Economy.
Fenaka Corporation officially handed over Addu City's electricity services to STELCO on 30 September 2026, following a flag-hoisting ceremony held in Hithadhoo. STELCO announced on that day that parties causing negligent damage to cables during road excavation works would have to bear all repair expenses. World-renowned shipping company Maersk has decided to reduce the emergency surcharge by an amount between $300 and $600 starting from next October 7 for containers sent to Europe from the Indian subcontinent, including the Maldives. Products from STO's General Trading, People's Choice, and Energy divisions were showcased at the 20th Hotel Asia Exhibition, which was held at the Hulhumalé Synthetic Track from September 28 to 30. The Maldivian Ambassador to Japan, Ahmed Mahloof, stated on September 30 that the price of the dollar in the black market had dropped significantly due to strong measures taken by President Dr. Mohamed Muizzu's government, and that black-market traders had previously paid media outlets to portray the dollar rate as having risen to 25 Rufiyaa.
State Electric Company Limited (STELCO) has decided to recover damages and repair costs from parties who cause damage to laid cables during road excavation work. STELCO decided to take this measure with the aim of addressing the issue, as damage to cables during road digging causes interruptions in electricity service and poses significant difficulties to both the public and the company. Alongside this decision, the company also determined that parties who carry out unauthorized or negligent road excavation must bear responsibility for damages sustained by the cables. Furthermore, STELCO has urged that heed be paid to relevant standards when undertaking road excavation work and that operations proceed in compliance with established procedures.
State Electric Company (STELCO) officially took over the provision of electricity services in Addu City on 30 September 2026. To mark this change officially, transferring the service previously managed by Fenaka Corporation back under STELCO, a special flag-raising ceremony was held in Hithadhoo. This is a significant step towards bringing electricity services across various regions of the Maldives under one umbrella and further strengthening and standardizing the services provided to the residents of Addu. Returning to provide electricity across the entire atoll as it did 17 years ago, STELCO took over the operations while making numerous arrangements to enhance service quality.
World-renowned shipping company Maersk has decided and announced a reduction in freight rates for cargo transportation, including to the Maldives. With this decision, which is expected to bring relief to the shipping costs of goods imported into the Maldives, it marks a significant step towards reducing transportation costs in international trade. As a result, this will alleviate the financial burden faced by Maldivian businesses in importing goods and pave the way for a positive change in commodity prices within the local market.
The State Trading Organization (STO) has participated in the Hotel Asia Exhibition, one of the largest trade fairs held in the Maldives, and opened a special stall at the event. Through this exhibition, STO's stall introduces a wide variety of products and services provided by the company to the public and businesses in the tourism sector. Additionally, while showcasing essential supplies and food products needed for the hospitality sector, the STO team is active at the stall seeking new business opportunities. Participating in such an international exhibition will further expand STO's role in the Maldivian business environment.
Regarding the issue of the falling value of the dollar in the financial market, former Youth Minister Ahmed Mahloof spoke on 30 September 2026, expressing concern over the matter. In this regard, he noted that such changes in the prices of foreign currency in the market would impact businesses and the living costs of the general public. Furthermore, Mahloof's remarks highlighted the economic measures that need to be taken regarding this issue and the importance of relevant authorities formulating and implementing robust policies.
