Tag: construction

MACI Build Expo positive about construction “boom”

The Maldives Association of Construction Industry’s (MACI) annual exhibition concluded today at the Dharubaaruge Centre in Male’, after enduring three days of gloomy weather and a lower-than-expected turnout.

The annual event showcased over twenty construction companies and their newly developed or imported products. Sales people interviewed said that the event was a significant business opportunity each year, and that sales were expected to improve.

“Every year we are introducing new products,” said Ali Shaathir of MUNI Homecare. “These products have a good impact on construction–they are safer, and friendly to the environment.”

Veligaa Hardware representative Muaz Mohamed said that construction would continue to “boom” in the Maldives. “You can always see construction on Male, and Hulumale is just beginning to boom,” he said.

Other companies represented included Humaru Maldives, Polytechnic Maldives, Thilafalhu Industrial Zone, and Habitat. Several observed that resort construction played a significant role in the industry.

One construction sector said to interest resorts is renewable energy. Earlier this week, President Mohamed Nasheed told an international audience in London that the Maldives needs to become carbon neutral.

Renewable Energy Maldives (REM) representative Maufooz Abdullah said that although eco-construction isn’t prominent, it is growing. “People are actually interested here and in resorts, and some are even buying our products,” he said.

REM currently sells solar-hybrid air conditioning units to residents and businesses around the country. These units recover their cost in two years, and are said to be used across Male. Abdullah said that use of REM products could reduce pollution “by 30 to 60 percent”.

“We hope environmentally friendly construction practices grow in the Maldives, it’s catching on slowly but we hope it moves faster.”

Abdullah said the MACI exhibition was valuable to the industry, but wished more people would benefit from it.

“I think it’s a very important event for educating people about the industry, but I don’t see too many people coming in.”

Maldives Income Revenue Authority (MIRA) said that construction was important to the Maldivian economy. Representatives noted, however, that the new Goods and Services Tax (GST) bill, due to become active on 2 October, will “have an effect on wholesale and customer prices.”

Likes(0)Dislikes(0)

GST will prioritise wholesalers, but requires administrative tax regulations

Maldives Inland Revenue Authority (MIRA) has said it will give priority to levy the Goods and Services Tax (GST) from merchants who import and sell goods at wholesale prices, reports Haveeru.

The GST bill, which was ratified by President Mohamed Nasheed last Friday, is required to be implemented within a month from ratification.

Commissioner General of Taxation, Yazeed Mohamed, told Haveeru that tax deductions from wholesalers will be the second major source of income. He said certain industries such as construction, food and entertainment would be given higher priority.

Yazeed said the act will be fully implemented in three months, but that administrative tax regulations had to be amended as well, Haveeru reported.

GST payers will be asked to register at MIRA.

Likes(0)Dislikes(0)

Newly-decreed uninhabited islands to be resort, airport

The Bilhifeyshi area and Thoon’du area of Fuvahmulah have been officially recognised as uninhabited islands.

President Mohamed Nasheed signed decrees for both islands during a special meeting at Fuvahmulah, which addressed development projects for the upcoming South Asian Association for Regional Cooperation (SAARC).

The President said the two islands will be used for tourism. Development on these islands will be overseen by Fuvahmulaku Development Corporation Limited, a government company that was also created today.

Resort construction will begin at what was formerly Thoon’du area next week. Plans to build an airport at Bilhifeyshi area island are underway.

Development of these islands will be in accordance with the government’s social and economic development policies. The plan is said to provide more opportunities for local business investment and job growth.

Likes(0)Dislikes(0)

Addu City gets Bank of Ceylon branch

The Bank of Ceylon (BOC) has said it will open a branch in Addu City in time for the South Asian Association for Regional Cooperation (SAARC) Summit, which is scheduled for that site in November.

The bank’s chairman said construction will start as soon as the Maldives Monetary Authority (MMA) has approved the proposal, reports Haveeru.

BOC has also provided a US$10 million revolving credit line to the Maldives with a six percent interest rate.

Sri Lankan media is reporting that the credit line will be used to purchase fruit and vegetables from Sri Lanka.

Likes(0)Dislikes(0)