AGP Executive Report
Last update: 7 hours agoUtilities: STELCO has taken over electricity services in Addu and Haa Alifu as it continues integrating operations formerly run by Fenaka. Investment: Eagle Hills chairman Mohamed Alabbar says the proposed $20 billion Rasmalé project could create 40,000 construction jobs and 15,000–18,000 permanent positions; the long-term lease proposal remains under public scrutiny. Banking: Bank of Maldives posted record nine-month net profit of MVR 1.93 billion, up 26%, and issued MVR 12.1 billion in new loans. It supplied customers with $722 million in foreign currency, as high demand continues to pressure access to dollars. Business climate: The government says foreign-owned wholesale, retail and logistics firms must meet new investment requirements or face enforcement. Moody’s upgraded the Maldives’ credit rating to Caa1 with a stable outlook. Tourism: Maldives businesses took home 36 South Asian Travel Awards, including recognition for Sun Travels, Ocean Group and Kandooma Maldives.
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