Male' and Hulhule' to be connected to Funadhoo by Monorail: Agreement signed with IFZA

25 May 2024 | 15:39
Artistic rendition of the development plan for Funadhoo (Photo/ Minister Saeed)

Maldives is set to see a significant development in its transportation infrastructure with the signing of an agreement to construct a monorail connecting Male', Hulhule', and K. Funadhoo.

The project, assigned to the International Free Zone Authority (IFZA) of Dubai, aims to enhance connectivity and foster economic growth.

The announcement was made today by Economic Minister Mohamed Saeed during a press conference marking six months of President Muizzu's administration.

Minister Saeed revealed that the government has signed a contract with a company to develop the monorail, which will link Velana International Airport and Male' to Funadhoo.

The government plans to develop Funadhoo as a special economic and financial services zone.

Funadhoo, Male', and Hulhule' are being connected with a single-track monorail. We have signed an agreement with a party to finance this work,

stated Minister Saeed

He also mentioned that works are underway to relocate fuel storage facilities to Funadhoo.

The monorail project, along with the building design and other works in Funadhoo, is expected to be completed within 18 months.

Earlier this month, IFZA also signed an agreement to lead the establishment of a specialized economic and financial zone in Funadhoo.

Additionally, they will participate in and invest in the integrated maritime project in Ihavandhippolhu Atoll, a crucial part of the Maldives Economic Gateway project.

According to the government, IFZA will be making significant investments in these developments.

IFZA, known as the most dynamic free zone community in the UAE, is strategically positioned to enhance the business environment for free-trade enterprises in Dubai.

Their involvement in the Maldives' projects underscores their commitment to fostering economic growth and development in the region.

This ambitious project reflects the Maldives' dedication to improving infrastructure and economic opportunities, promising a more connected and prosperous future for the nation.