. The Maldives won the prestigious award last year during one of the most challenging periods for the tourism industry. The award is a testament to the strength, dedication, effort and planning shown by the Maldivian government during the pandemic. During the marketing efforts, emphasis was placed on promoting the unique geographical formation of the Maldivian islands and the key USP ‘one-islandone-respect-concept’. These characteristics make Maldives one of the safest destinations to travel to, thus making it a ‘safe haven’ for all travellers. Maldives has also won 4 awards in the Indian Ocean category at World Travel Awards, attesting to this. These categories are Indian Ocean’s Leading Destination 2021, Indian Ocean’s Leading Beach Destination, Indian Ocean’s Leading Dive Destination 2021, Indian Ocean’s Leading Tourist Board 2021. The destination has also won the famed Indian Ocean’s Leading Destination award 14 times within the last 18 years.

Corporate Maldives | February 22

Tourism & Aviation

Trans Maldivian Airways Wins “Seaplane Company Global Winner” at World Luxury Travel Awards 2021 Trans Maldivian Airways has been awarded as the "Seaplane Company Global Winner" at the 2021 World Luxury Travel Awards. The gala ceremony was hosted by the Trou aux Biches Beachcomber Golf Resort & Spa in Mauritius on 9th October 2021. The World Luxury Awards recognizes and epitomizes establishments for world-class service excellence, and awards are presented on a country, regional, continental and global basis. Winners are selected by votes from guests, travellers and industry players. Regarding the accomplishment, TMA expresses gratitude to everyone who votes for them and acknowledged the efforts of their highly competent and dedicated staff who continue to go above and beyond to ensure maximum guest service satisfaction. Additionally, TMA said that as they celebrate this prestigious recognition, they hope to inspire confidence in guests who use their seaplane services and look forward to maintaining and further improving their service excellence for years to come. Trans Maldivian Airways is considered part of the backbone of tourism infrastructure in the country, and has played a pivotal role in enhancing and facilitating the growth of the industry over the last three decades. TMA also currently serves as the exclusive transfer partner to over 80 of the best resort destinations in the Maldives.

Corporate Maldives | February 22

Tourism & Aviation

Departure Tax from Travellers Currently Effective in the Maldives

The new departure tax from all travellers is currently effective in the Maldives from 1st January 2022 onwards.

those flying on private charter jets. Airlines will be responsible for collecting these fees and they are added to the ticket prices.

This new fee replaces the Airport Service Charge (ASC) in the Maldives, which remained in effect until 31st December 2021. The departure tax is not only for tourists, but for locals as well, and is applicable for any airport in the country. The departure fee will be made in U.S. dollars.

The new tax will be waived for passengers with diplomatic immunity and children under the age of two.

Citizens of the Maldives will only need to pay $12 USD, as long as they are traveling in economy class. Meanwhile, foreigners must pay $30 USD for economy class. For business class, the fee goes up to $60, for both Maldivian locals and foreigners. First-class fees go up to $90 for all passengers, regardless of citizenship and the fee is $120 USD for

In addition, passengers flying out of Velana International Airport (MLE), the country’s main hub, will also need to pay an additional tax known as the Airport Development Fee (ADF) as the same rates as above.

Corporate Maldives | February 22

Tourism & Aviation

Manta Air Operates First Seaplane Flight with All-Female Crew

Island Aviation Acquires 3 Fuel Efficient ATR Aircrafts

On 8th January 2022, Manta Air operated the first all-female crewed seaplane flight in Maldives. Flight NR2030 from Velana International Airport (VIA) to Soneva Jani in Noonu atoll was piloted by Larissa Offeney and Tanya Kleynhans. Aishath Muzna served as the cabin crew on the flight.

The flag carrier of Maldives, Maldivian, has announced the signing of a contract for the purchase of the airline’s first ever ATR aircrafts for domestic operations.

Manta Air has two female seaplane cabin crews on active duty. Both Aishath Muzna and Aminath Thasleema are the first and only female seaplane cabin crews in active duty in Maldives. Seaplane cabin crew jobs are predominantly a male job with rarely any women involved even though three airlines are operating 60+ seaplanes all across the Maldives on a daily basis. Manta Air is a game-changing local airline which operates seaplane and wheel-based flights throughout the Maldives. The arrival of Manta Air has already been a game changer in the domestic aviation industry, removing the fears of flight uncertainty for passengers flying in the Maldives, and setting new standards in service excellence along the way with pre-published schedules and a tailored approach to provide an amazing experience to all passengers. Manta Air utilises three brand new ATR 72-600 aircraft to operate domestic flights to Dhaalu Airport, located on the island of Kudahuvadhoo in Dhaalu atoll, and Dharavandhoo Airport, located on the island of Dharavandhoo in Baa atoll, from the Maldives’ main Velana International Airport.

In a statement released on 18th January, Island Aviation Services, the operator of Maldivian, stated that the company acquired two ATR 72-600 and one ATR 42-600, all of which will be delivered within 2022. According to Island Aviation, the newly acquired aircrafts are equipped with the new PW127XT engines which offer improved fuel efficiency to help contribute to lower emissions and reduced maintenance costs in comparison to other ATR engines currently on market. In this regard, they detailed that PW127XT engines offer a 3 percent reduction in fuel consumption and 20 percent reduction in maintenance cost. The airline also noted that the engine allows the use of sustainable aviation fuels (SAF). As an airline operating from a climate-vulnerable nation, Maldivian stated that sustainable development is major concern for them. They added that ART aircrafts already boast the lowest fuel consumption and CO2 emissions of all regional aircrafts, with ATR 72-600 consuming up to 40 percent less fuel than aircrafts in the category. The purpose of joining forces with ATR is to contribute to the economic development of the Maldives. The initiative will complement the Maldivian government’s air connectivity policy and allow Maldivian to offer enhanced connectivity across Maldives. Island Aviation’s Managing Director Mohamed Mihad stated that the new generation of ATR aircrafts with PW127XT engines offer the airline what they have been looking for in modernization of their fleet and taking a step towards sustainability.

Tourism & Aviation

Corporate Maldives | February 22

MMPRC Signs Global Advertising Agreement with BBC Global News The Maldives Marketing and Public Relations Corporation (MMPRC / Visit Maldives) has signed a global advertising agreement with BBC Global News, incorporating their in-house commercial content studio, BBC Storyworks. The agreement was signed by the Chief Executive Officer and Managing Director, Thoyyib Mohamed, on behalf of MMPRC, and the Senior Vice President, Commercial Operations, BBC Studios, Mr Nick Charlton, on behalf of BBC Global News. The agreement will see MMPRC launch an international advertising campaign with BBC Global News, designed to showcase the nation as a safe, prepared and welcoming luxury destination, through the voices of the people of the Maldives. Speaking about the agreement signed with BBC Global News, MD Thoyyib noted that this campaign aligns with MMPRC’s global strategies for the year, which focuses on maintaining the visibility of the Maldives as a holiday destination. He stated that this campaign would assist MMPRC in promoting the Maldives as a safe haven prepared to welcome tourists, adding that the different aspects and segments of Maldivian tourism, including the stories of our people, would be shared globally online on BBC Travel, the dedicated features site of BBC.com. Alistair McEwan, SVP Commercial Development APAC, BBC Global News says “As consumers continue to dream about their next travel opportunities and choices of destination, audiences are seeking clear information on safe travel and tourism, as well as wanting to be inspired by amazing destinations, cultures and experiences. With decades of experience in premium storytelling heritage within BBC StoryWorks, we are delighted to be partnering with MMPRC to be able to showcase their wonderful stories to our global audiences.”

Different aspects and segments of Maldivian tourism, including the stories of our people, would be shared globally online on BBC Travel, the dedicated features site of BBC.com.

Activities within this campaign are further aligned with MMPRC’s global marketing strategies, focused on maintaining tourism sustainability, from December 2021 through to March 2022. During the campaign, relevant and engaging content about the people, places and culture that make the Maldives so wonderfully diverse and unique will be circulated on the international digital platforms of the BBC. This will include specially commissioned brand stories and videos created by BBC StoryWorks as well as social media promotion. The campaign aims to further promote the Maldives as the ideal travel destination that caters to the needs and wants of travellers in the era of the new normal. It will focus on marketing the destination as a safe haven and promote the experiences unique to the Maldives while providing information on the stringent measures in place for Maldivian tourism products such as resorts, hotels, guesthouses and liveaboards. It will also highlight the geographically scattered nature of the island nation, which provides natural social distancing

Corporate Maldives | February 22

for travellers. As the parent company responsible for marketing the Maldives as a destination abroad, MMPRC carried out 260 different marketing activities in 22 global markets last year, including fairs, roadshows, familiarisation trips, marketing campaigns, webinars, and interviews. MMPRC and the Maldives Tourism Industry’s concerted drive to provide visitors with options to relax and rejuvenate after the effects of the global pandemic bore fruit as hundreds of thousands of visitors flocked to the Maldives with the assurances of a safe vacation. Thanks to ‘natural social distancing’ as an archipelago nation, the safety of holidaymakers in the Maldives is further enhanced under our distinctive ‘one island, one resort’ concept and close attention to covid safety guidelines at every turn. The greatest testament to the success of these activities came late last year, as the Maldives secured the title of ‘World’s Leading Destination’ (among several other accolades) at the 2021 World Travel Awards, globally recognised as the hallmark of industry excellence. This is the second consecutive year that the Maldives had successfully earned this prestigious title, a shining testimony of the trust placed in the ‘magic of Maldivian hospitality’ by travelers from all over the globe.

Tourism & Aviation

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Transport & Construction

Corporate Maldives | February 22

MTCC Records Highest Profit in its 41 Year History!

FDC to Develop 4,000 Flats in 32 Towers of 18 Floors Each

Maldives Transport and Contracting Company (MTCC) has announced that it achieved a record profit in its 41-year history last year.

Fahi Dhiriulhun Corporation (FDC) has revealed 4,000 housing units will be constructed in 32 towers with 18 floors each.

According to MTCC’s financial report for the fourth quarter of 2021, which was published on the company’s website, MTCC made a net profit before tax of MVR 264 million. This is an increase of 19.6 percent compared to that of 2020, whereby MTCC achieved a net profit before tax of MVR 220.75 million.

Speaking with local news media, FDC’s Business Development and Corporate Affairs Manager Ahmed Shamul Abdulla revealed that the flats will be contracted to two Indian companies. Shamul also stated that loans have now been received for the construction of the flats and that work will begin as soon as the necessary equipment is received.

By the end of last year, MTCC had generated a total revenue of MVR 1.96 billion in 2021, breaking the revenue record achieved in the previous year. The company had received a total revenue of MVR 1.36 billion during 2020. 2021 was also a record year for MTCC in terms of number of projects. CEO of the company Adam Azim stated that a record number of projects were received. MTCC has been carrying out several development projects in several islands of the Maldives. These include major projects such as harbours, roads, airports and land reclamation. During the fourth quarter of 2021, MTCC managed a total of 103 projects. 10 projects were successfully completed, while work commenced on 8 new projects, and 18 new projects were awarded. MTCC, one of the largest companies in Maldives, states that it is committed to improving trade and achieving more success in the coming days.

FDC awarded the flats to National Buildings Construction Company (NBCC) and JMC Projects. 16 towers have been handed over to each company. The contract for construction work was signed with NBCC on 2nd February 2021. The company will have to complete the project within 900 days. Meanwhile, the contract with JMC Projects was signed on 8th March 2021. The project must be completed within 1,125 days. The two companies were awarded 1,400 threeroom flats and 600 two-room flats. The threeroom flats will span 900 square feet. The tworoom flats will span 650 square feet. "The design work is currently underway. Therefore, when the design process is complete, we will be able to share a floor layout with the public,"Shamul added. Work on the flats will begin as soon as the necessary equipment is received. Equipment for the flats constructed by JMC will be brought to the Maldives next Monday. According to FDC, the foundation of the flats will be laid by the end of next month or early March. Equipment for NBCC’s flats will be received early next month and the foundation will be laid by mid-March, said FDC. Exim Bank of India has provided USD 227 million for the construction of the flats. This includes loans of USD 116.45 million and USD 110.5 million. The administration has pledged to build 13,00015,000 flats in the Greater Male’ Region within five years.

Corporate Maldives | February 22

Transport & Construction

Work Progress on Thilamale’ Bridge Project to be Updated Very Soon: Housing Ministry

The Ministry of National Planning, Housing and Infrastructure has stated that a progress update on the Thilamale’ Bridge project will be disclosed very soon. A landmark project being carried out with assistance from the Indian government, the Thilamale’ Bridge is expected to bring about several improvements to the country’s economy. It has been given a USD 400 million line of credit and the Indian government has given further grant aid of MVR 100 million. The bridge, crossway and roads being made under this project are expected to span across 6.7 kilometers, while the connecting roads between the bridge and islands will have traffic lights and bus stations. The project has been handed over to Afcon Infrastructure Limited, an experienced Indian company with over 60 years’ of involvement in constructing bridges and roads within India and other countries. The company is targeting to finish the Greater Male Connecting Project (GMCP) within the next 2 years. Afcon Infrastructure Limited has ongoing projects in Maldives such as the road construction and land reclamation projects in Addu. The country is expecting to see major improvements to the economy upon the completion of this

project as well as the international harbor project in Gulhifalhu. Once the project has been completed, the warehouses in Male’ will be moved to the Thilafushi/Gulhifalhu area. Consequently, the capital city of Male’ will be seeing major transformations. The current government has plans to create more land space to provide housing for people, which is also expected to help with traffic issues in Male’. Furthermore, upon the completion of this project, a lot of economical work will be made easier such as the transportation of goods from one place to another. The main purpose of this project is to bring in more economic opportunities to the country and also to provide more housing options. In addition to this, this project will have a positive impact on Villimale’ that has not seen much development in the past years. This project will allow people to travel to Vilimale’ by bus instead of ferries, making it more accessible and convenient for residents of the Greater Male’ area. The government plans to provide the same services as Male’ in Vilimale’ and keep it as an environmentally friendly island.

Transport & Construction

Corporate Maldives | February 22

Housing Ministry Announces Plan to Develop 6 Airports Worth USD 133 Million Ministry of National Planning, Housing and Infrastructure has announced plans to seek financial assistance for the development of domestic airports worth USD 133 million (MVR 2 billion) under the ‘cross-subsidy’ model in six islands of the Maldives. In January last year, the government announced the development of airports in four regions and opened opportunities for interested parties. The first islands to be opened for airport development are -

In addition to these islands, Planning Ministry has included an island from the south of Faafu Magoodhoo and Raa Atoll. However, an island has not yet been decided to build an airport in the south of Raa Atoll. Cross subsidy project consists of spending and completing a government project in order to attain islands, lagoons, or land in the Maldives. These projects will force the government to give away more islands, lagoons, or lands to individuals. The government has detailed cross-subsidy as an allowance or relief provided by the state to a person who has invested his or her own funds in a project carried out under an economic policy or social policy for the public benefit of the state. The island, the land, or the land that is leased as a change. Planning Ministry has estimated that the largest expenditure will be incurred on Vilufushi Airport. The airport development project on the island is estimated to cost USD 33 million (MVR 508 million).

Corporate Maldives | February 22

Transport & Construction

The planning announcement includes the estimated cost per airport.

The Ministry stated that each airport is a separate project and if any party is expressing interest, they should specify which airport project they will be developing or financing. Additionally, if the interested party is only going to be financing the project, they should spend a minimum amount of USD 5 million.

Corporate Maldives | February 22

Real Estate

JLLH & HG Announces the Sale of Five Vacant Islands of CROSSROADS Maldives

Singaporean real estate company JLL Hotels and Hospitality Group has been mandated for the collective or individual sale of five islands of CROSSROADS Maldives. The islands developed by the reclaiming of land in Emboodhoo Lagoon, is situated in South Male atoll, a 15-minute speedboat ride from Malé and Velana International Airport. JLL Hotels stated that these islands represent an exceptional opportunity for investors to acquire and develop a resort, or resorts, to their own bespoke specifications and secure a foothold in the resilient hotel market of the Maldives, one of the best performing resort markets in APAC throughout the pandemic. The islands are offered individually or collectively on an as-is basis, allowing full flexibility for investors to design and scope each island according to their bespoke specifications

and requirements. Additionally, if desired, there is an opportunity to collaborate with the subsidiary of the Vendor, Singha Estate Public Company Limited, as development partners. The vacant islands are held under a direct head lease agreement with the Ministry of Tourism (“MOT”) for a 50-year period expiring in 2066. Crossroads encompasses a total of 9 islands, 7 km of coral reefs, largest privately-owned marina, over 4,000 m2 of retail space, cultural center and an array of marine life activities.

Corporate Maldives | February 22

Your Space @ CROSSROADS Maldives: The Ultimate Co-Working Space in the Maldives Located just 15 minutes away from the capital city Malé and accessible all day long with regular ferry services, ‘Your Space’ at CROSSROADS Maldives is a space where freelancers, remote workers, start-ups, and other independent professionals can work together in the communal setting. CROSSROADS Maldives has redefined commercial real estate using sharing economy principles, providing large and big companies with a better office experience at a better price. It has managed to create a beautifully designed, flexible working space, an active community, and valuable services for the hubbers. There are 4 membership levels with various benefits for a comfortable workspace suitable to various needs. The length of the membership varies from hour to a year and the longer the commitment, the better the price. The membership perks consist of transportation from Male’ to CROSSROADS and back along with free Wi-Fi, secretarial services, discounts from the existing outlets and shops, discounts from hotel bookings, and more.

Real Estate

Utilities

Corporate Maldives | February 22

HSBC Extends MVR 154 Million Loan to MWSC for Development Projects

Electricity Capacity in AA. Thoddoo Increases by 57% Thanks to STELCO’s New Generator Set!

HSBC Maldives has allocated funds to Male’ Water and Sewerage Company Limited (MWSC) to carry out development projects in 20 islands of the Maldives. HSBC has provided loan assistance of USD 10 million or MVR 154 million for the projects. MWSC said the fund will be funded by the Ministry of National Planning and Infrastructure to provide construction and engineering services for water and sewerage projects in 20 islands across the country.

The STW600, a new generator set by State Electric Company (STELCO), which was sent to AA. Thoddoo to increase the island’s electricity capacity, was commissioned and put into use on Wednesday. With this new generator set, Thoddoo’s electricity capacity has been increased from 1056kW to 1656kW, a whopping increase of 57 percent.

MWSC noted that this is one of the government’s goals to provide water and sewerage systems to all inhabited islands by the end of next year. Speaking on the matter, HSBC’s Maldivian Manager Dilshan Perera said the development projects will benefit a large part of the Maldivian community and bring positive changes to the country. “We are very proud to be able to contribute to the success of this project in collaboration with MWSC. HSBC has been assisting the Maldivian nation in various ways over the past 19 years,” said Dilshan Perera. Establishing water and sewerage systems in all islands before the end of his term is a presidential pledge of President Ibrahim Mohamed Solih.

These generators are built by STELCO engineers working at the ‘STEWO’ workshop, whom the Managing Director of STELCO, Mr. Hassan Mughnee has lauded as highly experienced and qualified for their roles. He also stated that the generators built by STELCO are of the same quality as any other generator that can be bought from foreign countries and can be used for a long period of time.

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Corporate Maldives | February 22

Hassan Mughnee Managing Director of STELCO

Mr. Hassan Mughnee is the Managing Director of STELCO, a state-owned company tasked with providing electricity and power generation services in the Maldives. Our team sat down with Mr. Mughnee to find out more about his career, and how he has managed operations at STELCO so far.

Corporate Maldives | February 22

Could you tell us a bit about your career? After I finished school, I started my career with Bank of Maldives. It was at a very young age, approximately 15 or 16 years. After that, I studied again for a little while, after which I worked at MNDF, and then at MWSC. After that, I worked at the Elections Commission as the Director General, then at MTCC as the COO, before working at STELCO. Then, I worked at another independent commission, the National Integrity Commission, and then back at STELCO. So that’s basically how my career moved – from various infrastructure SOEs to independent institutions.

Since you began your role as Managing Director at STELCO, how have you impacted the lives of your employees? Notably, we didn’t have a corporate culture before. The ‘culture’ used to be simply requesting the PO office to ask them what they want us to do, and doing that. That was the basic culture, and that is how it was run for a very long period of time. When I came here, and when I realized how outdated the mindsets of the staff were, I felt very sympathetic towards them. It was very sad, actually. But now, we are trying to develop a corporate culture where the leaders and managers help the most junior staff. Where they teach them, help them become better, so that their own roles can be fulfilled by the lowerlevel staff at a later period of time. Our collective aim should be to grow the organization and provide higher-level pay scales and higher-level positions to those who are capable, while expanding at the same time. The advantage here is that we are providing motivated engineers an opportunity to show their skills. In reality, it is very boring for a qualified engineer to carry out the basic services that STELCO provides. What we do as a company is very routine. The creativity of our staff will only shine if we foster their ideas and help them turn it into a reality. So that is what we are trying to do. We also aim to be a gender equality champion. In this field of work, we don’t see a lot of women. We try to bring them in, because the energy sector is actually a relatively well-paid industry. I believe that since 50% of the population is female, we have to give the same opportunity to them. We also try to provide opportunities for people with special needs. In fact, we’re trying to implement a certain quota for them within our operations.

People

Could you tell us about some of your CSR activities? As a company, STELCO touches all the areas of our society, not only in electricity, but in many other areas too. I think, especially during the time of the pandemic, we have been one of the few organizations that donated to various NGOs such as Tiny Hearts, Care Society, and more. I believe it is our corporate responsibility to regularly give back to those who need it. We have also sponsored sports events to encourage greater youth participation. Another area we try to focus on is heritage. We have been involved in the renovation of Hukuru Miskiy, the Minaret, and the Medhuziyaaraiy Shrine. Our aim is to make these places more accessible so that the public can visit and experience our culture. I think that is a very important aspect of our country.

How do you ensure the company’s quality of service? We regularly maintain statistics and monitor our service. How many times is electricity disrupted within a year? How many minutes? We have actually reduced these statistics by about 50 to 70% within the last three years. I think that is quite an improvement. We are also trying to increase the quality of our service in the islands. Earlier, high priority was given to Male’, and hardly anything was done in the islands. However, I believe as a company, we should be able to provide the same service in all islands which has a STELCO branch. The same rules should apply. After I was appointed, we began connecting the islands to our network of services, which means that a customer in Male’ can pay his bill even if he or she is on an island. So, we have carried out that type of integration. Furthermore, we have contingency plans in place for possible failures. Even in the islands, the network upgrades, powerhouse upgrades, and transformer introductions are conducted every year. Even though STELCO is an SOE, we have an obligation to maintain and improve our service quality, and therefore we constantly strive to better ourselves. Another accomplishment I’d like to note is that all of our departments are ISO certified. Many companies may market themselves as ISO certified, but in actuality, it is often one or two departments that are certified. We are the first company in the Maldives to be ISO certified in all areas of our operations.

People

How did STELCO manage its operations during the COVID-19 pandemic? If we had failed for a single minute during the COVID period, I don’t think anyone would have been able to stay at home. I believe we were the primary company to have provided the best services during that period. From the day the government announced the lockdown, we stationed some staff inside our premises to ensure continuity of service. We provided beds and food, and managed logistics for about a hundred staff in this way. As a result, we were able to provide services without failure in the Greater Male’ area. Furthermore, if someone had an issue with electricity, they would have been unable to get an electrician, as no one could be outside during the lockdown. Normally, we do not attend internal wiring issues at houses, but at that time, under our CSR initiatives, we helped them.

You mentioned that STELCO has been touching all aspects of human life. As such, the company empowers sustainability with the Green Life Initiative. Could you tell us a bit more about that? Our aim is to encourage people to use more renewable energy. One of the challenges that customers face is that it is relatively expensive to purchase and maintain solar panels. Not only this, after they purchase them, they do not have the technical skills to maintain them on their own. We came up with a practical plan where customers can pay in instalments. The way it works is that, the instalment is paid by the customer from the savings of the electricity bill. Further, we provide all the necessary service, support and maintenance required by our clients. Our Green Life Initiative helps reduce the carbon footprint, so that our customers can consume energy in an ecofriendly way.

What are the future plans you have for STELCO? In the future, I would like to see us expanding further into business areas that are relevant to us, such as the tourism industry. I would also like to see us grow into an international company, and export our products to other countries. We also have plans to improve our R&D department, to come up with new products which are relevant to our environment. We have a unique environment.

Corporate Maldives | February 22

We don’t have too much land, we have the sea. I believe we should work to harness its energy. Even globally, not much research or funding is being done in this regard, so I want to work towards this in the future.

What do you consider your greatest personal success? I think the biggest success for me is to see those who have worked with me in other leadership positions. If I can teach them something and improve their capacity, I think that will be the biggest happiness for me. Apart from that, I have achieved many successes in my career. For example, when I joined this company, we were making a huge operational loss. We have since managed to reduce the operational costs so much, that now this company is no longer running on an operational loss. This is a huge turn around for the company. Not only at STELCO, but every organization I have worked at, I am proud to say that I have led significant projects that positively impacted operations in a very major way.

Lastly, do you have any words of advice for young people who want to enter the industry and succeed? If you are working towards what you truly want, success will naturally follow. Because if you really want it, then you will actually work for it. Proper discipline and a positive attitude are also important. Superiors will always notice staff with a positive attitude. If they know they can depend on you, you will likely get more privileges. A psychological connection will form between you and your superior, and so, there will be a higher chance that you will get promoted. Sometimes, obviously, others might call you names and taunt you. Don’t care about what they say. If you really want to climb the ranks, you have to put in the effort and work for it in a realistic manner.

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Corporate Maldives | February 22

Shahid Ali CEO of Maldives Ports Limited

Mr. Shahid Ali is the Chief Executive Officer of Maldives Ports Limited (MPL), the sole authority on port related businesses in the country which manages all the regional ports. Our team sat down with Mr. Shahid to delve deeper into MPL’s operations.

Corporate Maldives | February 22

Could you give a brief explanation of MPL’s notable operations? The primary mandate of MPL is the operation of ports, mainly at the Male’ Commercial Harbour. As the Maldives is a 99 percent imports-based economy, the main entry point for this is MPL. This includes both air freight and sea freight components. Sea freight makes up about 90 percent of imports, so the majority of these imports arrive at Male’ Commercial Harbour. As part of our core operations, our team undertakes various roles such as offloading goods, clearing them, and safely getting them within reach of their respective owners. The Commercial Harbour includes the Male’ Port as well as the Hulhumale’ Port. Furthermore, MPL operates three more regional ports. These ports include Kulhudhuffushi Port, Maamigili Port and Hithadhoo Port.

The prevalent COVID-19 pandemic has disrupted the global economy in various ways. How has it affected MPL’s operations? The safety of our staff is one of our highest priorities. As such, many changes were brought to our operations. Firstly, we made it so that administrative employees, or in other words, employees working desk jobs were able to work from home instead. With the exception of workers who are essential to the field, we prioritized workfrom-home opportunities for other workers, including elderly, high-risk individuals. With the establishment of a virtual network, departments such as reception, finance and so on were moved online. Staff members were provided with connectivity and necessary devices such as tablets to be able to work efficiently from home. Additionally, to limit the number of people physically coming to our sites and building, we collaborated with our partners and agents to fasttrack the establishment of digital alternatives for many of our processes. Applications, payments, and submission of documents and forms were all moved online.

Lack of space and resources poses challenges to MPL. What has been done to increase the capacity for better service? The Male’ Commercial Harbour, due to the location and lack of space in Male’, is constricted from either side with no room for expansion. Hence, we decided to better utilize the space in our Hulhumale’ site,

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especially for the storage of empty containers. In 2019, we completed the pavement of the Hulhumale’ yard area to move the aforementioned operations there. While this is not a total solution, it did ease the challenges faced by lack of space to a certain extent. Additionally, to carry out port operations, special equipment and heavy machinery is needed. Some of the equipment was run down needed major repairs, and so, in 2019 we overhauled and repaired the existing machinery to bring it up to a higher standard. Certain equipment which we were lacking, we immediately ordered and added to our fleet in 2019. This includes 20 forklifts, 2 barge handlers and 4 terminal tractors.

What are the current projects MPL is working on to establish more ports locally? As previously mentioned, of the regional ports, MPL operates three - Kulhudhuffushi, Maamigili and Hithadhoo. We also have development plans for the ports in Kulhudhuffushi and Hithadhoo which outline the various upgrades that they need. Thinadhoo Port is now in its development phase, and progress is well underway. We expect that within the coming months, works will be completed and the port will be operational in the near future.

MPL employees are in high-risk jobs where safety-related incidents often take place. What is being done to minimize the risk of workplace hazards to your staff? The most important code that we have to comply with is the ISPS code, which is an international standard outlining the minimum security arrangements for ships, ports and government agencies. We routinely review and audit our operations to ensure whether we are operating to this standard, and continually improve and work on areas in which we are falling behind. At the moment, due to lack of space, our operations must be done within a very confined and constricted space. However, with the upcoming development of the Gulhifalhu Port, I believe it would greatly ease the issues faced with regard to space, thereby improving workplace safety and security for our staff.

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Corporate Maldives | February 22

Mishal Didi Managing Director of SIMDI Group

Mr. Mishal Didi is the Managing Director of the SIMDI Group, one of the leading premium distributors in the Maldives. Our team had a chat with Mishal to find out more about the beginnings of the company and what it has achieved over the last 20 years.

Corporate Maldives | February 22

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Could you tell us a bit about how the idea of SIMDI came about?

island across the Maldives in one way or another through our different SBU’s.

SIMDI Group was founded by our Chairman, Mr. Ibrahim Mohamed Didi and our CEO Dr. Mariyam Shakeela. Being in business for over 40 years – They both noticed that there was a significant gap in the market, especially during that time. It was extremely difficult to source high-quality international brands and services for the growing domestic and tourism market in the Maldives. To a large extent, our company’s focus has remained the same as when we started ‘Bridging Gaps’. We spend our main focus in identifying products and services that the market needs and facilitate ways and means to provide these products and services as a total solution for the market while maintaining competitive prices.

What would you say has been your most unforgettable milestone?

How does SIMDI Group differentiate itself from its competition? SIMDI does quite a number of activities to differentiate ourselves from our competitors. One of our key strengths and a point of difference is the relationship that we maintain with our customers. This enables us to be extremely responsive to their needs and challenges. I believe a very distinct difference from our competitors is our focus to think from the perspective of a prospective customer rather than solely ourselves and our bottom line. We spend a significant portion of our time in research and development, testing and identifying everything that our target market would want out of a potential product and/or service. We do our best to provide a full solution, including servicing options and trainings for our customers, to name a few. To put it simply – we work as a total solution partner for our customers so that they do not have any difficulty down the line. This obviously comes with a lot of costs to us, but we believe it’s worth our time and effort to provide the perfect solution for our customers and be a business partner to them, rather than just focusing on short-term gain.

What do you consider to be the biggest success of your company in the last 20 years? One of our biggest successes is growing and diversifying while maintaining our key focus of a personalized relationship with our customers, usually only seen in smaller companies. We started our journey at SIMDI representing a handful of brands with a very small team. We now represent over 200 international brands with 12000 products and services. SIMDI Group has over 300 team members in 3 different countries across 15 different diversified businesses. If we are looking at the Maldives only, SIMDI is present in every single

A key moment for me and my team has been our move to unify SIMDI Group under one banner by rebranding ourselves and marketing ourselves as a group rather than individual businesses under different names. This has enabled us to approach our customers as a Group with a more complete and comprehensive solution.

What did you do differently to get where you are today? What sets you apart from the crowd? I am a strong believer in listening to all team members regardless of which section of the company they are representing. Whether this is our senior managers or someone representing our delivery service their ideas are equally important. We have programs where we bring every single staff in the company to meet us in an informal session to brainstorm and share ideas as well as difficulties that they are facing. Some of the best decisions we have made has stemmed from these sessions.

What’s in store for your company in the future? What can we expect to see next? COVID-19 taught us a lot of lessons and, like everyone else, made us rethink our business models among other things. Apart from a lot of exciting new products and services that we are looking to introduce, a big focus for our future would be to expand our reach even further.

Lastly, as a youth in a high managerial position of a successful company, do you have any words of advice for aspiring young entrepreneurs? My advice would be to soak up as much information as possible about your business venture first before anything. Take your time to listen to people around you and formulate a proper plan for yourself. Build a strong core team to execute your vision. Research your potential competitors because chances are, there is always a competitor in one way or another. Building relationships with your stakeholders will be a fundamental aspect of your success. While you achieve this, the challenge will be to sustain this relationship given the market dynamics and fierce competition. This next part is going to sound contradictory to what I said earlier, but, once you have done that, don’t listen anymore. Just go for it with your team. You will make mistakes but you will learn from them and you will grow from them.

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Corporate Maldives | February 22

Haroon Rasheed Managing Director of Agro National Corporation

Mr. Haroon Rasheed is the Managing Director of Agro National Corporation, or AgroNat. Our team sat down with Mr. Haroon to dive deeper into the formation of the corporation, and to find out how it is helping support local farmers across the Maldives.

Corporate Maldives | February 22

How did the AgroNat company come into establishment? AgroNat was established as part of the incumbent government’s pledges, one of which was to develop the agriculture and farming industry of the Maldives. Since the beginning of its term, although much work was being carried out by the current administration in this field, the prevalent COVID-19 pandemic put forth many obstacles. This meant that we had to work harder to establish our company. Throughout history, Maldivian farmers have typically made significant preparations for the month of Ramadan. However, as a result of the pandemic-induced lockdown last year, farmers faced immense difficulty in finding a market to sell their produce to. As such, the government’s idea was to establish the Agro National Corporation to aid farmers in this way. During Ramadan, we bought produce from local farmers and worked to sell it in markets, especially in the Male’ market. That is how our company really started out.

What are the securities and benefits of AgroNat to farmers? As we were established specifically to develop agriculture and farming, the government had set out 45 islands in which we were to operate. These islands are known for its agriculture practices, and the aim of our company is to work with farmers on a contract-farming basis. Contract farming is a new, innovative model - as we work together based on a contract, there are various requirements that need to be fulfilled by both parties. For example, for farmers, there are three main requirements to be able to work on a contract basis with us. First, the farmer must possess land of minimum 500 sq ft for farming. Secondly, farming must be carried out on the land with necessary permits acquired by the island council. Lastly, the farmer must have an account opened with a bank. If all three requirements are fulfilled, any farmer will be able to work with us on a contract basis. The main benefit of AgroNat to farmers is that they will get the guarantee that their produce will be sold. We monitor the agricultural fields, provide

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necessary training, and work with farmers to reach markets that they would otherwise be unable to. We have already finalized the prices at which we purchase produce from farmers, and we stick by them. One more thing I’d like to highlight is that, farmers do not need to have a certain amount of funds to be able to sign a contract with us. From the day the contract is signed, we will be helping farmers whether they have any money or not.

AgroNat started out while the economy was reeling from the effects of the COVID-19 pandemic. What were the main challenges? As previously mentioned, during Ramadan, we bought produce from farmers and worked to transport and sell it in the Male’ market. However, as a result of the lockdown, there were definitely challenges in transportation. We were not able to supply it to the Male’ market as efficiently as we would have liked. Furthermore, as we worked to introduce our concept to local island farmers, we faced further difficulties due to the pandemic-induced lockdown. When our staff members traveled to local islands to disseminate information about AgroNat to farmers, they had to be placed under home quarantine and such. This resulted in quite significant losses for us, both time and cost-wise. Nonetheless, we were firm in our belief that the work must be carried out regardless of the challenges.

In his speech, President Solih stated that in 45 islands, the state will draw up contracts with farmers. Could you shed light on some details? As the President stated, 45 islands were outlined to carry out contract-farming in. We have already begun operational work in some of those islands. We first started in Laamu Atoll, with the SEEDS Project in partnership with UNDP. After holding meetings and signing contracts with farmers in Laamu, we have now begun physical work. In this atoll alone, 640 parties have expressed interest in working with us. Within the coming days, our plan is to begin physical work in several other islands as well.

Education

Villa College Student Association Inaugurates Branches in Regional Campuses The Villa College Student Association (VCSA) has inaugurated its first ever branches in the regional campuses of Villa College. The VCSA Chapters were inaugurated in Villa College Hithadhoo Campus, Kulhudhuffushi Campus, Naifaru Campus and Laamu Gan Campus. Dr. Ahmed Anwar, Rector of Villa College, highlighted that VSCA plays an important role in organizing and executing events requested by students. Moosa Meekail, the President of VSCA, also noted that newly elected VCSA Chapter members will get the opportunity to prove themselves as capable student leaders. The VSCA amended its constitution accordingly to introduce VSCA Chapters.

Corporate Maldives | February 22

Maldivian Aviation Academy Officially Commences Classes! The first batch of Maldivian Aviation Academy has officially commenced classes on 10th January 2022. Maldivian Aviation Academy, run jointly by the national airline, Maldivian and Maldives National University (MNU) is fully owned by the Maldivian government and is managed by a flying school from the Czech Republic. Students will be using a state-of-the-art Learning Management System (LMS) for online classes and are taught by teachers from the flying school from the Czech Republic. This is the first time a Civil Aviation Authority approved course for flight training is being taught using the distance learning method with real-time instruction. Maldivian Aviation Academy commenced classes on Monday with a batch of 35 students. The first batch consists of students who had previously studied at the Addu Flying School. Students are required to complete 150 hours of refresher theory classes followed by 10 hours of flying classes. The classes are held 4 days a week from 1300HRS to 1800HRS. Deputy Managing Director of Island Aviation, Aishath Jennifer, stated that records show the education of around 75 students of the Addu Flying School were incomplete due to the negligence and mistreatment of students at that school. Hence, the highest number of students who could be taken into the first batch from Addu Flying School were considered and given a chance so that they would not lose more time. She also said that new students will be allowed to start by the time the first batch is done.

Education

Corporate Maldives | February 22

Bank of Maldives Announces ‘BML Scholarship Fund’

Bank of Maldives has launched ‘BML Scholarship Fund’ as the first of series of 12 high impact monthly community initiatives to celebrate leading up to the Bank’s 40th anniversary in November 2022. The scholarship fund launched will provide fully funded international scholarships for three students in the area of Banking and Finance. The Fund, aimed at developing talented young Maldivians in the field, will be an annual fund, open to all. BML’s CEO and Managing Director Tim Sawyer commented "We will be celebrating a significant milestone for the bank next year as we mark our 40th Anniversary. In the lead up to the day, we will be carrying out a major initiative each month as a way of supporting and appreciating our

customers, communities and colleagues. Today we are delighted to announce the launch of the BML Scholarship Fund as the first initiative and through this, proud to give back and invest in the future of our nation." As we continue our celebrations, we are happy to welcome ideas from the public to identify areas of investment that can benefit our communities. We intend to include some important environmental initiatives such as a massive tree planting campaign to support the COP discussions.” The application process and eligibility criteria for BML Scholarship Fund will be published on the BML website at a later date.

Banking & Finance

Corporate Maldives | February 22

A Journey Through Significant Developments in Maldives’ Financial Sector Written by: Abdul Haleem Abdul Latheef

The Maldivian economy first started to take a more structured form during the 1950s. This was when government-led economic planning started to take shape in the Maldives. The expansion of trade, influx of foreign exchange, remittance from Addu Atoll to Male’ contributed to the formation of private capital as well as increases in government revenue. In 1974, with the arrival of the country’s first foreign bank, the ‘State Bank of India’ (SBI), the Maldives economy became further integrated with the rest of the world. SBI’s entry is largely regarded as the origin of modern banking services within the country. In 1981, six years after the introduction of banking services, the country’s first central bank, the ‘Maldives Monetary Authority’ (MMA) was formed. In 1985, 11 years after the introduction of banking, the first insurance company was established by the state owned entity, ‘State Trading Organisation’ (STO) in the form of a subsidiary by the name of ‘Allied Insurance Company’ (Allied). Further developments in the financial sector took place during 2000s. In 2001, the first finance company was established in the name of ‘Maldives Finance Leasing Company’ (MFLC). Similarly in 2004, the first specialist mortgage finance company was set up named ‘Housing Development Finance Corporation’ (HDFC), with backing from the ‘International Finance Corporation’ (IFC), the ‘Asian Development Bank’ (ADB) and HDFC, India. 32 years post introduction of banking services, saw the emergence of capital market institutions through out the country. In 2006, the ‘Maldives Securities Act’ came into force, leading to the establishment of ‘Capital Market Development Authority’ (CMDA). Following the Act, the ‘Maldives Stock Exchange’ (MSE), ‘Maldives Securities Depository’ (MSD), and market intermediaries such as stockbrokers came into existence. During 2016, CMDA in its role as regulator for security markets, issued the much anticipated ‘Regulations on Fund Management’, which opened the door for establishing businesses in professional money management. In 2009, the Maldives established its first funded pension scheme, the ‘Maldives Retirement Pension Scheme’ (MRPS). In 2011 Islamic banking was introduced to the Maldives when the ‘Maldives Islamic Bank’ (MIB) with the backing of the ‘Islamic Corporation for the Development of the Private Sector’ (ICD), a multilateral development financial institution forming part of the ‘Islamic Development Bank’ (IsDB) Group, opened its business operations. The same year, MMA contributed to the developed the country’s payment system with the introduction of the ‘Real Time Gross Settlement System’ (RTGS). Following suit in 2017, MMA introduced an electronic clearing system with the launch of the ‘Automatic Clearing House’ (ACH). Successively in 2017, with the aim of strengthening the country’s debt repayment capacity and maintaining its credit rating in sovereign bonds, a ‘Sovereign Wealth Fund’ (SWF) was established. Since then, the government has been allocating funds in the form of transfers from its budget to the SWF.

Corporate Maldives | February 22

Banking & Finance

In 2016, the Maldives government securities received its first international rating from ‘Fitch Rating’, paving way for international listing of sovereign debt. The first government sovereign bond sale took place in 2017 with the sale of the USD 250 million at 7% fixed coupon 5-year maturity conventional bond which listed in the ‘Singapore Stock Exchange’. A second bond was issued in the same year valued at USD 100 million at 5.5% fixed coupon for 5-year maturity listed in the ‘Abu Dhabi Stock Exchange’, privately placed with the ‘Abu Dhabi Fund for Development’. Although over four and half decades have gone by with the introduction of the Maldivian financial sector, access to capital at reasonable cost is still an uphill battle for majority businesses throughout the country and bank deposits remain as the only viable form of savings. In fact, World Bank’s Doing Business Report (2020) state that getting credit (34), protecting minority investors (32), and resolving insolvency (33) as the least performing indicators for the country. Further modernisation of the country’s financial system would be crucial for the county’s economic and social development.

About the author - Abdul Haleem Abdul Latheef is the Chief Investment Officer of the First National Finance Corporation. He started his career as an academic in 2000 and he worked for the Bank of Maldives as Deputy CFO, MCB (Maldives) as Head of Corporate Banking, for Solarelle Insurance as Deputy CEO, and as CFO of the National Pension Fund. He is also the current President of Maldives Red Crescent and a Board Member of the National Pension Fund.

Banking & Finance

Corporate Maldives | February 22

Licensing Regulation for Dealing Companies and Dealers’ Representatives Now in Effect

The licensing regulation formulated for dealing companies (dealers) and dealers’ representatives (brokers) has now come into effect, after being published on the government gazette. According to the regulation, a dealing license must be issued through a special form. Applications to renew the dealing license can also be submitted through a special form. A special form must also be submitted to apply for a brokerage license to represent the dealers. As per the regulation, dealers’ licenses can only be applied for by companies registered in accordance with the Companies Act of the Republic of Maldives. The regulation also states that applicants for a license to represent deals must meet certain requirements. According to the regulations, the conditions for brokers include 18 years of age, no debt conviction, no bankruptcy in any country, and no conviction of fraud or embezzlement. They must also not be sentenced to more than six months in prison for any crime within the past 10 years.

It is also a condition to complete the first degree in business accepted by the relevant state authorities, to participate in training sessions on securities selected by the Capital Market Development Authority (CMDA), and to pass the securities deals/ stock brokerage exams held by the Authority. If you apply for a dealing license with the application form, you will be required for MVR 10,000 as an application processing fee. If you apply for a license to represent the dealers, you will be charged MVR 500 as an application processing fee. If you wish to renew the dealing license, a fee of MVR 1000 will be charged, while a fee of MVR 500 will be charged for the new license to represent the dealer. According to the regulation, dealers have an annual fee of MVR 5,000 per year to CMDA. Those licensed to represent deals are required to pay an annual fee of MVR 500.

Corporate Maldives | February 22

Banking & Finance

BML Provides Deposit and Payment Services Through 100 Cash Agents Bank of Maldives reaches 100 Cash Agents providing deposit and payment service with the introduction of this service in G.Dh Hoandedhoo. Cash Agent banking involves using local retailers to provide cash withdrawal and deposit services to inhabited islands without a branch or ATM. Cash Agents were introduced in 2015 with just cash withdrawal services. Today, agents are able to facilitate withdrawals, deposits and payments for loans or credit cards without any additional charges. Customers will be able to withdraw MVR 2,000 and deposit MVR 10,000 daily through these Cash Agents. BML’s Deputy CEO Aishath Noordeen stated, Today represents an important milestone as we celebrate the introduction of Agent Banking services through our 100th Cash Agent. This is an integral part of our financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to travel to an island with a Branch or Self Service Banking Centre. We look forward to expanding the service to more inhabited islands over the course of this year. With the nationwide network of 35 branches across all 20 atolls, 76 Self Service Banking Centres, 134 ATMs, over 200 agents and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.

Corporate Maldives | February 22

Banking & Finance

MMA Issues the First Two Payment Service Providers’ License Under the National Payment System Act

Ooredoo Maldives and Dhiraagu have been issued Payment Service Provider’s License under the National Payment System Act. On 18th January 2022, these telecommunication companies were granted the license to issue electronic money. Ooredoo Maldives was additionally licensed to provide payment services required for remittance service in the Maldives. With the issuance of the license to Dhiraagu and Ooredoo under the new Act – the licenses previously issued to the companies will now be void.

Ooredoo’s remittance service is designed to wire money abroad via the company’s m-Faisaa mobile wallet. National Payment System Act was passed and enacted last year. Subsequently, MMA, in December, opened applications for payment system operators to register with them.

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Corporate Maldives | February 22

Technology

Launch of SmartCom – The Beginning of HDC’s Smart City Vision HDC has launched its smart city brand, SmartCom, on December 11, 2021. The brand was launched at a special ceremony held at Hotel Jen. The ceremony was attended by Minister of Economic Development Fayyaz Ismail. In this ceremony, senior executives from other government institutions, along with the openaccess network partners of HDC such as Dhiraagu, Ooredoo, and MediaNet, attended the ceremony. Digitally connecting different communities in Hulhumale’ is the vision of SmartCom. One of the main goals of SmartCom is to introduce various smart solutions to carry out the city’s operations. It is also one of the goals of the government to create different partnerships to achieve this vision. It also aims to make the lives of the people easier in a sustainable manner using technology and creativity. The smart solutions introduced under the SmartCom brand will bring many benefits and conveniences to the people, businesses, and government agencies, such as ensuring the safety of the city’s education, health, and transport, ensuring the safety of the people and the general public, business and economic development, and creating more job opportunities. In this regard, partnerships, incubation facilities, and similar programs will provide opportunities for skilled youth interested in the technology industry, as well as for Small and Medium Enterprises (SMEs) and those who want to enter the industry.

HDC is currently working hard to make Hulhumale’ a smart city using digital technology. A large part of the work to establish a digital infrastructure in Hulhumale’ has been completed with an openaccess network. HDC aims to make Hulhumale’ the first smart city in the Maldives through SmartCom. Smart city services will also be provided in Hulhumale’ and other parts of the country. In this regard, an open-access network designed to provide services to the public through a single network has been established and its services have been introduced. Dhiraagu, Ooredoo, and Media Net services were launched in Hulhumale’ Phase II in the last quarter of this year. It is also noted that in the second phase, work is also underway to develop communication towers, streets, and rooftop poles that can be used by all telecommunications companies to improve mobile coverage. Dhiraagu and Ooredoo have commenced providing mobile services through the Hiyaa Flats area. Such a digital infrastructure, which is accessible to all service providers, provides services to the people quickly and solves the difficulties faced by the people, such as road construction. Such open access networks will also be able to introduce smart solutions.

Technology

Corporate Maldives | February 22

Ooredoo Maldives Invests in PEACE Cable Connecting the Shores of Kulhudhufushi City to Singapore and Europe Ooredoo Maldives has announced its entry into an agreement to invest in the PEACE Cable. PEACE Cable is a direct international Submarine Cable System that will build resiliency, diversity and redundancy on international data capacity to provide uninterrupted services to customers. The cable will further strengthen the digital infrastructure of the Maldives. ‘PEACE’ submarine cable will be landing at Kulhudhufushi City. Ooredoo Maldives has carefully chosen Kulhudhufushi to host the landing station of this subsea cable to create diversity in ISP traffic and to develop other areas besides the capital to drive digitally powered nation with endless possibilities and opportunities. The new international submarine cable will cover approximately 3000 kms to the East and 6000 kms to West connecting Maldives to Singapore in East and Marseille in France on the west side through trunk route which will also connect more than 15 other countries including East Africa. Ooredoo Maldives is investing in this revolutionary submarine cable to improve latency to Singapore and Europe and to add additional capacity. It will also provide diversity to international traffic and empower the 5G capabilities, in line with our vision to establish a truly Digital Maldives. With the successful landing of the PEACE Cable, North of Maldives will become a gateway to East and West, opening up opportunities for hyperscaler services and host Data Centre facilities at Kulhudhufushi. Future digital businesses and Software development facilities at North are projected to rise with will provide new jobs, develop skill sets and endless opportunities to join the global digital race, as the cable will become an information highway to the rest of the world. “The rapid use of the internet, cloud services and other future digital services enabled by 5G network and the Internet of Things has greatly increased the dependency and importance of strengthening the infrastructure. Ooredoo Maldives will ensure we are at the helm of the digital transformation of the nation through investments to strengthen the digital infrastructure to support the growing need of local communities and businesses to realize the benefits of digital age,” said Managing Director & CEO of Ooredoo Maldives, Najib Khan.

“We are extremely excited and grateful for this first of its kind initiative by Ooredoo Maldives. With the landing of this subsea cable Kulhudhufushi City will be the first island outside the greater Male’ to be connected to digitally advanced countries through an international submarine cable. This project will massively improve the overall connectivity across the nation and connect our communities to new digital heights. We look forward to the future developments and opportunities this will bring the people of the North We extend our humble gratitude to Ooredoo Maldives for choosing Kulhudhufushi City to host the landing station of this this new international submarine cable,” said Kulhudhufushi City Mayor, Mohamed Athif. The PEACE Cable is estimated to be deployed and land the cable in HDh. Kulhudhufushi early 2023. The project will also support and enhance the network readiness to provide revolutionary 5G services connecting the people of the Maldives to new technologies, innovation and socioeconomic development across the nation.

Corporate Maldives | February 22

Technology

Dhiraagu Prepaid COMBO Plans Just Got More Exciting with ‘Night Allowance’

Dhiraagu has introduced an all-new promo allowing customers who have activated a Dhiraagu Prepaid Combo to enjoy additional FREE ‘Night Allowance’ data.

Prepaid customers can activate the all-inclusive Combo plans for as low as MVR 250 per month. These plans are eligible for Dhiraagu Prepaid and Salhi Prepaid customers.

Under this new promo, Dhiraagu Mobile Prepaid customers can enjoy all-inclusive data plans together with more data by activating a Prepaid Combo plan. The newly introduced ‘Night Allowance’ can be used between 1AM to 7AM where during this period, ‘Night Allowance’ will be used first for all data needs.

Customers can activate Combo Plans through Dhiraagu App or send an SMS to 343 with the Keyword.

Additionally, they can also enjoy FREE perks that offer data allowance for streaming, chat and social media and all this with just one simple activation. This gives the perfect opportunity for customers to get more without having to activate separate add-ons. A special perks portfolio has been designed to cater to customers looking for different uses such as chat, social media, streaming. We will be bringing further enhancements to the portfolio by catering to even more customer segments. Dhiraagu Mobile

These upgrades are part of Dhiraagu’s continued commitment as a digital enabler to enhance the experience of customers.

Corporate Maldives | February 22

Technology

Digitalization Equipment Handed Over to Support Maldives Polytechnic’s E-learning Stations In a bid to assist the Government of Maldives accelerate provision of educational services in a decentralized and effective manner, digitalization equipment was provided today to Maldives Polytechnic through the Ministry of Higher Education by the United Nations Development Programme (UNDP) in the Maldives, with the generous endowment of the Government of Japan. The equipment will go towards establishing e-learning stations in Maldives Polytechnic’s regional campuses in Gaafu Alif Gahdhoo and Seenu Hithadhoo, as well as additional online set-ups in the Male’ Campus – helping over 900 students access uninterrupted technical and vocational education and enhance their studying experience through the COVID-19 crisis and beyond. The digitalization equipment provided to the Institute consisted of computer s ystems, webcams, microphones, and a host of supporting software. Maldives Polytechnic is the leading technical and vocational education provider in Maldives, aiming to build a qualified, skilled workforce and boost the technical and vocational industry in the country. With the onset of the pandemic and the disruption to service provision of educational establishments, Maldives Polytechnic shifted from physical to virtual classes, resulting in an increase in demand for online education, and adding strain on existing resources. "The equipment donated by UNDP will enhance the Maldives Polytechnic’s capability to reach out to students across the Maldives and ensure they have a valuable learning experience, especially in difficult situations like the current COVID-19 pandemic. Through online learning mechanism we will be able to provide accessibility to many youths in rural areas and assist them find decent jobs via skill training. This small yet big assist will make Maldives more resilient and better prepared for future shocks and such crises," said Ahmed Nasir, Chief Executive Officer of Maldives Polytechnic. To address the challenges faced by Maldives Polytechnic, UNDP Maldives extended support to the Institute via the Ministry of Higher Education, as part of a project supported by the Government of Japan to build social cohesion in the Maldives. The initiative focuses on building capacities of government institutions to provide decentralized and equitable access to enhanced educational

services, increasing opportunities and wellbeing of students across the country. The nexus of today’s partnership places emphasis on strengthening the foundations for resilient technical and vocational education systems in times of crisis, and the opportunities that digitalization can provide towards building the sustainable society of the future. "I am pleased that the Government of Japan contributed to bridging the access gap by supporting the Maldives Polytechnic through UNDP Maldives to establish e-learning stations in regional campuses. The provision of equipment and software would enhance the capacity in providing vocational and technical education in a decentralized and effective manner. Japan is committed to continuing to support Maldives in achieving SDG 4, which ensures inclusive and equitable quality education and promote lifelong learning opportunities for all," said Keiko Yanai, former Ambassador of Japan to the Maldives in her remarks. COVID-19 has accelerated countries’ reliance on digital technology. To be fit for purpose, UNDP has fast-tracked digital collaboration and investments in digital public goods throughout the crisis. Today’s initiative will contribute toward Sustainable Development Goals (SDGs) 4 on Quality Education, and 10 on Reduced Inequalities. "Digital solutions are expected to revolutionize how people access basic services, such as health and education, and accelerate progress towards the SDGs. Through this support, UNDP seeks to reduce the barriers to knowledge and skills by increasing access to technology and digital literacy – to eliminate gender inequality, social and economic exclusion and ensure vulnerable populations are not left behind," said Vera Hakim, UNDP Resident Representative ad interim. UNDP acknowledged the efforts of the Government of Maldives and service institutes to embrace existing and emerging digital technology and accelerate provision of services in a decentralized and effective manner, and reiterated commitment to work with partners towards inclusion, equity and opportunities.

Corporate Maldives | February 22

Fisheries & Agriculture

Maldives Granted Highest Tuna Fishing Quota in the Asia Region The Indian Ocean Tuna Commission (IOTC) has granted the Maldives the largest fishing quota in the Asia region this year. According to the list published by IOTC, 47,195 tonnes will be allocated to the Maldives this year. However, the largest quota is allocated to the EU. This amounts to 73,146 tonnes. Meanwhile, Sri Lanka had the second highest quota in the Asia region with a limit of 31,066 tonnes. The Maldives fished an average of 47,000 tonnes from 2017 to 2019. In 2020, 42,000 tonnes of tuna were fished. Limits set for other countries -

Pakistan

14,000 Tonnes

Thailand

2,000 Tonnes

Seychelles

30,000 Tonnes

Bangladesh

2,000 Tonnes

Mauritius

10,490 Tonnes

China

10,557 Tonnes

IOTC passed a resolution last year to limit the number of countries fishing tuna. India, Somalia, Oman, Madagascar and Indonesia are among the countries that did not agree to the resolution. Therefore, the number of tuna taken by these countries has not been limited.

Corporate Maldives | February 22

Fisheries & Agriculture

MIFCO Records Highest Revenue for Fish Exports in 2021 in the Past 8 Years

HDC’s Community Urban Farming Project Officially Inaugurated

Maldives Industrial Fisheries Company (MIFCO) has revealed the revenue generated from fish exports was the highest in 2021, a record-breaking revenue compared to the past 8 years.

Housing Development Corporation (HDC)’s Community Urban Farming Project was officially inaugurated in Hulhumale’ after handing over the land plots to the selected candidates who applied for this project.

The number of fish purchased and processed by the company increased significantly in December, according to MIFCO. Statistics from 2014 to 2021 show that the Maldives exported the highest number of frozen fish and generated the highest revenue last year. Maldivian fisheries industry had improved significantly in the past year. In 2021, Maldives exported 47,393 metric tonnes of frozen fish and received USD 68.56 million as revenue. The lowest number of frozen fish exports in the past eight years was in 2014. The total number of frozen fish exported from the Maldives during this year was 19,690 metric tonnes which amounted to USD 32.31 million in revenue. Meanwhile, the number of canned fish exported from the Maldives also increased last year. Since 2018, the highest number of canned fish exports was recorded in 2021. As such, a total of 213,319 cans of fish were exported last year generating a revenue of USD 7.2 million. In 2018, Maldives exported 319,411 cans of fish and recorded a revenue of USD 13.75 million. Statistics released by MIFCO show that fish packed in pouches were not exported last year.

Under this project, a total of 16 groups have been selected with groups of 3 people. The groups consist of 3 categories which are, groups of women/youths, people with disabilities, and other people. This project is being executed as part of the sustainable economic employment for the development of MSME and a total of 19/877.26 square feet have been distributed into 16 plots and divided among the selected candidates that applied for the project. The main purpose of this project is to create awareness regarding farming, familiarize more people with this concept, and bring more people to work in this industry. In addition to this, this project will also help encourage a healthy lifestyle for people living in Hulhumale’, and to use the free land space and parks more productively. Moreover, this project will provide a way to generate sustainable income for those who have suffered losses due to the COVID-19 pandemic. Ministry of Fisheries, Marine Research and Agriculture, BCC, and Agronat have conducted training and awareness programs for the participants of this project. As per this project, no rent will be taken from the 16 plots within the first 3 months and an allowance will be given to the participants to make this project more feasible. This project is the first project like this to be carried out in the Maldives by HDC and UNDP and it has received huge praise from the public. Therefore, plans to create a PLAZA area and more land to provide the opportunity to sell and earn from agriculture are now being carried out. According to the master plan of Hulhumale’, there are lot of open and empty lands and changes will be brought to this plan to find an efficient way to use these spaces.

Trade & Shipping

Imports Grow by 78% Within a Year; Exports Fall by 28% The Maldives has experienced a significant rise in imports and a drop in exports within the span of one year. The latest monthly statistics publicized by Maldives Customs Service reveal that during December 2021, the Maldives recorded 4.5 billion as imports including fuel. This is an increase of 78 percent compared to the same period of the previous year. Food items excluding alcohol, pork and tobacco, made up the highest proportion of imports, at 935 million. Fuel, including diesel, petrol and aviation gas, accounted for 816 million of the import figure. Meanwhile, machinery and mechanical appliances accounted for 777 million, products of the chemical or allied industries accounted for 319 million, and base metal and articles of base metal accounted for 240 million. Other significant import categories include miscellaneous manufactured articles, vessels, aircrafts and parts thereof, plastic and rubber articles, and wood articles. The major importing countries during December 2021 were

Additionally, as per the statistics, the level of exports during December 2021 was recorded as 327 million, which is a fall of 28 percent compared to the same period of the previous year. The most significant export category was frozen skipjack or frozen stripe bellied bonito, at 100 million. Prepared and preserved skipjack tuna accounted for 34 million, fresh or chilled yellowfin tuna chunks accounted for 14 million, while fresh or chilled yellowfin tuna loins accounted for 13 million. Lastly, canned, prepared and preserved yellowfin tuna accounted for 12 million of exports.

Corporate Maldives | February 22

Trade & Shipping

Corporate Maldives | February 22

The major exporting countries during December 2021 were

Vessel movements during December 2021 also dropped compared to the same period of 2020. While 117 vessels arrived in the Maldives in December 2021 compared to 138 in December 2020, 102 vessels departed in December 2021 compared to 116 in December 2020. On the other hand, total number of declarations processed by Customs rose from 17,430 in December 2020 to 22,817 in December 2021. As a result, in December 2021, customs revenue grew by 23 percent compared to the same period of the previous year.

Corporate Maldives | February 22

Environment & Sustainability

List of Banned 13 Single Use Plastic Products Out Now President Ibrahim Mohamed Solih has ratified the list of 13 single-use plastics banned from entering the Maldives. The cease of single-use plastic in the Maldives by 2023 was announced by President Solih at the Climate Summit held on September 23, 2019, on the sidelines of the 74th Session of the United Nations General Assembly.

While the government is banning the production of water and ready-to-use beverages of less than 500 milliliters, the sale of these products in the market will be banned from September this year.

A single-use plastic phase-out plan has been formulated to stop the import, manufacture and use of single-use plastics in the Maldives by 2023. The government’s Strategic Action Plan (SAP) outsets policies to be followed in reducing singleuse plastics.

The list states that the production of two products will be banned from December 1, 2022. They are plastic bags thinner than 50 microns, and small shampoo and soap bottles ranging from 50 milliliters to 200 milliliters. The sale of these items in the market has been banned since March 2013. Furthermore, from December 1, 2023, the import of water sealed in PET bottles of greater than or equal to one litre will be banned from the Maldives. The sale of these goods to the market will be banned from March 2024.

The resolution, signed by the President, prohibits the production of 10 products from June 2022, two products from December 2022 and one type of single-use plastic from December 2023.

With the ban on these products, the amount of single-use plastic produced in the Maldives will be reduced and the damage caused to the environment will also be minimized.

Products to be banned from June 2022 . Plastic straws . Plastic plates, spoons, knives, forks, and utensils used to stir drinks . Styrofoam food containers . Plastic bags smaller than 30 cm used for the market . Single use plastic cups of less than 250 milliliters . Supaari sealed in plastic packets . Plastic cotton buds . Shampoo and soap bottles equal to or less than 50 milliliters . Water bottles less than 500 milliliters, produced and used in the Maldives . Ready-to-use beverages in the Maldives less than 500 milliliters, produced and used in the Maldives (except water)

Corporate Maldives | February 22

Environment & Sustainability

Noo Raajje Begins Ocean Use Survey of Maldivian Waters to Better Understand Stakeholder Priorities A six-month ocean use survey by Noo Raajje has commenced to identify areas of importance to Maldivian fishermen, communities, individuals, the tourism industry stakeholders and others. The purpose of the ocean use survey is to further identify the economic, cultural and environmental ties between the Maldives and the ocean. In this regard, the survey will identify important areas for Maldivian ocean users and make it easier to identify ways to protect and manage marine life. The purpose of the survey is to ensure the participation of users of marine resources when formulating the Marine Spatial Plan of the Maldives.

Speaking on the Ocean Use Survey, the Minister of Fisheries, Marine Resources and Agriculture, Dr. Hussain Rasheed Hassan stated: “As this is the first survey to identify the use of individual areas of the maldivian ocean, we would like everyone to participate in this important survey. The information provided by the survey will be important for the sustainable use of maldivian marine resources and for future generations.”

The survey team aims to identify and assess the use of marine areas with the participation of as many people as possible from all over the country. In this regard, discussions will be held with fisheries, tourism and infrastructure stakeholders to determine the use of Maldivian waters. After collecting the results of individual surveys, heatmaps will be compiled highlighting the areas commonly used by Maldivians for fisheries, tourism, entertainment and other purposes. The maps are created through the ‘SeasCatch’ tool developed by the McClintock Lab at the University of California, Santa Barbara, which is used around the world to consult with and gather stakeholder and community views. The findings of the survey will help promote sustainable fisheries and tourism within the government’s blue economy. The results of the survey will also be used to identify protected marine areas in order to achieve the government’s goal of making 20 percent of the Maldivian economic waters protected.

The Noo Raajje Program requests the public to participate in the survey on its website. Noo Raajje assures that the individual responses received through the survey will be kept confidential. Furthermore, heatmaps compiled from the results of the survey will be made available to the Maldivian government and the general public. These heatmaps will also help inform the development of the Maldivian blue economy and marine spatial planning.

Corporate Maldives | February 22

Environment & Sustainability

Sprite Switches from Green to Clear PET Bottles in Maldives

Sprite, the iconic and much-loved beverage across generations, has transformed its packaging from its famous green bottle to a clear one. This is part of a global shift by Coca-Cola towards 100% recyclable packaging. The new Clear Sprite bottle was officially launched in the Maldives on the 19th of September 2021. Coca-Cola has a responsibility to help solve the global packaging waste crisis. That’s why, in 2018, the company launched an ambitious sustainable packaging initiative called World Without Waste. PET, packaging material, is versatile, lightweight and the most widely recycled of all plastic types. Announcing the rationale behind the new packaging choice, Mr. Sanjay Maniku, Managing Director at Male’ Aerated Water Company said, "Our consumers in the Maldives can now enjoy the same refreshing taste of their favourite sparkling lemon-lime drink knowing their bottle can be easily recycled and made into new items. This is part of our efforts to grow our business while contributing towards more sustainable environmental practices. Whilst the colour of the bottle has changed, we are happy to say that the beverage contained within is still the exact same Sprite that is known and loved the world over." "The Coca-Cola company acts in ways to create a more sustainable and better shared future. To make a difference in people’s lives, communities and our planet by doing business the right way. Moving from

green to clear packaging increases the efficiency of recycling systems and is key to accelerating the circular economy for post-consumer PET bottles in the Maldives," said Mr. Pankaj Sinha, Managing Director for Coca-Cola in the Maldives. Since Sprite was launched in 1960, it has been synonymous with its iconic green bottle, and this marks a major milestone in its growth and sustainability in various markets. With the clear PET plastic, Sprite bottles have a higher chance of being collected, recycled and reused, thus creating a circular solution for plastic in the Maldives. The new clear/transparent Sprite PET bottle is 100% recyclable, and therefore increases the value of the plastic in the after-use market and its ability to remain in the circular economy to be re-used for different purposes’. Coca-Cola’s vision of "A World Without Waste"is a global initiative through which the company aims to collect and recycle a bottle or a can for each one it sells by 2030. Sprite in clear PET bottles are now available across the Maldives at supermarkets and retail outlets in various bottle sizes including 300 ml, 500 ml, 1.25 litre and 2 litre.

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Corporate Maldives Gold 100 Highlights

Corporate Maldives | February 22

16.11.21

Corporate Maldives | February 22

Corporate Maldives Gold 100 Highlights

Introduction The 5th edition of Corporate Maldives ‘GOLD 100 GALA 2021’ was held at CROSSROADS Maldives on the night of 16th November 2021, attended by over 200 top level executives from the leading companies of the Maldives and VIP guests. ‘GOLD 100 GALA’ is an annual invitation-only networking event bringing together top executives of the Maldivian business community. At the gala function, GOLD 100 companies were presented with an award & the ‘GOLD 100’ magazine was launched. GOLD 100 is a list of leading 100 business entities in the Maldives, published by Corporate Maldives every year. Through a transparent and unbiased selection criterion, the winning businesses are listed in alphabetical order, chosen based on the number of years in operation, scale of operations, successful innovations introduced to their industry, and creative CSR efforts – all within the confines of the Maldivian law. After 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 visionary business leaders who have made significant contributions to their respective industry. This year, the two award recipients were the Founder and Chairman of The Hawks Private Limited, Mr. Ahmed Rasheed Hassan, and the Chairman and Managing Director of Bison Maldives, Mr. Abdul Majeed. The Lifetime Achievement Awards were given to the recipients by the chief guest H.E. President Ibrahim Mohamed Solih. These gentlemen have been awarded for their 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 Bank of Maldives, the largest bank and leading financial institution of the Maldives. Gold partners included Maldives Transport and Contracting Company (MTCC), Ooredoo Maldives, Medtech Maldives, The Hawks, Al Shaali Marine Maldives, Housing Development Corporation (HDC), and CROSSROADS Maldives.

Corporate Maldives Gold 100 Highlights

Corporate Maldives | February 22

Objectives & 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, prior to the event, a networking session was held at the Sansations Beach Club at CROSSROADS Maldives. The event itself was graced by chief guest, H.E. President Ibrahim Mohamed Solih, along with senior government officials and high delegates, including the Minister of Finance, H.E. Ibrahim Ameer, the Minister of National Planning, Housing and Infrastructure, H.E. Mohamed Aslam, the High Commissioner of Bangladesh to the Maldives, H.E. Rear Admiral Mohammad Nazmul Hassan, the Commissioner General of Taxation, Mr. Fathuhulla Jameel, and the Chief of Staff at the President’s Office, Al-Usthaaz Ali Zahir. The 5th issue of the Corporate Maldives GOLD 100 magazine was unveiled at the event, launched by H.E. President Ibrahim Mohamed Solih, the CEO and Managing Director of Orca Media Group, Mr. Akhmeem Abdul Razzaq, 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.

Corporate Maldives Gold 100 Highlights

Speaking at the event, President Solih 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. Additionally, at the event, the new CROSSROADS Maldives VIP Card was launched. It was followed by a speech by the CEO of S Hotels and Resorts, Mr. Dirk De Cuyper. During the GOLD 100 GALA event, Corporate Maldives also raised funds for the winning NGOs of the MV+ Community Impact Awards held earlier this year. The winning NGOs were chosen for their exemplary work done for the community, and funds were raised with the aim of helping them expand and continue their work. The GOLD 100 GALA also saw a very special live performance by renowned singer, Shalabee Ibrahim. The event concluded with dinner, giving attendees the time to network, exchange cards, and make new business contacts. The GOLD 100 GALA 2021 was a triumphant success and the immensely positive feedback from our event partners, participants and winners of the previous five years will only strengthen our resolve to make our next GOLD 100 GALA even more memorable than ever before.

Corporate Maldives Gold 100 Highlights

Corporate Maldives | February 22

Corporate Maldives Gold 100 Highlights

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Corporate Maldives Business Expo is an International Business Networking & Trade Show of the Maldives, focused on building valuable relationships within the B2B community. A premier networking event where business exhibitors and corporate professionals can preschedule meetings through Corporate Maldives “Network”, an online B2B portal that guarantees you meet the right audience. Our target market includes both exhibitors and visitors from all corporate sectors and industries in the Maldives.

Corporate Maldives | February 22

Corporate Maldives “Network”, an online B2B portal for the Maldivian business community will help you connect and network year-round. Businesses will be able to pre-schedule over 2000 meetings in the span of 2 days during the Business Expo. “Network” has added features including, virtual profiles and video call features to execute hybrid meetings simultaneously during the event.

www.network.corporatemaldives.com

Corporate Maldives Business Expo

Maldives Women’s Summit Maldives Women’s Summit will bring together a community of inspiring and innovative visionaries whose ambitious actions are changing the Maldives at unprecedented scale.

Maldives Entrepreneurs’ Summit Maldives Entrepreneurs’ Summit is a unique conference for entrepreneurs within the country to network & share their knowledge in business, economics and importance of entrepreneurship & presenting ideas to advance it.

Maldives Marketers Forum Maldives Marketers Forum is a unique and innovative event designed to engage, challenge and inspire business leaders and marketers in the Maldives. The forum will focus on three key aspects of Marketing Strategy, Technology and Psychology.

Corporate Maldives | February 22

Maldives Finance Professionals’ Summit Maldives Financial Professionals Summit is a professional development event for professionals working in the finance sector, designed to discuss local and global issues relevant to the sector. The event targets professionals from across the financial sector including banking, Islamic finance, insurance, leasing and valuation.

Corporate Maldives Business Expo

Corporate Maldives | February 22

Business Directory

Business Directory Aviation ACE AVIATION SERVICES MALDIVES PRIVATE LIMITED

Boat Manufacture & Marine Services

+960 7776886

AL SHAALI MARINE MALDIVES PVT LTD

roshan@aceaviation.mv

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Business Directory

Corporate Maldives | February 22

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

Corporate Maldives | February 22

Business Directory

ICT

Logistics

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LEO TRADING PRIVATE LIMITED

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HOUSING DEVELOPMENT CORPORATION LIMITED

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TTS GROUP MALDIVES PVT LTD

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Business Directory

Corporate Maldives | February 22

Telecommunications

ARENA PVT LTD +960 7778599

DHIVEHI RAAJJEYGE GULHUN PUBLIC LIMITED COMPANY

MALDIVES INFLIGHT CATERING PRIVATE LIMITED

samih@arenabeachmaldives.com

+960 3330888

www.arenabeachmaldives.com

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

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

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

DHIVEHI VIUGA PRIVATE LIMITED

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

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

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

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

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

JETAN TRAVEL SERVICES COMPANY PVT LTD +960 3315238

RAAJJE ONLINE

SILVER SANDS PVT LTD

suresh@aitkenspace.lk

+960 3342737

www.adaaran.com

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

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

Tourism & Hospitality

JOHN KEELLS MALDIVIAN RESORTS PVT LTD

SPLENDID ASIA PVT LTD

+960 3336000

sales@splendidasia.com

resorts@cinnamonhotels.com

www.splendidasia.com

+960 3312460

www.cinnamonhotels.com

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

UNIVERSAL ENTERPRISES KAIMOO TRAVELS & HOTELS SERVICES PRIVATE LIMITED

+960 3323080

+960 3322212

www.universalresorts.com

reservations@universalresorts.com

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

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

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

Corporate Maldives | February 22

Business Directory

VILLA TRAVELS

CHANDELIER COMPANY PVT LTD

M.H.A. PRIVATE LIMITED

info@villatravels.com

+960 3343876

info@mha.mv

www.villatravels.com

sales@chandelier.com.mv

www.mha.mv

+960 3330088

+960 3323246

www.chandelier.mv

Utilities MALE’ WATER AND SEWERAGE COMPANY PRIVATE LIMITED

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

+960 3323209

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

www.coload.com.mv

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

REDWAVE PVT LTD

STATE ELECTRIC COMPANY LIMITED

DAMAS COMPANY PVT LTD

+960 9194499

+960 3333000

www.redwave.mv

info@damas.com.mv

sales@redwave.mv

www.damas.com.mv

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

Wholesale & Retail

SEAGULL GROUP PVT LTD HAPPY MARKET TRADING COMPANY PVT LTD

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

+960 3313523 info@happymarket.com.mv

AH BROTHERS PTE LTD

www.happymarket.com.mv

+960 3305515 marketing@ahb.com.mv

SENIOR INTERNATIONAL PVT LTD

www.ahb.com.mv

JAAH PVT LTD +960 332 9988

+960 3332002 info@serniormaldives.com

info@jaah.com www.jaah.mv

APOLLO HOLDINGS PRIVATE LIMITED +960 3320065

SENIOR TRADING PVT LTD

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

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

+960 3318848 lotusbikeshop@gmail.com

Business Directory

Corporate Maldives | February 22

SONEE HARDWARE PVT LTD

ANTRAC HOLDING PVT LTD

+960 3336699

+960 3310096

info@sonee.com.mv

info@antracholding.com

www.sonee.com.mv

www.antracholding.com

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

SONEE SPORTS PVT LTD

EYECARE PVT LTD

+960 3335995

+960 3324300

info@soneesports.com.mv

info@eyecare.com.mv

www.soneesports.com

www.eyecare.mv

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

STATE TRADING ORGANIZATION PLC 1422 info@sto.mv

HANDY HOLDINGS PVT LTD +960 3310812 info@handyholdings.com

+960 3341545

www.handyholdings.com

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

www.sto.mv

HORIZON FISHERIES PRIVATE LIMITED SUN FRONT PVT LTD

+960 332 8855

+960 3313313

sales@horizonfisheries.com

adminhr@sunfront.com.mv

MIANZ PTV LTD

www.horizonfisheries.com

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

www.sunfront.com.mv

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

HOUSING DEVELOPMENT FINANCE CORPORATION PLC +960 3334666

VILLA SHIPPING AND TRADING COMPANY PVT LTD

info@hfdc.com.mv

+960 3320356

www.hdfc.com.mv

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

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

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

Book Tickets To Your Favorite Destinations

CMY

+960 333 2555

+960 333 2666

+960 333 4040

+960 330 4040

+960 333 1010

+960 333 2555

+960 333 0088

+960 333 2555

+960 333 0088

H. Sisilhiya, | 41 Majeedhee Magu, Male' | 20071, Republic of Maldives

Covid-19 Antigen Rapid Testing RESULTS IN

20-25* MINUTES *from sample being received to Mediflex Laboratories

Tests Done using WHO Pre-Approved & CE Marked ABBOTT Panbio COVID-19 Ag Rapid Test Devices.

laboratories

Hotline

732 6686