Maldives Financial News

India’s “military presence” in Maldives is a myth created by incoming President Mohammed Muizzu and former President Abdullah Yameen, as just a handful of Indian military personnel in the Indian Ocean Region state are stationed for training Maldivian armed forces, according to people with knowledge of the matter. Two Indian Dhruv advanced light helicopters are operating in Male and the country has given a Dornier aircraft to the Maldives National Defence Force (MNDF) on condition that while it will operate under the command and control of the MNDF while its running cost will be borne by India, said the people. They said the Dornier aircraft has since been assisting in joint surveillance activities by India and the Maldives of the exclusive economic zone of the Indian Ocean Region nation. However, India meets 70% of the defence training requirements of the MNDF, having trained more than 1,500 of its personnel over the past decade, said one of the persons, who did not wish to be identified. In February 2021, India had extended a $50 million line of credit to the Maldives for defence projects. It also signed a deal to construct and maintain a naval facility.

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Hindustan Times. Referring to security and development assistance provided to the Indian Ocean archipelago by New Delhi, external affairs ministry spokesperson Arindam Bagchi told a regular media briefing that the Indian side’s cooperation with the Maldives is based on jointly addressing shared challenges and priorities. While responding to several questions on the Belt and Road Forum hosted by China and Muizzu’s comments endorsing the BRI, Bagchi said that India’s position on BRI, including the programme’s “lack of respect for our sovereignty and territorial integrity are well known and consistent".

President-elect of the Maldives, Mohamed Muizzu, has said that he is determined to fulfill his promise of removing Indian military personnel from the archipelago. However, he plans to do so through diplomatic channels. As per a TOI report, Muizzu, who will assume the presidency next month, expressed his hope of seeing the Indian troops leave during the first week of his term.

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Pakistan has chosen Erica Robin to represent the nation at the Miss Universe beauty pageant, igniting a wave of controversy. According to the BBC, this decision has not been well-received by several conservatives within the country who argue that Robin, aged 25, is representing a nation that doesn't wish to be represented. Pakistan, a predominantly Muslim nation, rarely participates in beauty pageants, as per the BBC report.

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Gupta rejoined ICANN on October 3 as Vice President, government and intergovernmental organisation (IGO) engagement for the APAC region and Stakeholder Engagement South Asia. The organisation said Gupta will primarily oversee ICANN's engagement and participation in IGO and multilateral forums in the region, including meetings and initiatives of the International Telecommunication Union (ITU) and engaging with regional governments on the United Nations Global Digital Compact and the World Summit on the Information Society (WSIS)+20 process.

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FTA journey can be divided into three distinct phases. 1975-2004: In this phase, the focus was on reducing tariffs to promote merchandise trade. India embarked on its FTA journey in 1975 by signing the Bangkok Agreement with Bangladesh, Sri Lanka, and S Korea.

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Hospitality firm Atmosphere Core on Thursday announced plans to enter the Indian market and said it has signed eight hotels and resorts, with the first property set to be opened in Kolkata in the April-June period of 2024. The remaining seven properties will be located in Goa, Bengaluru, Bhopal, Coorg, Kannur, Bhubaneswar and another one in Kolkata.

Jumeirah Group aims to double its property portfolio by 2030 and is 'keen' on opening a luxury hotel in India, a top company official said on Wednesday. Jumeirah Hotels and Resorts is a Dubai-based luxury hotel chain, which currently owns 27 hotels across the world, including 12 hotels in the United Arab Emirates, said Kirti Anchan, General Manager of Jumeirah Emirates Towers. «We are on a growth path and we want to double our property portfolio by 2030.

The World Bank says South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels

The president-elect of the Maldives says he's sticking to his campaign promise to remove Indian military personnel stationed in the archipelago state, promising he will initiate the process

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Pro-Beijing leader Mohamed Muizzu has won the Maldives presidential election, beating incumbent president Ibrahim Solih in the second-round of the contest. This shift may raise alarms in New Delhi, apprehensive of China's growing influence in the traditionally Indian-aligned Maldives. Mint delves into the implications.

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Maldives President-elect Mohammed Muizzu may give India a headache in its southern neighbourhood in the backdrop of his pro-China leanings and «India out» campaign. However, the new Maldivian President may not be able to push out India's footprints from the archipelago given the historical development partnership and New Delhi's role as the first responder in a crisis. Muizzu was the proxy candidate for jailed former president Abdullah Yameen and may revive China's footprints in Maldives, according to Maldives watchers.

Tata Housing will launch 10 million square feet of residential projects over the next 2-3 years with an estimated revenue of Rs 16,000 crore to encash strong consumer demand, a top company official said. In an interview with PTI, Tata Realty and Infrastructure Ltd MD & CEO Sanjay Dutt sounded very bullish about the growth potential in India's housing market and said the company would be launching several projects to tap this rise in demand. «We are launching 10 million square feet residential projects across various cities with a topline of roughly Rs 16,000 crore.» Tata Realty and Infrastructure Ltd (TRIL) is a 100 per cent subsidiary of Tata Sons.

(Exciting news! Mint is now on WhatsApp Channel. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Muizzu, 45, helms a party that presided over an influx of Chinese loans when it last held power in the atoll nation, better known for its luxury beach resorts and celebrity tourists. He won 54.06 percent of the vote in the run-off contest, prompting incumbent Ibrahim Mohamed Solih to concede defeat shortly before midnight.