STO takes over Fuvah Mulah Airport project

State Trading Organization (STO) has signed a joint-venture agreement with Platinum Capital Holdings to undertake unfinished works at the Fuvah Mulah Airport. Platinum, a private party assigned the project of completing the Airport before the upcoming SAARC Summit in November, would now work together with STO in the project.

Speaking to the press, STO Managing Director Shahid Ali said today that under the agreement between Platinum and STO, all the unfinished work of the new domestic airport in Fuvah Mulah, one of the biggest islands of the Maldives, would be completed before October 15.

Under an agreement between STO and Platinum, STO would also take over the task of development of B. Muthaafushi as a tourist resort.

MD Shahid said that the two projects would cost some US Dollar 32 million. Out of this total, 25 million would be spend on the development of the resort, and 7.5 million would be invested on the airport in Fuvah Mulah.

“We have financial capacity to undertake these projects, and we have no doubt that we can live up to our commitments”, Shahid said. He said that of the work to be done at the airport, the work of building the runway was already under way, and that remains the only major task to be completed. “Runway is now being built, and if we do not get slowed down by an unexpected challenge, like shortage of materials, the runway would be complete and ready for use before 15th of August”, Shahid said.

Shahid said that the resort would be complete and open during December 2012. “It will take like 18 months, and it will be open during December the next year”, he said.