Business
Maldives to fast-track $100 mln coronavirus stimulus, applications to open next week
Businesses hit by the coronavirus pandemic will be able to apply for emergency fast track financing starting next week under a MVR 2.5 billion ($161.84 million) stimulus package, officials in Maldives announced Wednesday.
The MVR 2.5 billion stimulus plan, announced last week, includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs.
Finance minister Ibrahim Ameer told reporters in capital Male that emergency loans for resorts and local businesses with a turnover of over MVR 10 million in 2019 will be arranged through Bank of Maldives (BML).
Affected small and medium enterprises as well as self-employed individuals will be able to avail the loans through the SME Development Finance Corporation (SDFC), a state-owned financial institution exclusive for small and medium enterprises, he said.
“These are fast track facilities, so processing won’t take two to three months,” the minister said.
The unsecured emergency loans will come with a six-month grace period and a repayment period of three years. Interest will be charged at six per cent, but no interest will be charged during the grace period.
The minister stressed that the government will mandate businesses that avail the emergency financing to retain their local workforce and pay full salaries to those with wages below MVR 10,000 ($648).
“Our primary focus is to ensure job security for our workers,” he said.
The stimulus plan is complemented by a package of financial measures, including a six-month moratorium on principal and interest repayments for personal and business loans sanctioned by commercial banks.
BML had earlier announced a $2 million short-term financing facility for the tourism industry.
The facility by the country’s largest bank allows operational resorts and guesthouses finance up to $2 million to manage their working capital requirements, with a repayment period of three years.
The Covid-19 outbreak has hit the Maldivian economy hard, as travel restrictions and other preventive measures affect the country’s lucrative tourism industry, which contributes the bulk of the island nation’s state revenue and foreign reserves.
Before the pandemic, the government had been bullish about tourism prospects, targeting two million, high-spending holidaymakers this year after last year’s record 1.7 million.
However, tourist arrivals saw a year-over-year decline of 22.8 per cent in the first 10 days of March. With arrival numbers falling, several resorts across the Maldives had been closed.
Tourism has been the bedrock of the Maldives’ economic success. The $5 billion-dollar economy grew by 6.7 per cent in 2018 with tourism generating 60 per cent of foreign income.
However, the government is at present projecting a possible 5.6 per cent economic contraction this year — an estimated $446 million hit.
On March 8, Maldives reported its first cases of the novel coronavirus, as two hotel employees tested positive for Covid-19 at a luxury resort in the archipelago.
Sixteen more cases — all foreigners working or staying resorts and liveaboard vessels except three Maldivians who had returned from the United Kingdom — were later identified.
However, 13 out of the 16 have made full recoveries. The remaining three patients are being treated at designated quarantine facilities, whilst the other two had been repatriated to their home country of Italy.
The Maldives announced a state of public health emergency on March 12, the first such declaration under a recent public health protection law.
The public health emergency declaration has allowed the government to introduce a series of unprecedented restrictive and social distancing measures, including a partial curfew in capital Male and its suburbs, and a nationwide closing of schools, colleges and universities. Non-essential services and public places in the capital such as gyms, cinemas and parks have also been shut.
Restaurants and cafes in the capital have been asked to stop dine-in service and switch to takeaway and delivery.
A nationwide shutdown of all guesthouses, city hotels and spa facilities located on inhabited islands is also in effect.
The Maldives on Friday enforced a blanket suspension of on-arrival visa in a bid to combat the spread of the novel coronavirus.
Even before the visa suspension, the Maldives had closed its borders to arrivals from some of the worst-hit countries, including mainland China, Italy, Bangladesh, Iran, Spain, the United Kingdom, Malaysia and Sri Lanka. Visitors from three regions of Germany (Bavaria, North Rhine-Westphalia and Baden-Württemberg), two regions of France (Île-de-France and Grand Est) and two regions of South Korea were also banned from entering the country.
All direct flights to and from China, Italy, South Korea and Iran were also cancelled.
Cruise ships and foreign yachts were also banned from docking at any of the country’s ports.
Photo: Mihaaru News
Business
Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space
Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.
Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.
Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:
- Up to 300 guests in theatre-style setup
- Up to 240 guests for dining and banquet-style events
- Up to 200 guests for cocktail-style receptions
- Up to 144 guests in cluster-round configuration
Enhancing the flexibility of the venue are additional dedicated spaces, including:
- A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
- A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
- The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.
Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.
True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.
The venue offers flexible meeting formats designed to suit different event needs, including:
- Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
- Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.
These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.
With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.
Business
BBM expands retail presence with new Hulhumalé outlet
Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.
The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.
According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.
With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.
The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.
BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.
Action
Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah
Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.
Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.
Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.
The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.
Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.

Further information on retreat formats and dive-inclusive stays is available via the Ataraxis Grand & Spa website.
-
Featured1 week agoYear of the Horse celebrations across Sun Siyam’s Luxury, Privé and Lifestyle resorts
-
Action1 week agoLUX Tennis joins St. Regis Maldives Vommuli to expand active lifestyle programme
-
Love1 week agoKandooma Maldives invites couples to gift island escape this Valentine’s Day
-
Action6 days agoBestbuy Maldives supports health, wellness as Main Sponsor of MNU Marathon 2026
-
Awards1 week agoEllaidhoo Maldives secures HolidayCheck Gold Award for second consecutive year
-
Love6 days agoRomance in nature: Valentine’s week at Eri Maldives
-
Food1 week agoOBLU XPERIENCE Ailafushi invites guests to break fast island-style this Ramadan
-
Cooking6 days agoMaagiri Hotel invites guests to celebrate Ramadan with daily Iftar


