The Maldives government has signed an MoU with Dubai's International Free Zone Authority (IFZA) to develop and operate Special Economic Zones (SEZs) in K. Funadhoo and Ihavandhippolhu.
The government has decided to relocate the existing oil tanks from K. Funadhoo to K. Maagirifalhu for the establishment of a dedicated Special Economic And Financial Service Zone in Funadhoo. Additionally, plans are underway to establish the Maldives Economic Gateway in Ihavandhippolhu.
At a ceremony held Sunday, Economic Minister Mohamed Saeed signed an MoU on behalf of the Maldives government with IFZA. The company's Chairman Martin Peterson signed the MoU on behalf of the company.
Speaking at the ceremony, Minister Saeed said the development of the financial center would commence once the fuel farm is successfully relocated to its new location. In addition to the development of the Special Economic And Financial Service Zone and Maldives Economic Gateway, the project will also see the completion of the bridges connecting Male'-Funadhoo-Hulhule-Hulhumale within the government's current five-year term, he said.
