Maldives News Bulletin - Volume 178

The President sends Independence Day greetings to the Prime Minister of Lebanon

President H.E. Dr Mohamed Muizzu has sent greetings and good wishes to H.E. Mohammad Najib Azmi Mikati, Prime Minister of the Republic of Lebanon, on the occasion of Lebanon’s Independence Day.

In his message to the Prime Minister, President Dr Muizzu also extended good wishes to the Government and the fraternal people of Lebanon.

The President expressed his hope for the further strengthening of ties between the Maldives and Lebanon, reaffirming the Maldives’ support and unwavering solidarity as Lebanon celebrates its independence during these challenging times.

The President concluded his message with best wishes for the Prime Minister’s health and wellbeing, and for continued progress and prosperity for the people of Lebanon.

SOURCE : The President’s Office

A key aspect of the President’s national development vision is the commitment to building an innovative economy, said the Vice President

Vice President Uz Hussain Mohamed Latheef underscored that fostering an innovative economy is a central element of President Dr Mohamed Muizzu’s vision for national development. He made these remarks at the inauguration of the ‘Maldives MSME Awards 2025’.

The Business Centre Corporation (BCC) organised the event to recognise the achievements of micro, small, and medium enterprises, as well as individual businesses operating across the Maldives.

The Vice President emphasised the crucial role of small and medium enterprises (SMEs) in the economy, describing them as the backbone of essential economic activities and services. He noted that these enterprises significantly contribute to job creation, innovation, and overall economic growth. Furthermore, he praised the entrepreneurs behind these businesses as dedicated individuals who work tirelessly to advance societal development, resilience, and prosperity, often making great sacrifices for the progress of the nation.

The Vice President also pointed out that in the 21st century, new dimensions such as art, digital markets, and international business opportunities are emerging. To thrive in these areas, he stressed the importance of equipping entrepreneurs with the necessary skills and knowledge to adapt to changing markets. While acknowledging progress in supporting SMEs, he emphasised that more needs to be done, particularly in providing financial assistance, technical training, and legal concessions to encourage their growth.

At the event, the Vice President officially launched the Maldives MSME Awards 2025. These awards aim to highlight the vital role Maldivian businesses play in promoting sustainable economic development. They also seek to recognise outstanding achievements at both national and international levels, encourage productivity and skill development, and foster the growth of the country’s enterprises, workforce, and expertise.

SOURCE : The President’s Office

Health Ministry says tobacco trade requires licence issued by ministry

Ministry of Health has announced that tobacco trading requires a special licence issued by the ministry, in addition to the permit issued by any Government authority, under the Tobacco Control Act. The ministry stated that the licences will be issued after the amendments to the Act is finalised within the next two months. 

Amendments were brought to the Tobacco Control Act, and it has been under implementation since November 15, 2024. Following this, efforts are underway to formulate essential regulations related to tobacco control, with the health ministry informing that tobacco trade will require a special licence issued by the ministry. It noted that parties importing tobacco into the Maldives, those exporting tobacco and related products, and those who sell such products individually or in bulk must obtain the licence. The Act stipulates that these regulations must be finalised by January 15, 2025. After that, the regulations will be implemented, mandating all parties involved in trading tobacco to obtain a licence. 

Under President Dr Mohamed Muizzu’s leadership, several efforts are being exerted to minimise the health problems faced due to smoking. As such, the importation of vaping devices have been banned since November 15, while decisions have been made to ban the usage of such devices or complementary products from December 15 onwards. Additionally, the sale of any tobacco or related products to individuals under 21 years or involving persons under 21 in tobacco sales transactions have been prohibited, and significant increases have been introduced to the import duty of such products.

SOURCE : PSM

Free trade agreement with Türkiye to be implemented early next year

Minister of Economic Development and Trade Mohamed Saeed has announced that the free trade agreement made with Türkiye will be implemented early next year. The free trade agreement was signed between the Maldives and Türkiye on November 4, 2024, aimed at strengthening the bilateral relations in terms of trade.

Speaking at a programme aired on PSM News, Minister Saeed stated that the agreement will take effect during the first quarter of next year. The minister assured that the agreement will prove to be beneficial for Maldivians. As such, the agreement will not only ease fish exports to Türkiye but also reduce trade barriers, bolster trade relations between the two countries, and facilitate increased bilateral trade. Maldivian fish exporters will also have the opportunity to expand their business in the Turkish market, while Maldivian consumers and businesses will benefit from access to Turkish products at lower prices.

The agreement was discussed during President D. Mohamed Muizzu’s visit to Turkiye in November last year, when he met with Turkish President Recep Tayyip Erdogan to discuss enhancing bilateral relations. The two leaders engaged in extensive discussions on strengthening economic ties, including cooperation in trade, investment, renewable energy, and higher education.

Additionally, the Government has been exerting efforts to implement the free trade agreement made with China from January 1, 2025. Minister Saeed notes that this agreement will facilitate a variety of opportunity and benefits for businesses. The free trade agreement was signed between the two states in 2014, and its implementation was approved by the Parliament in 2017. However, the implementation had been delayed following a change in government in 2018. Despite this, President Dr Muizzu has decided to ensure the implementation of this agreement, since he took office. 

According to the Government, the trade activities between the Maldives and China are worth USD 700 million. The Government expresses confidence that this amount will be boosted to USD 1 billion, following the implementation of the free trade agreement.

SOURCE : PSM

Government extends deadline for applications for Maldives Tourism Awards

The Ministry of Tourism has extended the deadline to submit applications for the Maldives Tourism Awards. The ministry initially planned to close the deadline for application submissions on November 11, 2024. However, the deadline has been extended to November 28, 2024.

The Maldives Tourism Awards, which recognises resorts, hotels, guest houses, safaris, and travel agencies, will present 23 awards across five categories. Applications must be submitted online and will be evaluated based on activities conducted from June 1, 2023, to May 31.

Last year, 59 awards were offered, receiving 225 applications from 88 participants, with 31 awards granted. The Maldives Tourism Awards aim to recognise outstanding contributions by individuals and companies in the tourism sector.

SOURCE : PSM

Government aims to diversify fishing industry: Minister Shiyam  

Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed the Government’s overarching goal of diversifying the fishing industry, aiming to transform it into the leading sector driving foreign currency into the Maldives. 

In an interview aired on PSM News, Minister Shiyam emphasised President Dr Mohamed Muizzu’s vision of elevating the Maldives’ fishing industry to new heights. To achieve this, he explained that efforts are being made to ensure the fishing sector reaches a level comparable to that of the tourism industry, providing similar benefits. 

Acknowledging that 99 per cent of the Maldives is made up of ocean, Minister Shiyam highlighted the numerous opportunities available for diversifying the fishing industry. He pointed out that initiatives are already underway to promote both mariculture and sports fishing, expressing confidence in the potential for success of these initiatives. The minister further noted that during the first year of President Dr Muizzu’s administration, a conducive environment for industry growth was created, sparking increased interest in investment opportunities within the sector. 

While the Government continues its efforts to expand the fishing industry, it has also established a dedicated agency to oversee the sector’s progress. Additionally, the government is working to promote local fish products in international markets as well. 

SOURCE : PSM 

Zakat House provides assistance worth USD 590,000 to over 1,000 people 

Ministry of Islamic Affairs has revealed that the Maldives Zakat House has provided financial assitance for over 1,000 people seeking medical treatment. The ministry also shared detailed figures regarding the financial support offered by the Zakat House over the past five years. 

Since 2019, the Zakat House has extended medical assistance to 8,000 individuals. In 2023 alone, it supported 2,379 people in need of medical care. While the Zakat House has been instrumental in helping individuals with treatment costs, the largest expenditure has been directed toward those battling cancer. In addition, the Zakat House allocated USD 648,508 to the National Social Protection Agency (NSPA) for providing bone marrow treatment to children with thalassemia. 

Statistics on the amounts Zakat House has spent on treatment since 2019 are as follows: 

- 2019: USD 1 million for 1,289 people 

- 2020: USD 402,075 for 288 people 

- 2021: USD 752,269 for 997 people 

- 2022: USD 1.4 million for 2,030 people 

- 2023: USD 1.3 million for 2,379 people 

- 2024 till November: USD 590,143 million for 1,017 people

Furthermore, the ministry disclosed the total amounts collected as Zakat-al-Mal from 2018 through October 2024. It highlighted that, unlike in previous years, the total collection this year was notably higher. While annual collections typically fell below USD 4.9 million, the total for 2024 reached USD 5.7 million by the end of October. 

Additionally, the ministry revealed statistics pertaining to the amounts collect as Zakat-al-Fitr since 2019-2024. Between 2019 and 2023, the amount collected as Zakat-al-Fitr ranged between USD 363,165 to USD 557,717. However, this year, USD 629,053 was collected as Zakat-al-Fitr. 

SOURCE : PSM 

Maldives and India sign MoU to use local currencies for cross-border transactions

Maldives Monetary Authority (MMA) and the Reserve Bank of India (RBI) have signed a Memorendum of Understanding (MoU), to use their respective local currencies-Maldivian Rufiyaa (MVR) and Indian Rupee (INR)-for cross-border transactions. The agreement was signed by the Governor of MMA Ahmed Munawwar and the Governor of RBI Shaktikanta Das.

The MoU encorages the use of local currencies for any financial transactions between the two countries, inclduing transactions from the current account and permitted capital account. This arrangement will facilitate businesses in both countries to issue bills and ensure the settlement of bills in their own respective currencies, when importing goods and services. This would in turn, create an opportunity for the currencies of both nations, to be used in the foreign exchange market, reducing expenses and expediting the settlement process. 

This decision, is an important step forward in enhancing the ties between MMA and RBI. The utilisation of local currency in cross-border transactions will also pave the path to expand trade between the two countries, strengthening bilateral trade relations. 

During President Dr Mohamed Muizzu’s visit to India in October, he engaged in comprehensive discussions, pertaining to the utilisation of local currencies in cross-border transactions. This visit also saw the official inauguration of RuPay card service in the Maldives.

Additionally, President Dr Muizzu, decided to take steps to introduce India’s Unified Payment Interface (UPI) in the Maldives. This initiative, a recommendation from the Cabinet, aims to enhance the Maldivian economy by promoting financial inclusion, improving transaction efficiency, and strengthening digital infrastructure.

SOURCE : PSM

SDFC issues “Fashaa Madhadhu” loans to 60 women entrepreneurs

SME Development Finance Corporation (SDFC) has announced that it has issued loans to 60 women entrepreneurs, under the “Fashaa Madhadhu” loan scheme. The loan scheme introduced by President Dr Mohamed Muizzu, is included in the Government’s Hafutha 14 Roadmap.

SDFC stated that loans have been issued under the scheme for 60 indivudals, as of November 18. This includes four individuals with disabilities as well. Twenty-five per cent of the loan scheme is designated solely for women with disbilities. 

Speaking at the ceremony held to officiate the loan scheme, Minister of Economic Development and Trade Mohamed Saeed stated that such schemes are pivotal in enhancing business pportunities for indivduals. He requested all individuals to make the best use of this opportunity. 

“Fashaa Madhadhu”, a loan scheme worth USD 6.5 million, aims to offer accessible financing options to women entrepreneurs, especially those excluded from conventional banking. It was officiated in February. While decisions have been made to issue USD6.5 million under the loan scheme throughout the entire year, 45 per cent of this amount has now been issued. 

Under this scheme, loans will be issued up to USD 32,425 at 6 per cent interest rate. SDFC stated that a grace period of 12 months will be granted to repay the loan, with the option to repay the loan in a seven-year period also available.

SOURCE : PSM 

FDC decides to lease 32 tower commercial units being developed in Hulhumale’

Fahi Dhiriulhun Corporation (FDC) has announced plans to lease 32 tower commercial units being developed in Hulhumale’ Phase II. 

Addressing the media, FDC stated that the 32 tower commercial units being developed by the company will have commercial units or areas reserved for business operations or any other puprpose, which will be deignated on the ground floor and the first floor of each tower. Hence, it revealed that around 127 areas will be available for rent. 

Highlighting that the 32 towers were developed on various zones, FDC revealed that commercial units will be first leased from the towers situated in zone 1. The opportunities will open next week, with plans underway to lease the units in towers situated in other zones, in the near future.

Furthermore, FDC stated that the commercial units in the towers were designated for various purposes. It revealed that a five-minute walk from each tower would lead to food and beverage stores and marts, whereas health centres are just a ten-minute walk from the towers. Meanwhile, youth centres and office areas will be visible after a 20-minute walk. In addition to this, FDC stated that areas will also be designated to run cafe’s and restaurants as well. 

On this stance, FDC unveiled its objective of ensuring that the tower is developed with essential facilities and resources, before people reside in the flats. It further empahsised the ongoing efforts to expedite the development of the 4,000 flats.

SOURCE : PSM