Speculation is swirling around a possible agreement between Maldives Airports Company Limited (MACL) and Dubai-based aviation firm Jetex regarding the operation of the VIP terminal at Velana International Airport (VIA). While documents and individuals familiar with the matter indicate ongoing discussions, no formal decision has been made, and the outcome remains uncertain.
Jetex, a company renowned for managing luxury aviation terminals in global hubs like Dubai, Paris, and Marrakech, is said to have submitted a proposal seeking a 25-year agreement to build and operate a new VIP terminal in Malé. The proposal reportedly includes a USD 25 million investment and a request for 10,000 square metres of land for the development.
Beyond terminal operations, Jetex is also believed to be interested in taking over key services currently managed by MACL, including aircraft refuelling. The proposal includes a request for access to MACL’s existing ground handling equipment or assistance in acquiring new assets to meet operational needs.
Financial projections shared as part of the proposal suggest Jetex would share 55 percent of its annual revenue from VIA operations with MACL, including a minimum revenue guarantee of USD 5 million per year. The seven-year forecast outlines gross revenues of USD 65 million, operating costs of USD 12.4 million, and a net profit of USD 4.1 million. MACL’s anticipated revenue from the arrangement would amount to USD 38.5 million over the same period.
Pending the construction of a new facility, Jetex has also suggested using two floors of the current VIP terminal on a temporary basis, while developing an additional 10,000 square metres of ramp space to accommodate private jet parking.
Despite the scope and ambition of the proposal, there is currently no confirmation that the MACL board has approved or endorsed the plan. No agreement has been signed, and the situation remains fluid.
We reached out to MACL for comment, but did not receive a response at the time of publication.
