Business

Maldives invites bids for 14 resort development projects

Published

4 months ago

23/01/2023

Ministry of Tourism has invited bids for 14 resort development projects in nine atolls.

The locations for the resort development projects include the lagoons in Kaashidhoo, Kaafu Atoll, and Nilandhoo, Faafu Atoll, which have the largest lease acquisition cost with USD2.2 million each.

Interested parties are required to attend an online information session on February 6 and March 6. They are also required to go to the tourism ministry’s main office and submit their bids by the deadline.

The ministry will accept bids for projects in Haa Alifu Atoll, Haa Dhaalu Atoll, and Kaafu Atoll on March 28. The submission of bids for projects in Meemu Atoll, Faafu Atoll, and Thaa Atoll is on March 29 and the submission of bids for projects in Gaafu Alifu Atoll and Gaafu Dhaalu Atoll are on March 30.

Deputy Director General of the Ministry of Tourism Ali Shinan said some of the projects will require the land reclamation in lagoons. He said that the ministry conducted surveys, held discussions with the local councils, and consulted the relevant authorities prior to opening the lagoons in Kaashidhoo and Nilandhoo for resort development. He added that the ministry plans to actively seek investors for the projects.

The islands and lagoons open for bids are:

HA. Alidhuffarufinolhu (3 hectors): (USD 350,000)
HA. Medhafushi (10.90 hectors): (USD 875,000)
HDh. Kudafarufasgan’du (1.20 hectors): (USD 200,000)
R. Eh’thigili (with 10 hectors from R. Alifushi lagoon) (10.90 + 10 hectors): (USD 250,000)
K. Kaashidhoo lagoon plot (10 hectors): (USD2,259,000)
M. Boahura (2 hectors): (USD 288,500)
F. Plot of lagoon 1 from F. Nilandhoo (10 hectors): (USD 2,250,000)
F. Plot of lagoon 2 from F. Nilandhoo (10 hectors): (USD 2,250,000)
Th. Olhufushi and Olhufushifinolhu (3 + 0.54 hectors): (USD 700,000)
GA. Beyramauddoo (3.08 hectors): (USD 431,200)
GA. Funadhooviligilla (5 hectors): (USD 700,000)
GDh. Kalhehuttaa (7.61 hectors): (USD 573,300)
GDh. Haadhuaa (7.42 hectors): (USD 560,900)
GDh. Fereythavilingili (as a cluster with Dhekaan’baa, Koderataa, and island on coordinate number 0°22’12.86″N 73°1’28.98″ E) (1.4 + 2.39 + 2.5 + 2.9 hectors): (USD700,000)

The ministry expects that the completion of the resort development projects will result in at least 1,750 new tourism beds.

Business

G7 finance chiefs address global economic uncertainty as U.S. debt crisis looms

Published

3 weeks ago

13/05/2023

NIIGATA, Japan, May 13 (Xinhua) — Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following U.S. bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the U.S. debt ceiling deadlock, which was made no mention of the statement.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

Source(s): Xinhua

Business

Over 10 bln USD of investment signed at central China RCEP expo

Published

3 weeks ago

09/05/2023

CHANGSHA, May 8 (Xinhua) — A total of 113 projects with a combined investment of about 75 billion yuan (10.84 billion U.S. dollars) were signed during a Regional Comprehensive Economic Partnership (RCEP) economic and trade expo held in central China’s Hunan Province.

The event that kicked off on May 4 in the province’s Huaihua City has served as a new platform for exchanges and cooperation between RCEP member countries and China’s provincial-level regions along the New International Land-Sea Trade Corridor, which is a trade and logistics passage jointly built by provincial-level regions in western China and ASEAN members, according to the organizer.

The four-day expo attracted over 600 renowned enterprises and more than 1,000 purchasers from home and abroad, including 112 companies from 14 other RCEP member countries.

With diversified offline and online activities, the expo had more than 2,000 varieties of featured products from RCEP member countries on display in the city’s international convention center.

Huaihua is the province’s only node city along the corridor and a freight assembly center for ASEAN countries.

Source(s): Xinhua

Business

Maldives records USD millions increase in tax revenue

Published

1 month ago

27/04/2023

Ministry of Finance has revealed that the state has recorded an increase of USD130 million in tax revenue collected so far in 2023.

Thee Weekly Fiscal Developments report shows that the tax revenue increased after the government hiked the Goods and Services Tax (GST) from 6% to 8% and the Tourism Goods and Services Tax (TGST) from 12% to 16% at the start of the year. The report shows that the state received USD629 million in revenue as of April 13. Around USD473 million was collected in tax revenue, which is a significant increase compared to the USD376 million collected in the same period last year. The report also shows that USD273 million was collected in GST and USD104 million was collected in TGST.

Additionally, the state collected USD156 million in non-tax revenue, which is an increase compared to the USD128 million collected in the same period last year. Meanwhile, the expenditure has reached USD824 million, which is also an increase compared to the USD681 million in expenditure recorded in the same period last year. Around USD564 million went to recurrent expenditures, USD253 million went to capital expenditure, and USD188 million went to infrastructure assets.

Source(s): psm news