Island Aviation and MACL to form JV to expand seaplane business

President Dr. Mohamed Muizzu has decided to form a joint venture between Island Aviation Services and the Maldives Airports Company Limited (MACL) to modernize and expand Island Aviation’s Maldivian Seaplane business.

The President’s Office, in a statement on Tuesday night, said President Muizzu made the decision following discussions on a paper submitted by the Finance Ministry. The discussions took place during a cabinet meeting on Monday.

The President’s Office said that this joint venture holds “the promise of significant growth and development for the seaplane services under this partnership.”

“The President decided to establish a joint venture company with MACL under the complete control of IASL by April 30, 2025, and to submit the necessary decisions to the Economic Council,” added the President’s Office.

During Monday’s meeting, the cabinet also deliberated on a paper submitted by the Fisheries Ministry, regarding diversifying the Maldives’ economy and increasing the benefits of marine resources.

Following deliberations, the cabinet decided to designate certain zones as mariculture development zones, generally open to foreign investments, for establishing mariculture enterprises in the country, construction of hatcheries and rearing hatchery species in aquatic environments.

The zones designated are:

• Haa Dhaalu and Shaviyani Atolls Mariculture Zone
• Raa Atoll Mariculture Zone
• Meemu Atoll Mariculture Zone
• Thaa Atoll Mariculture Zone

In addition, 73 hectares about 7 kilometers south of the Vaadhoo Strait will be designated as an area for commercial-scale reef fish farming. This includes establishing rules to be followed in leasing zones designated for mariculture.