Minister of Economic Affairs Mohamed Saeed revealed that the Maldives government has awarded a contract to establish a monorail link between Kaafu Atoll Funadhoo, Velana International Airport, and the capital city, Malé.
During today’s press conference marking the government’s six-month anniversary, Minister of Economic Affairs Mohamed Saeed revealed that preliminary work, including relocating the existing fuel farm in Funadhoo, has already commenced.
“The project will be completed within 18 months,” said the minister, adding that all necessary drawings and other preparatory works are being carried out simultaneously with the construction of buildings.
The monorail will feature a single track connecting Funadhoo to Malé and Hulhulé. Minister Saeed noted that a financing agreement for the project had been signed, although specific details regarding the financier were not disclosed.
According to reports, Dubai’s International Free Zone Authority (IFZA) has been awarded the contract for this project. Meanwhile, the government reports the entire project will be funded by IFZA.
The government has established the Maldives International Financial Services Authority (MIFSA), which will be responsible for Funadhoo as an SEZ.
On May 12, the Maldivian government partnered with IFZA to establish a special economic and financial services zone in Funadhoo and an economic gateway in Ihavandhippolhu.
Based in the UAE, the International Free Zone Authority (IFZA) is a special economic zone in the Fujairah emirates that allows for the storage, handling, manufacturing, and exchange of products and services with duty and tax exemptions. Benefits include 0% corporation tax rates on personal and company income, no currency limits, customs tax exemption, and the option to repatriate all your cash and profits.
