USD 60M MoU signed with Adu Dhabi Fund for project in N. Atoll

The State has signed a USD 60 million Memorandum of Understanding with the Abu Dhabi Fund for Development (ADFD) for a project to build an international airport and city hotel to develop N. Atoll as a luxury tourism zone.

Minister of Tourism, Moosa Zameer, who is currently in United Arab Emirates, signed the agreement with Director-General of ADFD, Mohammed Saif Al Suwaidi last Monday.

Minister Zameer spoke to “Sun” this Tuesday and said the international airport and city hotel will be built in N. Maafaru.

He said the ADFD will also be providing funds to digitalize Maldivian schools – as promised by President Abdulla Yameen Abdul Gayoom – under the same project.

Zameer said both the airport and city hotel will be run by the same company, but that the company which will run the two facilities has not been finalized.

He said construction of the airport and city hotel has been contracted to Singaporean company, Tough Offshore Engineering, which will be handling the project in association with another company.

The project will be funded through non-reimbursable financial aid by ADFD.

Zameer said the Maldivian government was also negotiating with a real estate company from UAE to develop N. Atoll as a luxury tourism zone.

Speaking during his recent visit to N. Hen’balhidhoo, President Abdulla Yameen Abdul Gayoom said the airport and city hotel in N. Maafaru was to be a gift from the government of UAE symbolizing its close ties with the current Maldivian administration.

“The airport is a gift from them to our people. It’s a gift to represent the close ties between the government of UAE and this administration. The airport will also include a city hotel,” said President Yameen.

He said the airport and the city hotel in Maafaru will lead to economic prosperity for the whole atoll. He described it as the biggest opportunity for economic progress in N. Atoll.

The N. Atoll airport project was originally contracted to Millennium Capital Management. The contract was later cancelled due to delays. The project was then contracted to Sun Siyam Resorts in April. But the contract was cancelled after ADFD expressed interest in the project.