Island Aviation Service (IAS) which operates Maldives' national flag carrier Maldivian is set to fund the new domestic airport in Raa Atoll with advance ticket sales to resorts in the Atoll.
The contract to develop the airport in Fainu island was officially awarded to the company on Wednesday.
Speaking after the contract signing, IAS Managing Director Haris Mohamed said air tickets would be sold in advance to the resorts in Raa Atoll along with tourism giant Universal Resorts to fund the USD8 million (MVR123 million) project.
Haris detailed that the project divided into three phases would be completed in 12 months. The first phase, according to Haris would include the runway and the terminal. The remaining phases would see the company develop two city hotels, a medical centre, an aircraft hanger and a staff training facility.