Ten parties to submit proposals for i-Havan master plan

  • i-Havan project to start this year
  • Project will be assigned in 90 days
  • Smallest investment at US$ 150 million

Economic Ministry reveals that 10 parties have expressed interest in developing the master plan for the i-Havan for the Special Economic Zone (SEZ).

Speaking to Avas, Economic Minister Mohamed Saeed said that 10 parties have expressed interest in creating the proposals for the area and the proposals were currently under evaluation.

"We hope to finish this by 90 days. That's around end of December," Saeed said.

The Government had formed a special law to kick off the SEZ initiative, with the minimum amount set at US$ 150 million. The Government had also initiated laws on insurance and banking services within the SEZ framework. The laws say that insurance service providers can begin services, with a reserve of MVR 10 million and MVR 60 million for banking services.

"That will become one project in SEZ. We're targeting to start that project before year end," Saeed said.

Feasibility studies of the project was carried out by Boston Consultancy Group (BCG).