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MVR 1.2 million incurred to rebrand HDC to Urabanco

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MVR 1.2 million has been incurred so far to rebrand Housing Development Corporation (HDC) to Urbanco, as per the company.

Responding to a question submitted by an individual under the Right to Information Act – the company said that renaming HDC as Urban Development Corporation, with Urbanco, as a brand name, was a decision taken in 2021.

Detailing the finances incurred in this trajectory, the company detailed MVR 1,284,291 has been spent to implement the Urbanco branding so far. The company said a priority was allocated to sticking to minimum expenditure in acquiring the needful during the rebranding process.

On this note, they said the highest expense was incurred to build the company’s flag tent and display banner stand at MVR 353,008. The second highest expense was incurred for pens, notebooks, and mugs at MVR 279,000.

Expenses were also incurred to change the main name board, departments’ name boards, and videography. A further MVR 150,000 was approximately incurred for MVR 150,000 for advertising the new brand. Urbanco expects an additional expense of MVR 487,000 to rebrand staff buses, speedboats and ferries.

They expect the rebranding cost in total hit MVR 1.7 million. However, Urbanco highlighted the possibility of the amount changing as company policies in acquiring goods significantly cuts down the cost.

Urbanco said its goal is to collaborate with local councils across Maldives to identify the developmental needs of local communities in line with the government’s vision, and utilize the company’s experience and success to expand the company to engage in work that is beneficial to the people.

The company said it will no longer focus solely on Hulhumale’, but beyond.

Source(s): sun.mv

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SDFC expands funding assistance for reef fishers, related SMEs

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The SME Development Finance Corporation (SDFC) has added new categories to the ‘Kandufalhuge Nafaa’ loan facility; specifically “targeted toward supporting the growth and development of reef fisheries”.

SDFC will issue up to a maximum of MVR 700,000 in funding towards the development of reef fisheries; by way of financing either local fishers or small-to-medium (SMEs) enterprises operating in reef fishing activities.

The loan facility is subject to an interest rate of 5% with a six-month grace period, and a 10-year repayment period.

SDFC further highlights that all the vessels financed under the loan would be held as collateral or mortgage.

Expenses exceeding the maximum MVR 700,000 ceiling of the loan facility should be incurred by the debtor, added SDFC.

The facility is specifically targeted for reef fishers, suppliers of reef fish; either processed, packed or frozen to be sold at industrial capacity, exporters, and local suppliers from the atolls.

SDFC further highlighted that the facility is aimed at boosting specific activities of any individual or SME operating in reef fisheries sector, and they include;

  • To develop a new vessel or repair existing vessel used in reef fisheries activities
  • Installation of engines in vessels used for reef fishing
  • Procurement/purchase of equipment used in navigating or commandeering the vessel
  • For repairs and modifications of a vessel used in reef fishing
  • Procurement/purchase of fish processing machinery and equipment
  • Procurement/purchase of packing materials and equipment

Source(s): sun.mv

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Maldivian lowers surfboard transport fees as pledged by President

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Island Aviation Services Limited (IASL) has announced the fee reduction for transporting surfboards via the national airline, Maldivian, as pledged by President Dr. Mohamed Muizzu.

As such, the national airline has announced reduced fees for surfboard transportation. Charges for larger surfboards were decreased by 33%, while smaller ones saw a reduction of 66%, marking a tangible step towards supporting local businesses and promoting tourism.

President Dr. Muizzu responded to concerns raised by Surfing Operator Ahmed Rasheed from Gadhdhoo in Gaafu Dhaalu Atoll, during the “Raees ge Javaab” series, where citizens directly engage with the President on various issues.

During the session, Rasheed highlighted the steep fees imposed by the national airline for transporting surfboards, stressing the impact on local businesses in Gaafu Dhaalu Atoll. Acknowledging the significance of the issue, Dr. Muizzu committed to reducing the fees, recognising their adverse effects on surf-related enterprises and the tourism sector. Stressing surfing’s vital role in the Maldives’ economy, particularly in Gadhdhoo, the President swiftly acted to fulfill his pledge.

Source(s): PsmNews

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Govt launches ‘Addu Asseyri Tourism Development Plan’

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The Tourism Ministry has launched the ‘Addu Asseyri Tourism Development Plan’, an initiative under the administration’s ‘Hafuthaa 14’ roadmap.

The project was launched in a ceremony attended by Tourism Minister Ibrahim Faisal and Addu City Mayor Ali Nizar in a ceremony held at the Addu City Council on Thursday.

According to the Tourism Ministry, the ‘Addu Asseyri Tourism Development Plan’ is in line with the administration’s ambitious first 100-day pledge to formulate and introduce a specialized tourism project for Addu City.

Developed by CDC Consulting, the comprehensive five-year destination development strategy is accompanied by a detailed situational analysis report.

According to the Tourism Ministry, the plan is strategically crafted to not only enhance tourism in the region, but also to make a substantial contribution to the local economy of Addu, reflecting President Dr. Mohamed Muizzu’s commitment to transformative initiatives.

The plan also encompasses key presidential pledges to Addu city, including the establishment of 6,000 tourist beds, the creation of 10,000 jobs, the revitalization of Shangri-La operations, and the establishment of a seaplane hub within the first year of the presidency.

Tourism Ministry says the initiatives will transform Addu City into a thriving tourism hub, offering unparalleled opportunities for growth and prosperity.

The plan also outlines a range of developments, such as the creation of cultural village, wellness zones, marine protected areas, and hospitality school.

According to the Tourism Ministry, the initiatives not only aim to attract visitors, but also to showcase the rich heritage and natural beauty of Addu City, providing a unique and immersive experience for tourists and locals alike.

Source(s): sun.mv

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