The Minister of Economic Development and Trade, Mohamed Saeed, has announced plans for a landmark tower in the Airport Economic Zone, which he believes will be a source of pride for all Maldivians. The tower is set to be developed in Funadhoo, Shaviyani Atoll, following the relocation of the area’s fuel storage facilities.
Speaking about the project, Minister Saeed assured that efforts are progressing to relocate the fuel storage, with construction of the tower to begin soon after. He expressed optimism about the tower’s significance in representing national pride and progress.
During a ceremony marking the inauguration of Velana International Airport’s developmental project and the Special Economic Zone (SEZ), President Dr Mohamed Muizzu pledged to establish an international financial institution in Funadhoo. The SEZ, including the financial centre, will form part of the third phase of the airport’s development. Minister Saeed stated that the financial centre is expected to be operational within the coming year.
The government has emphasised its commitment to expanding the financial system and creating mechanisms that allow businesses easier access to financial assistance. As part of these efforts, the Development Bank of Maldives was established on 16 November. This institution aims to support businesses in achieving sustainable growth and to contribute to the country’s broader economic development.
The projects in Funadhoo are expected to enhance the Maldives’ economic infrastructure, creating new opportunities for businesses and strengthening the nation’s financial framework.
