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Maldives to incentivise guesthouses via new SME bank

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A financing company will soon be established under the administration’s policy on promoting local tourism in the Maldives, President Ibrahim Mohamed Solih announced Saturday.

Speaking at the closing ceremony of the Maldives Guesthouse Symposium 2018 held at the main convention centre of Dharubaaruge in capital Male, President Solih said the SME Financing and Development Corporation (SFDC) will be created with the shareholding of the government. It will be the first of its kind bank in the Maldives with the shareholding of city councils as well, he added.

The president stressed that SFDC would be first established as a financial institute which does not take deposits, but that it would be changed to a depository company later on. Financial and professional assistance would be provided to guesthouse businesses through this company, with loans to be issued from February 2019, he said.

“The bank will contribute in generating more wealth and ensuring economical sustainability of the Maldivian people,” the president said.

On a different note, President Solih shed light on the fact that tourism industry accounts for 70 per cent of the Maldivian economy and stated the importance of further developing the industry in order to achieve economic feasibility and individual growth.

The president underscored the high priority accorded to ensuring that all Maldivian citizens can enjoy the true benefits of tourism rather than a handful of business leaders. Tourism ministry was in the process of revising the necessary rules and regulations, he said.

President Solih highlighted that broadening tourism promotion to encompass guesthouse businesses is part of the first 100-days goals of his administration. He noted that the Maldives should not only be promoted as a luxury destination, and said that the middle-class market must be advertised as well.

“Guesthouse businesses are not currently being regulated properly, despite the rapid rate at which the business has expanded to all parts of the country. This could only be achieved by decentralising tourism management and making local councils the main powerhouse of guesthouse businesses,” the president said.

Held as part of the new government’s first 100-day pledges, the Maldives Guesthouse Symposium 2018 took place at the main convention centre of Dharubaaruge in capital Male. The one-day forum was attended by tourism minister Ali Waheed and top officials of relevant authorities along with representatives from 340 guesthouses located across the Maldives.

The main objective of the symposium is to create a platform for guesthouse operators and relevant government authorities to come together and discuss issues and constraints, providing strategic directions for sustainable development of guesthouse sector, which support environmentally sensitive business operations, whilst protecting the cultural and natural heritage of the island in providing maximum economic and social benefits to the local people.

The symposium recognises the need for sustainable development of the rapidly growing guesthouse sector of the Maldives, as well as the government’s commitment to identify and address issues and challenges faced by guesthouse operators and island communities.

Maldives, known world over for its upmarket tourism industry, has resorts in the hundreds spread across the archipelago. The industry has in recent years expanded to introduce more affordable segments, including guesthouses and liveaboards. Some 500 guesthouses have started operations over the past five years as the number of travellers that choose to stay in guesthouses rise.

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Pulse Hotels & Resorts unveils new residential project: The Coral Residences, Kandima

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Pulse Hotels & Resorts, one of the leading innovators in Maldives tourism, has introduced The Coral Residences, Kandima. Nestled on the northern end of the lush and green three-kilometre-long Kandima Integrated Island Resort in Dhaalu Atoll, this residential development is a first of its kind and promises to redefine luxury living in the Maldives.

Designed and crafted with meticulous attention to detail, The Coral Residences, Kandima, is a unique, integrated beachfront residential community with exceptional 5-star service, situated in the shimmering blue heart of the Maldives.

The Coral Residences comprises of 40 exquisitely designed two bedroom and three bedroom apartments. All apartments feature contemporary design and chic interiors, high-end finishes, state-of-the-art appliances, and unobstructed panoramic sea views across the Indian Ocean. Residence owners will enjoy exclusive access to a host of premium facilities, including a private beachfront pool, a gourmet restaurant and bar, dedicated fitness and recreation facilities and a 24-hour concierge service.

Buyers of The Coral Residences will be able to own their apartments under the new strata title ownership program. Owners’ apartments will be part a rental program, managed by Pulse Hotels & Resorts. Residents will have the access to the full range Kandima’s 5-star resort services, including its restaurants and bars, spa, recreation, and other amenities to complement their lifestyle. With its emphasis on comfort, convenience, and community, this development offers a truly elevated living experience.

“We are thrilled to introduce The Coral Residences, Kandima, to discerning local and international buyers,” said Sanjay Maniku, Managing Director of Pulse Hotels & Resorts. “With its unparalleled design and amenities, homeowners can take advantage of a limitless world of activities and experiences on offer at Kandima. We believe this development will set a new standard for luxury living in the Maldives, as well as bringing a new definition to the Maldives family vacation.”

The Coral Residences is realised by Pulse Hotels & Resorts, the creators behind The Nautilus Maldives, Kandima Maldives, and Nova Maldives. Known for their innovative hospitality concepts, Pulse Hotels & Resorts ensures that each property offers exceptional experiences and world-class service. The development has commenced and is expected to complete within Q3, 2025.

For more information, high-resolution images, and to schedule a private viewing, please contact Aishath Ihuma, Director of Business Development at +960 7788986 or aishath.ihuma@coralresidencesmaldives.com.

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Weixin Pay supported to boost Chinese tourists to Maldives

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On May 27, Zihuny Rasheed, Deputy Managing Director of Maldives Marketing and PR Corporation (MMPRC/Visit Maldives), and Etienne Ng, Weixin Pay’s Country Manager, Singapore and Regional Director, Southeast Asia, WeChat Pay, signed a three-year Memorandum of Understanding (MoU) during ITB China 2024, pledging to support more Maldivian merchants to accept WeixinPay to provide Chinese tourists with a convenient payment experience. Visit Maldives is the Official Destination Partner for this year’s edition of ITB China.

“China is a key source of tourists for the Maldives, and we greatly value the experience of Chinese visitors,” said DMD Zihuny Rasheed. “We plan on promoting the acceptance of Weixin Pay throughout the country, offering Chinese tourists the payment option they are familiar with and prefer. I have used Weixin Pay during my visit to China via linking an international card, and I can attest to the convenience of the mobile payment option.”

Ibrahim Faisal, Minister of Tourism of the Maldives, expressed his support, “Excited that we’re introducing Weixin Pay for Chinese visitors, which is another step in establishing Maldives as their top destination. Now, it’s easier than ever for Chinese travellers to enjoy their stay, hassle-free. We look forward to further enhancing their experience,” he wrote.

According to Etienne Ng, Weixin Pay is currently being piloted at the country’s airport duty-free store, as well as in popular restaurants like Sala Thai and City Garden. Additionally, a range of hotels and resorts are participating including, JEN Maldives Malé by Shangri-La, Adaaran Select HudhuranFushi, Adaaran Club Rannalhi, Adaaran Prestige Vadoo, Adaaran Prestige Water Villas, Velaa Private Island, Cheval Blanc Randheli Private Island, Dhawa Ihuru Maldives, Ayada Maldives, Marriott Bonvoy, Banyan Tree Vabbinfaru, Conrad Maldives Rangali Island and Angsana Velavaru in Maldives with strong support from the Bank of Maldives and local merchants. Making smooth progress, the initiative is expected to have 8,000 merchants nationwide that integrate the payment option.

“Weixin Pay is committed to providing users with safe and convenient payment services. Since the visa exemption policy was implemented, more and more Weixin Pay users have chosen to travel to the island country. Through our cooperation with Visit Maldives, we aim to provide Chinese users with the same convenient experience in the travel as they experience at home,” he said.

In February 2023, an Agreement on Mutual Exemption of Visa Requirements signed between the Maldives and China took effect as China expands its visa-free policy to benefit more countries. Consequently, the Maldives has consistently ranked among the top overseas destinations for Chinese tourists during popular travel periods such as the May Day and National Day holidays.

According to data from Visit Maldives, the country welcomed over 1.8 million tourists in 2023, a new national record. The Chinese market has been a key source market for the Maldives. As of 11th May 2024, it is the number one source market with 91,073 tourist arrivals.

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Indian influencer Niki Mehra in Maldives

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Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) hosted a familiarisation trip with Amilla Maldives for high-end influencer, Niki Mehra, from India to experience the luxury and romantic offerings of the Maldives from 3rd – 6th May 2024.

The familiarisation trip was a great opportunity to Niki Mehra, a renowned Indian model, fashion, beauty and travel content creator and social media influencer with over half a million followers who has carved a niche in the Indian fashion industry with her unique sense of style. During her time in the Sunny Side of Life, Niki Mehra showcased luxury to romantic experiences of the destination.

The trip promoted Maldives through social media platforms of Niki Mehra while highlighting experiential itinerary offerings of the Maldives. Additionally, the influencer trip assisted MMPRC in propelling growth in the luxury travel segment and honeymoon market by showcasing the Maldives as a premier honeymoon destination for the Indian travellers.

The Indian market has been a strong market for the Maldives over the years, currently ranked number 6 with 46,970 tourists as of 13th May 2024. Additionally, MMPRC showcased the Maldives in OTM and SATTE held earlier this year. MMPRC is committed to boosting the arrivals from the market and has exciting marketing activities planned for future, including joint campaigns, familiarisation trips, participation in major events and other campaigns which provides numerous opportunities to showcase the breathtaking Maldives to the market, attracting more Indian travellers.

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