Business

Part of new Hanimaadhoo Airport runway to be opened in this month.

Published

3 months ago

24/01/2024

Regional Airports Company Limited (RACL) has revealed that a 1,200m segment of the new runway at Hanimaadhoo International Airport (HIA) is scheduled to be operational on January 28.

Managing Director of RACL Ahmed Mubeen said that the runway expansion project at HIA is progressing in three phases, with current efforts focused on different segments of the runway. He said that the first 1,200 meters of the new runway will be ready for operation by January 28, and the section will be used for night flights.

Additionally, Mubeen said that that the subbase has been successfully laid in the 300-meter stretch of the second phase of the runway development. He said that the subsequent closure of the former runway for the remaining 650 meters is planned and both sections will undergo paving simultaneously. He also reassured that the ongoing work on the runway will not disrupt flight operations.

The Hanimaadhoo International Airport development project is being funded by loan assistance from the EXIM Bank of India and includes major infrastructure and operational upgrades and building infrastructure to meet the future growth of traffic to the Maldives. The project was awarded to India-based JMC Projects Limited in September 2022 at a cost of USD136 million.

The project includes the development of a 2.46km runway to enable larger aircraft such as Airbus A320s and Boeing 737s to land at the airport. It also includes the construction of a modern terminal to accommodate 1.3 million passengers annually, as well as the construction of a cargo terminal, fuel farms, and a fire station. The project will be completed in 2024 and international flights will start operating directly to the north of the Maldives.

Source(s): Psmnews

Business

BML announce new MVR 1-mil loan facility without collateral

Published

17 hours ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

Business

MIB signs an agreement to expedite business registration process

Published

3 days ago

04/05/2024

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Business

MTCC reports staggering 82.9% net profit drop

Published

6 days ago

01/05/2024

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv