Govt awards monorail project to Dubai's IFZA

Maldives government has contracted the monorail project, that will connect Velana Internatioal Airport and K. Funadhoo, to Dubai's International Free Zone Authority (IFZA).

At the press conference held by the Ministry of Economic Development and Trade on Saturday to highlight the ministry's achievements and initiatives of the last six months, Economic Minister Mohamed Saeed announced a 'single-track' monorail system will be developed under the project.

"We have already signed with International Free Zone Authority, which will fund and execute the project," the minister commented.

 Saeed also announced that another contractor has been awarded with the project to reclaim land in Male' City to relocate the fuel farm from Fonadhoo - where a Special Economic and Financial Services Zone will be developed instead.

Without disclosing the contractor's details, Saeed said the project has been awarded to a Chinese firm.

He also affirmed commitment to complete the project within 18 months as per the vision of Maldives President Dr. Mohamed Muizzu, adding design works of Fonadhoo are already underway.

The minister further said it was President Muizzu's vision to develop an modern and state-of-the-art establishment in Fonadhoo which would attract admiration from travelers.

Besides the monorail project, IFZA was also awarded the development of the Maldives Economic Gateway in Ihavandhippolhu as well.

The decision to relocate the oil tanks in Fonadhoo to a different venue in order to integrate the island into the infrastructure of the Velana International Airport (VIA) was announced officially by President Muizzu at the launching ceremony of the large-scale expansion project of the airport in January 2024.

President Muizzu had announced that the project includes development of a new seaplane terminal and a bridge connecting Fonadhoo, Male' City and Hulhule' - where VIA is operated - along with the monorail track and a public transportation system.