The government will introduce marine refuelling and reexport services as part of the first phase of the Maldives Economic Gateway (MEG) Project, Minister of Economic Development and Trade, Mohamed Saeed, revealed on Thursday.
Speaking in an exclusive interview with state media during President Dr Mohamed Muizzu’s visit to several islands in Haa Alifu Atoll, Minister Saeed confirmed that a feasibility study is currently underway with the support of international consultants and project management teams.
“We have secured project management. The next step is to get the project off the ground within this year in line with the President’s vision of the Maldives Economic Gateway,” Minister Saeed stated.
He further added, “We expect to start working practically by the middle of this year. It is the most important thing for the development of this region.”
The Maldives Economic Gateway Project, formerly known as the Ihavandhippolhu Project, is a strategic initiative aimed at diversifying the Maldivian economy by leveraging the geographical advantage of Ihavandhippolhu Atoll, the northernmost point of the Maldives.
The project is designed to transform the region into a maritime and trade hub, incorporating a range of key infrastructure and services, including:
- Ports and logistics services
- Bunkering and marine refuelling
- Reexport trade facilities
- Warehousing and repair services
- Real estate and tourism development
With a potential reclaimable area of up to 4,000 hectares, the initiative is expected to enhance economic activity in the region while positioning the Maldives as a key player in the global maritime trade network.
The government aims to begin practical implementation by mid-2025, aligning with its broader strategy to expand economic opportunities beyond traditional tourism and fisheries.
