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Mango festival in Egypt’s Aswan directly connects producers with customers.

Adam Layaan Kurik Riza

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“How great you are, Mango! How sweet you are, Mango!” These are lyrics of an Egyptian song heard in the background as customers cross the entrance to a mango festival held at a public garden overlooking the Nile River in Upper Egypt’s charming city of Aswan.

The four-day Mango Festival Aswan 2021 that kicked off on Friday is held by Aswan Governorate and joined by 12 merchants specialized in growing and distributing mangoes to promote the strategic fruit planted in the province and directly connect wholesalers with customers through win-win sales.

 Ghada Abo Zaid, deputy governor of Aswan, said that the festival seeks to help mango farmers market their products, pointing out that the mango season in Egypt begins in Aswan due to its summer hot weather and the province produces 56 different types of mangoes.

“This is the second time to hold mango festival. The first time was two years ago and we try to maintain this tradition,” the deputy governor told Xinhua, adding that investors started to contact the governorate for buying high quality mango products to process and export.

Aswan produces more than 100,000 tonnes of mangoes annually, part of which are exported and the rest are sold in local market, according to Abo Zaid, who described the turnout of customers visiting the festival as “very good.”

The entrance begins with a gate-like shape of green and yellow balloons leading to several stands of different types of mangoes surrounded by customers, most of them women from Aswan.

Hossam Sultan, a man from Cairo who works in a mega energy project in Aswan, took his wife and little child to the mango festival to enjoy the festive atmosphere and buy some of the popular fruit in Egypt.

The man believes that the process from wholesalers to retailers ends up doubling the prices paid by the end consumers.

The one kilogram of mangoes at mango festival costs 15 Egyptian pounds (about 1 U.S. dollar), while mango prices are generally double or triple as much elsewhere in Egypt.

 Abdel-Nasser Mahmoud, a 35-year-old mango seller, was taking mangoes out of straw baskets and arranging them in large trays on his stand to be attractively displayed for visitors of the festival.

“Many people don’t know that Aswan has the best types of mangoes. So, the festival seeks to make Aswan mangoes popular nationwide,” he said, adding that he has been working in the mango business since he was a child.

Hassan Amin, Aswan governor’s economic advisor and a main organizer of the festival, said that the governorate has received a large number of orders thanks to the festival, including an investor who has ordered 2,000 tonnes of mangoes to be delivered within a week.

 

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BML announce new MVR 1-mil loan facility without collateral

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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

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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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