Maldives News Bulletin - Volume 197

Minister of Fisheries and Ocean Resources Ahmed Shiyam has said that the newly planned sports fishing harbours will be equipped with state-of-the-art facilities.

Minister Shiyam made these remarks at the inauguration of the International Sports Fishing Championship “Burunu Boma”.

Burunu Boma is an international sports fishing tournament organised by the Maldives Marketing and Public Relations Corporation (MMPRC) employees club, Visit Maldives Club (VMC), to be held in April and May.

Speaking at the ceremony, Minister of Fisheries and Marine Resources Ahmed Shiyam said the government aims to expand the sector further as sports fishing popularity is at an all-time high.

Despite its popularity, Minister Shiyam noted the lack of facilities but revealed the government’s plan to expand the sector by developing special facilities for sports fishing in five regions of the country.

“The President’s vision is to provide solutions to this growing sports fishing community in the country, as well as to make these harbours fully equipped with the modern facilities for sports fishing enthusiasts worldwide,” he said.

The administration has identified five regions for developing these harbours, featuring facilities such as fish stalls, spaces to organise and manage sports fishing competitions, administrative offices, restaurants, cafés, shops selling fishing gear, and BBQ areas.

The Burunu Boma tournament is held for the local tourism industry and international sports fishing enthusiasts. It will be held in accordance with international standards and will also include sustainable fishing promotion techniques such as catch-and-release. 

SOURCE : PSM

Ministry of Finance statistics show that deposits to the Green Fund reached over USD103 million by the end of September.

According to the Ministry of Finance Green Fund report, the Maldives received USD 5.7 million as green tax in September, with tourist resorts being the most significant contributors.

Green tax is a tax payable by tourists in tourist resorts, integrated resorts, hotels, tourist guesthouses, tourist vessels, and other establishments.

The Green Fund Report shows that green tax collections stood at USD 5.7 million in September this year. The most enormous green tax was collected from resorts during the period, USD 5.2 million.

The report also shows that tourist hotels paid USD136,000 in green tax in September. USD311,000 were collected from guesthouses, Safaris paid USD84,000, and USD500 was collected from homestays in green tax during this period.

Hotels in inhabited islands and tourist guesthouses with more than 50 rooms are charged USD6 per day, and hotels in residential areas and tourist guesthouses with 50 rooms or less are charged USD3 per day as green tax.

According to the report, the Green Fund balance has reached USD 103 million as of September.

The government has decided to increase green tax rates from 1 January 2025. The USD6 tax bracket will see its rate increase to USD 12, while the USD3 tax bracket will increase its rate to USD6.

However, children under two will now be exempt from green tax.

According to the “Budget Position Report,” the change in tax rates will increase green tax revenue by 95.2 per cent next year, with an estimated revenue rise of USD62.4 million.

Source: PSM

The Minister of Cities, Local Government and Public Works, Adam Shareef Umar, has urged more oversight from the four pillars of government and the people to strengthen the country’s decentralised system of governance.

Minister Adam Shareef made these remarks Thursday evening at the “Kangathi Awards” ceremony.

The Local Government Authority (LGA) introduced the “Kangathi Awards” in 2015 to celebrate the councils that rank highest in the Local Council Performance Index yearly.

Speaking during the ceremony, Cities, Local Government, and Public Works Minister Adam Shareef Umar said the country’s administrative divisions are today governed under the decentralisation system enshrined in the Constitution.

Though the people have generally accepted this system of governance, the study conducted by the National University at the government’s request also showed the need to strengthen the decentralised system, he said.

The Minister said the decentralisation system can only be strengthened if the government, legislation, judiciary, media, and people provide more oversight and make the required effort to further develop it.

He also said that it is essential to increase people’s participation and contribution in decision-making processes and boost their confidence in local councils.

“The biggest fact is that when it comes to matters of public interest, the first door the people can knock is the local council offices. Councils are the offices of the people, essentially the home of the people. Councils are the first line of defence for the people,” Adam Shareef said.

Minister Adam Shareef noted that councils have a huge responsibility in rural development and said they need facilities and resources to execute such responsibilities.

The Minister said that President Dr Mohamed Muizzu has prioritised the infrastructure development of councils, adding that efforts to upgrade 105 council buildings are already underway.

He said the President has also given special emphasis to financially empowering local councils, highlighting the recent decision to dedicate a certain percentage of green tax and designate lagoons under the councils’ jurisdiction.

SOURCE : PSM

Maldives Ports Limited (MPL) and the island council have signed an agreement to develop a dockyard in Ihavandoo, Haa Alifu Atoll.

MPL CEO Mohamed Wajeeh Ibrahim signed the agreement on behalf of MPL, while Ihavandhoo Council President Ahmed Sobah signed on behalf of the council.

MPL CEO Ibrahim Wajeeh said the aim is to commence work on the dockyard early next year. A 100,000-acre parcel of land has already been allocated for the project.

The MPL CEO said that since this administration launched bunkering services in the Maldives, requests are coming from foreign vessels traveling in the region to fix various technical issues.

He said the dockyard will provide technical support to the vessels, including repair and maintenance services.

He said that numerous fishing vessels operating in the region have also been requesting docking services.

Wajeeh added that this service will also prove hugely beneficial to local fishermen.

MPL aims to complete the facility within the next six months.

SOURCE : PSM

The Maldives Monetary Authority (MMA) has announced plans to research the feasibility of establishing an Islamic Digital Asset Centre in the Maldives.

According to MMA, this initiative is driven by the increasing global interest in digital assets and the burgeoning field of Islamic finance.

The central bank underscored the growing interest in digital assets and Islamic finance across various countries as a key impetus for this decision. The MMA highlighted the critical importance of developing this sector to strategically position the Maldives as a regional hub for Islamic finance.

The proposed Islamic Digital Asset Centre will offer solutions grounded in Islamic Shariah principles, thereby enhancing financial inclusivity within the sector. This initiative also aims to attract international investors to the Maldives’ financial industry, regionally and operationally, said MMA.

According to the central bank, the centre’s pivotal objective is to promote the advancement of Islamic Fintech. As efforts to establish the centre progress, there is a notable increase in global interest in Shariah-compliant digital assets, such as cryptocurrencies, halal non-fungible tokens (NFTs), Waqf tokens, and digital Sukuk.

These digital assets have gained significant traction in global markets, with numerous countries already utilising them. To further support this initiative, MMA seeks an agency to conduct a feasibility study to establish the centre. Interested parties may obtain information from the MMA until 24 December and are required to submit their proposals by 11 a.m. on 29 December, the MMA stated.

In October, the central bank disclosed its plans to introduce digital currency in the Maldives, underscoring the development of asset-backed or Maldivian Rufiyaa-backed online currency. The central bank is collaborating with the Capital Market Development Authority (CMDA) to draft the requisite regulatory framework for this digital currency.

These initiatives align with the government’s vision of transforming the Maldives into a regional financial hub. President Dr Mohamed Muizzu has stated an ambitious objective of elevating the contribution of digital assets to the country’s GDP by 15% by 2030.

Source: PSM

According to Hussain Fahmy, Managing Director of State Electric Company Ltd. (STELCO), the future of the Maldives’ energy sector looks promising under President Dr Mohamed Muizzu’s administration. Fahmy made this statement in a social media post commemorating STELCO’s 75th anniversary.

Established 75 years ago, STELCO has undergone significant development. To mark this milestone, the company plans to hold numerous celebratory activities. According to Fahmy, STELCO’s most significant achievement is its contribution to nation-building, development, modernisation, and human capacity and infrastructure development. He described STELCO’s service as invaluable and expressed pride in the company’s historical contributions.

Fahmy also extended his gratitude to past and present employees of STELCO and the energy sector, acknowledging their dedication and invaluable service to the nation’s development. Under President Dr Muizzu’s leadership, the future of the country’s energy sector looks very bright and promising, he asserted.

STELCO began providing electricity services to 50 households in Malé with a 14-kilowatt generator in 1949. Initially, it operated as a government department. In 1997, the department was rebranded and renamed STELCO. Today, STELCO serves over 80,973 customers and is active in corporate social responsibility, undertaking numerous initiatives to promote social responsibility.

The company believes its primary mandate is to further develop and enhance its utility services, ensuring customers receive the best services sustainably and affordably. The administration aims to reduce fuel consumption and spending by transitioning to renewable energy sources, with numerous projects underway nationwide to establish renewable energy generation systems.

SOURCE : PSM