In a move aimed at modernizing, expanding, and sustaining the Maldivian seaplane sector, President His Excellency Dr. Mohamed Muizzu has announced plans to form a joint venture between Island Aviation Services Limited (IASL) and Maldives Airports Company Limited (MACL).

This strategic partnership is expected to drive significant growth for the nation's seaplane services.

The joint venture company, which will be fully controlled by Island Aviation Services Limited (IASL), is set to be operational by April 30, 2025.

The proposal, after discussions in the Cabinet, will be submitted to the Economic Council for approval. 

The initiative stems from a broader strategy to diversify the Maldivian economy and maximize the country’s marine resources, as outlined in a paper presented by the Ministry of Fisheries and Ocean Resources on September 30.

Among the economic diversification measures are plans to establish mariculture development zones, which will be open to foreign investments for mariculture enterprises, hatcheries, and the rearing of aquatic species.

The following atolls have been designated as mariculture zones:

Haa Dhaalu and Shaviyani AtollsRaa AtollMeemu AtollThaa Atoll

In addition, a 73-hectare area, located 7 km south of the Vaadhoo Strait, will be allocated for commercial-scale reef fish farming.

Regulations for leasing mariculture zones will also be developed to ensure sustainable and responsible growth in this sector.

This initiative reflects the government’s commitment to leveraging the Maldives’ marine resources and enhancing the nation’s economic resilience.