Business

Employment levels increase in tourism sector in Q4 2023

Published

4 months ago

28/01/2024

The Maldives Monetary Authority (MMA) has revealed that employment levels rose for businesses in the tourism sector in the fourth quarter of 2023.

In the latest Quarterly Business Survey, MMA stated that businesses in all sectors experienced growth in their activities. Notably, the tourism sector exhibited the most significant growth, attributed to an increase in tourist arrivals to the Maldives and a corresponding rise in industry revenue. The MMA attributes this boost to the peak tourism season, resulting in increased bookings and revenue from resorts.

The survey shows a notable increase in employment opportunities within the tourism sector during the fourth quarter. The employment index saw a substantial rise from 13 points to 60 points, reflecting a significant increase in job opportunities. In addition, salaries in the tourism sector witnessed an increase during this period.

The survey also shows that employment opportunities did not see a corresponding increase in the construction, transport, and communications sectors during the fourth quarter of 2023. The wholesale sector also experienced a decrease in employment opportunities during the same period.

The Quarterly Business Survey is carried out by MMA with the aim of obtaining a quick assessment of current business trends and expected future economic activity. The respondents of the business survey are senior managers or top management of businesses in the sectors of tourism, construction, wholesale, retail, transport, and communication. The questions cover the views of the senior management, for the past quarter and expectations for the next quarter, on the direction of change in various business variables such as sales, output, prices, capacity utilisation, and employment which are useful for analysing and predicting economic activity.

Source(s): PsmNews

Business

Maldives records USD 802.2 million in first four months

Published

11 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days 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

1 week 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