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Maldives participated in Travmedia’s International Media Marketplace (IMM)

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Maldives Marketing and Public Relations Corporation, (MMPRC/Visit Maldives) has participated in Travmedia’s International Media Marketplace (IMM) – Australia to market the Maldives as a destination. The Maldives is being represented at the fair on behalf of MMPRC by the PR agency designated for the Australian market, which took place on the 17th and 18th of February, 2022. Travmedia’s International Media Marketplace (IMM) is the leading global networking event, connecting the travel industry with top journalists, editors, influencers and broadcasters. This is the 10th edition of the annual event, which is unrivalled for relationship building and networking opportunities.

The main purpose of participating in this event is to promote the Maldives as a safe haven for travellers and to update the Australian travel trade with the latest information and travel guidelines from the destination. Through the event, MMPRC showcased the geographical advantages of the scattered islands of Maldives, allowing natural social distancing making Maldives one of the safest destinations for tourists. Our products, including resorts, hotels, guesthouses/homestays and liveaboards, were also marketed through this event.

The participation in IMM is in line with MMPRC’s strategy to maintain the destination presence in this market and to efficiently promote various segments of tourism to travel trade professionals. This strategy aims to assist the destination to increase future bookings and arrival figures from Australia and New Zealand. Before the pandemic, the Australian market was performing very well with positive growth each year. In 2019, the Australian market was in the top ten in terms of arrivals, with 39,928 tourists coming into the Maldives. Since the pandemic, Australia ceased outbound and inbound travels for the most part of the past two years. The market just reopened for outbound travels in January 2022, and numbers are predicted to gradually increase this year, considering pre-pandemic figures.

The Maldives has held several activities, such as webinars, social and digital media campaigns targeting the Australian travel trade as part of the effort to maintain destination momentum and increase arrivals from the market. Many similar activities are planned ahead for this market for 2022 as well.

The Maldives has been awarded 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 travellers from all over the globe.

This year also celebrates an exceptional year to visit the Maldives – the Golden Jubilee celebration of tourism in the Maldives kicked off earlier last year with plans to conduct new and exciting activities throughout the year.

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MIB signs an agreement to expedite business registration process

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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.

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MTCC reports staggering 82.9% net profit drop

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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

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STO opens showroom in Hulhumale’

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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