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Dhiraagu announces its participation in an undersea cable SEA-ME-WE 6 (Southeast Asia-Middle East-Western Europe 6)

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2 years ago

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Dhiraagu announces its participation in the SEA-ME-WE 6 (Southeast Asia-Middle East-Western Europe 6) consortium, for the construction of a new so-called “express” submarine system planned to connect South-East Asia, the Middle East, and Western Europe at eleven countries from Singapore to Marseille, France.

The SMW6 cable system consists of 10 fibre pairs, with 12.6Tbps per fibre pair and 126Tbps system capacity, using the latest SDM technology, cost approximately US$500million and is expected to be completed by Q1 2025.

SMW6 consortium comprises Airtel (India), Bangladesh Submarine Cable Company, Dhiraagu (Maldives), Djibouti Telecom, Mobily (Saudi Arabia), Orange (France), Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, and Telin (Indonesia).

SMW6 is a 19,200 km long submarine cable system with a minimum transmission speed of 100Tbps, using the latest undersea cable technology. This cable system will provide direct access to key Internet Exchange Points (IXPs) and Data Centres (DCs) from South-East Asia to Europe. Dhiraagu in their press release said this investment will significantly strengthen Maldives’ International connectivity, improve the quality and resilience of its services to consumers, businesses and fuel future growth of digital services across the country.

Ismail Rasheed, CEO & MD at Dhiraagu said “We are delighted to be a partner of SMW6 consortium and achieve this important milestone in the development of our telecommunication services in the Maldives. This is a significant investment that will bring immense benefits to the nation, our customers and shareholders. The SMW6 cable system will provide us direct connectivity to multiple key locations across the world, which will help reduce latency, improve quality and reduce costs of Dhiraagu’s internet services.”

With the growing demand for digital services, this addition to existing submarine cable systems connectivity in the Maldives will be strengthening the digital infrastructure and its dream to become a digital hub.

Currently, Dhiraagu is connected to a global network via Sri Lanka through Maldives Sri Lanka Cable system (MSC) and Dhiraagu-SLT Submarine Cable Network. Ooredoo Maldives also is part of the consortium that owns Maldives Sri Lanka Cable system (MSC) and also they have an undersea cable to India.

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Business

MIB signs an agreement to expedite business registration process

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6 hours ago

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04/05/2024

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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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3 days ago

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01/05/2024

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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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2 weeks ago

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24/04/2024

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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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