Business

HDC announces tourism mega project Urban Isle

Published

1 year ago

01/12/2022

Housing Development Corporation (HDC) has announced an integrated urban tourism mega project called Urban Isle.

Managing Director of HDC Ahmed Athif made the announcement at the Gold 100 Gala event at CROSSROADS Maldives. He said the project is for large businesses as well as small and medium businesses and that it will significantly develop the tourism industry in the Maldives as well as provide job opportunities.

The project will be developed on the northern side of Hulhumale’ which is designated for tourism development. Once developed, the Urban Isle will have a variety of accommodation facilities for visitors staying for the holidays or those waiting in transit or on business trips. As such, the island will have luxury villas, service apartments, city hotels, midscale and upscale hotels, guesthouses, branded retail, and upper-class restaurants. The project will allocate 10 land plots for serviced apartments, nine land plots for commercial purposes, three land plots for midscale hotels, three land plots for upscale hotels, four land plots for city hotels, 21 land plots for guesthouses, and 11 land plots for luxury villas.

HDC stated that the integrated tourism island presents an expansive range of properties to invest in, as the island will welcome every type of traveler, from international and domestic visitors to budget travelers and those seeking an extravagant stay. The properties are positioned to offer short-term stays for transit purposes, as well as long-term stays for residents and digital nomads.

HDC further stated that the business models proposed by Urban Isle include the lease model, fixed lease model, and JV model. Investor proposals are not restricted to any model, and investors have the opportunity to propose any business model.

Source(s): psm news

Business

BML announce new MVR 1-mil loan facility without collateral

Published

9 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

2 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

5 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