Business

Spokesperson: Incoming administration will not privatize companies any further

Published

7 months ago

03/11/2023

President elect Dr. Mohamed Muizzu’s Spokesperson Firuzul Abdulla Khaleel, on Thursday, said the incoming administration has no plans to further privatize any state-owned and shareholding companies than their current extent.

At a press conference on Thursday, Spokesperson Firuzul briefed the media on information gathered by transition committees on utility companies and concerns they have taken note of. The companies included STELCO, WAMCO, Fenaka and MWSC.

Main concerns raised by the spokesperson were with respect to the administrative and financial decisions of the companies.

However, he said state companies with shares of private companies had made more cohesive decisions in comparison.

“We have noticed that, in comparison, they (state companies with shares of private companies) have performed much better with respect to corporate governance matters, board’s decision and such works,”

In light of this, he said the status of other companies can be improved if corporate governance is strengthened.

When asked by Sun whether the incoming administration will further privatize state companies to strengthen their corporate governance – Firuzul said the incoming administration has no such plans.

“We believe the existing system, as a whole, should be considered in a new light. In this trajectory, I note that we are now exploring how the system is currently shaped and what changes need to be made. But this does not include further privatizing any of the existing companies within the state umbrella,” he said.

Firuzul said the incoming administration, after assuming office, will commence efforts to further strengthen the state companies and their independence, with a focus on enhancing its financial and administrative operations.

He said this will include settlement of all payments owed to small businesses by statement companies in addition to reforming the structure of utility services provided by the state and expediting projects that are presently underway.

Source(s): sun.mv

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

15 hours ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

5 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

6 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews