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Maldives central bank says tourism revenue up 88 percent in Q1-2018

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Maldives tourism receipts recorded an increase of 88 percent in the first quarter of the year, a survey by the country’s central bank has shown.

In the Quarterly Business Review conducted from April 4-26 by the Maldives Monetary Authority (MMA), majority of the respondents from the tourism sector indicated an increase in total revenue and resort bookings in Q1-2018 when compared with  Q4-2017 — net balances of 88 percent and 58 percent respectively. As for average room rates, 81 percent of the respondents reported an increase in Q1-2018 in comparison to the previous quarter.

“[It was a reflection] of the peak season of the tourism industry,” the survey, which was participated by 100 enterprises from the major sectors of the economy, read.

Looking at employment numbers of the tourism industry during the review quarter, 53 percent of the respondents indicated that their employment remained unchanged, while 39 percent reported an increase. With regard to business costs, 77 percent and 60 percent of the respondents reported an increase in labour-related costs and input prices respectively.

According to the survey, half of the respondents from the tourism industry indicated no change in their capital expenditure, while 80 percent of the respondents reported their access to credit remain unchanged in Q1-2018 from Q4-2017. Reflecting these developments, 42 percent of the respondents cited an increase in the financial situation of the company, while a majority reported no change, it said.

“Following the seasonality in the tourism sector, the majority of the respondents expect total revenue, resort bookings and average room rate to decrease in Q2-2018 compared with the review quarter, as indicated by the negative net balances,” MMA said, in its survey report.

“… access to credit is also expected to remain unchanged. With regard to future investments, 31 percent of the respondents anticipate an increase in capital expenditure, while the majority foresee their capital expenditure to remain unchanged in Q2-2018. As for the financial situation, 54 percent of the respondents expect it to tighten, while 44 percent anticipate it to remain unchanged in Q2-2018.”

The central bank’s estimates are in line with growth trends reported by other authorities as well as independent research firms.

According to official figures released by the tourism ministry, total arrivals for the first five months of the year increased by 10.6 percent to reach 632,729 compared to the 572,318 in the same period of last year.

Meanwhile, data compiled by leading global market research and analysis firm STR has shown that Maldives posted the highest occupancy level for a Q1 since 2014 thanks to the highest Q1 demand increase in the destination since 2010.

According to STR’s Asia/Pacific hotel performance report for Q1 2018, occupancy in the Maldives during the January-March period stood at 76.7 percent — an year-over-year increase of 7.6 percent. This represents the highest absolute occupancy level for a Q1 in Maldives since 2014 thanks to the highest Q1 demand increase in the country (10.6 percent growth) since 2010, it said.

STR data also showed that Average Daily Rate (ADR) in the Maldives increased by 1.6 percent to MVR 12,569.93 (USD 815.10) in Q1, while Revenue Per Available Room (RevPAR) in the destination also recorded a 9.4 percent growth to reach MVR 9,637.91 (USD 624.97) during the first three months of the year.

However, domestic political instability has hit tourist arrivals, with numbers posting declines for two consecutive months.

Maldives attracted a wave of bad publicity following the recent declaration of a state of emergency, which ended in March. However, the political turmoil was strictly restricted to the capital city, away from the resorts and local islands where holidaymakers stay in.

However, MMA has projected the performance in the Maldives tourism industry to firm up during the year despite the current political instability.

Over the past five years, dozens of uninhabited islands have been leased to local and foreign resort developers. Several international brands have entered into the market, increasing the number of resorts to 120. That number is set to increase as the government has announced the opening of some 20 new resorts over the next two years.

Along with the new resort openings come the challenge of increasing demand from budget travellers who choose guesthouses over luxury resorts that the Maldives is known for. The guesthouse sector has rapidly expanded with over 450 guesthouses in operation today.

The government has announced new steps to maintain a structured growth in tourism, including a slowdown in leasing islands for resort development and increased marketing efforts in key markets such as China and the Middle East in order to reach an ambitious target of a record 1.5 million tourist arrivals this year.

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Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

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BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.

This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.

Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.

A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”

The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.

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BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

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Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.

The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.

“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.

In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.

The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.

A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.

Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.

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Redefining corporate retreats at Cinnamon Dhonveli Maldives

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MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.

Let your next MICE experience be more than a meeting—make it a journey worth sharing.

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