Business
Turkey’s wealth fund in talks over urgent support for hard-hit Turkish Airlines – sources
ISTANBUL (Reuters) – Turkey’s wealth fund is in talks to provide emergency funding to flag carrier Turkish Airlines THYAO.IS, one of the country’s hardest-hit companies when the coronavirus pandemic halted nearly all flights, four sources told Reuters.
The sources close to the matter said the company, which flies to more destinations worldwide than any other airline, could receive capital or financing support, though nothing had yet been finalised.
It was unclear how much funding the Turkey Wealth Fund (TVF) could make available in what one source called a “bailout”. TVF declined to comment.
In a statement to the stock exchange, Turkish Airlines said the company had not received any information regarding talks being conducted for the provision of capital or financing support to the company.
Measures restricting movement in the wake of the pandemic have led to big losses, layoffs and closures at airlines around the world. One of the biggest, Germany’s Lufthansa LHAG.DE, agreed a $10-billion government bailout in June.
Turkish Airlines posted a loss of 2.23 billion lira ($287 million) in the second quarter when lockdowns at home and abroad were most widespread. It has agreed with a labour union to cut wages by 30-50% until the end of 2021 but avoided layoffs.
“It is very clear that Turkish Airlines is in need of a bailout programme. This could be capital support or financing support,” one of the sources said.
The source added that TVF conducted a broader study of struggling Turkish companies in the transportation and tourism sectors, suggesting other bailouts could be forthcoming.
TVF owns 49.12% of Turkish Airlines, which has a market capitalisation of 14.6 billion lira ($1.9 billion). Its shares have dropped 31% since borders were temporarily closed and domestic and international flights were halted after February. They rose 2.5% after the funding news on Friday.
Chairman Ilker Ayci said after the second quarter the airline felt “very comfortable” with the $1.7 billion of cash on hand, credit lines and other funding capacity it had until the beginning of 2021.
But it expects to burn up to $350 million per month through year end, when net debt is expected to be some $14 billion.
Finance Minister Berat Albayrak, announcing the government’s three-year plan on Tuesday, said the recovery in some sectors including tourism and transportation had not reached desired levels.
Another source told Reuters efforts were being made for a similar style rescue for Turkish Airlines to Lufthansa.
“A sort of capital transfer or providing financing will be possible. Talks are now being held for this and the ideas for the method are being evaluated,” the source said.
The company’s passenger numbers tumbled 65.9% year-on-year in August, company data showed. Its load factor dropped 17.2 percentage points to 67.6% in the same period.
Reporting and photo: Reuters
Business
2 decades of culinary excellence: BBM’s founding legacy with Hotel Asia continues in 2025
Hotel Asia Exhibition and International Culinary Challenge is referred to be the hospitality industry event in the Maldives. In this year’s Culinary Challenge (19 to 22 October 2025) comprising competitions over 20 categories, most will take place at the Faculty of Hospitality and Tourism Studies, Maldives National University, and some at the Synthetic Track, Hulhumalé.

A Founding Partnership that Endures
Since the very first edition in 2001, Bestbuy Maldives (BBM) has played a central role in shaping the International Culinary Challenge into the Maldives’ most prestigious culinary platform. The event has become a cornerstone for professional development, bringing together chefs from across the Maldives to compete, learn, and showcase their craft.

BBM and their associated Principals sponsor an overwhelming majority of categories. “From the beginning, our goal has been to create opportunities for Maldivian chefs to rise to global standards. This partnership has grown with the industry itself,” said A.V.S. Subrahmanyam, Chief Operating Officer of BBM.

Nurturing Local Talent
BBM’s contribution extends beyond sponsorship. The company has built a long-term system for recognizing and developing local culinary talent.
- BBM Chairman’s Trophy for the Best Maldivian Competitor.
- Most Promising Young Chef Award for emerging talent.
- Global exposure programs for Maldivian chefs through sponsored participation in international events.
- Pro-bono Masterclasses with world-renowned chefs to encourage learning and innovation.
Investing in the Future of Hospitality
Through initiatives such as Building Young Talent, BBM continues to mentor aspiring professionals and support the next generation of chefs. The company also promotes inclusivity by sponsoring opportunities for female and young chefs to gain international exposure.
BBM’s industry partnerships include its role as Title Sponsor of the Hotelier Maldives Awards, celebrating excellence across the Maldivian hospitality sector.

Proud Sponsors of Culinary Excellence
In 2025, BBM and its partner brands proudly sponsor 14 competition categories and 8 Main Awards, further strengthening their role in the development of culinary arts in the Maldives. Categories include Decorated Cake, Artistic Showpiece, Bread and Pastry Display, Three Desserts (Display), Desserts, Rice Dish, Asian Noodles, Team Challenge, Maldivian Dish, Creative Sandwich, Young Chef, Tea Challenge, tapas/finger food, and Iced Mocktail.
Business
Bestbuy Maldives, MNU forge partnership to advance hospitality education
The Maldives National University – Faculty of Hospitality and Tourism Studies (MNU-FHTS) and Bestbuy Maldives (BBM) have officially signed a Memorandum of Understanding (MoU) to strengthen industry-academic collaboration and advance hospitality education in the Maldives.
The MoU was signed by Dr Aishath Shehenaz Adam, Vice Chancellor of MNU, and Ismail Hilmy, Chairman and Managing Director of BBM, during a ceremony attended by the university’s Chancellor Dr Mahmood Shaugee, senior management, and representatives from both organisations.
This partnership marks a significant milestone in developing a state-of-the-art Food and Beverage Practical Demonstration Kitchen at MNU-FHTS. BBM will support the upgrading of the existing Garde Manger kitchen and classrooms, contributing financially and materially to create a modern, industry-standard learning environment for future hospitality professionals.
Beyond infrastructure, the collaboration will extend to academic and training support, research and innovation in culinary arts, community engagement, and professional networking opportunities, ensuring that students gain practical, real-world experience aligned with industry expectations.
Highlighting the broader purpose of this partnership, BBM stated that, “This is a significant step in the direction of BBM’s vision involving hospitality industry outreach in the Maldives — because tomorrows start today. Initially, we will set up a world-class model kitchen that will be suitable for masterclasses and hands-on training for students; and also for product demonstrations, masterclasses, and interaction with groups of customers.”
Speaking at the ceremony, representatives from both institutions emphasised their shared vision to promote excellence in education, innovation, and human capital development in the Maldivian hospitality sector. This partnership underscores BBM’s continued commitment to supporting education and industry growth, and MNU-FHTS’s mission to bridge the gap between academia and industry — nurturing the next generation of hospitality leaders in the Maldives.
Business
SATA 2025 announces partnerships; confirms Hotelier Maldives, Maldives Insider as Media Partners
Hotelier Maldives and Maldives Insider have been confirmed as official Media Partners of the South Asian Travel Awards (SATA) 2025. The announcement was made during a signing ceremony held at Hulhulé Island Hotel, Maldives, where SATA unveiled its distinguished partners for the 9th edition of the annual awards.
Now in its ninth year, SATA has become a key platform for recognising excellence in South Asia’s tourism and hospitality sector. The partnership with Hotelier Maldives and Maldives Insider will strengthen the awards’ regional visibility and ensure extensive coverage of the event across Maldives and beyond.

This year’s awards ceremony will take place from 19th to 20th September 2025 at Cinnamon Grand Colombo, Sri Lanka, bringing together industry leaders, stakeholders, and innovators from across South Asia.
In addition to the media partnership, SATA 2025 also announced its corporate partners. Honda Marine has been named the Platinum Partner, while The Hawks, Velana International Airport, and Allied Insurance Company of the Maldives join as Gold Partners. Renaatus Realty has been confirmed as the Silver Partner, and Hulhulé Island Hotel continues as the official Hospitality Partner in the Maldives.

Speaking at the ceremony, SATA organisers noted that the strong lineup of partners reflects the growing importance of collaboration within the tourism and hospitality industry. With the support of its partners, SATA 2025 aims not only to celebrate outstanding achievements but also to foster long-term cooperation and sustainable growth in the region’s tourism sector.
The awards are endorsed by leading national tourism bodies and associations across South Asia, including the Sri Lanka Tourism Development Authority, Nepal Tourism Board, Visit Maldives Corporation Limited, and several travel and hotel associations across the region.

This year’s evaluation process was conducted by a panel of nine jury members representing different countries, including tourism leaders from India, Sri Lanka, Bangladesh, Nepal, Bhutan, Spain, and the Maldives.
Through partnerships with media outlets such as Hotelier Maldives and Maldives Insider, SATA 2025 will ensure broad engagement across key markets, strengthening its position as one of South Asia’s most prestigious hospitality and travel award platforms.
-
Cooking1 week agoAtmosphere Core, BBM to host Michelin-starred events with Chef Pasquale Palamaro
-
Meditation1 week agoJW Marriott Maldives Kaafu Atoll Island Resort, Soulful Feasts by Stephanie Zubiri announce Thanksgiving wellness retreat
-
News6 days agoAutograph Collection Hotels debuts in Maldives with The Halcyon Private Isles: Signature retreat of individuality, immersion
-
Awards1 week agoSO/ Maldives shines bright with 3 wins at 2025 Global Awards Season
-
Awards1 week agoBanyan Tree Vabbinfaru celebrated as a top 4 resort in Indian Ocean by Condé Nast Traveler 2025
-
News1 week agoVelaa Private Island introduces newly redesigned Kuredhi Residence by Winch Design
-
Drink1 week agoConstance Moofushi Maldives celebrates fine wine excellence with Creation Wines
-
Awards7 days agoCentara Mirage Lagoon Maldives wins top family hotel honour at Little Steps Family Travel Awards


