The port and free zone development with Dubai World cancelled

The Government has decided to cancel the Thilafushi port and free trade zone project with one of the biggest companies in the world in port development, Dubai Ports World (DP World).

Member of the Board of Investment formed under the law of Special Economic Zone (SEZ) and the Minister of Fisheries and Agriculture, Dr. Mohamed Shainee told Sun Media today that when they discussed the proposal from DP World and found it not to be most beneficial for the country, they have now informed DP World.

Minister Dr. Shainee said that as per the regulations of SEZ, if a decision has not been made in a certain duration from the date of submitting, it would be invalidated. And so the proposal submitted to the Investment Board was not beneficial to the country and they informed DP World but there has been no response from DP World.

“DP World presented (a proposal) to the Investment Board. Then we from the board discussed and decided it was not the most beneficial to the country and informed them to correct it. And since there has been no response to it, it means now that it has been automatically invalidated. Means it has expired.” Investment Board Member and Minister of Fisheries Dr. Mohamed Shainee said.

Dr. Shainee said that although the project with DP World has come to a halt, they are now discussing with four other companies on different levels. And it includes companies from India, China and Saudi Arabia.

The Minister said that although the work with DP World for the port and free trade zone comes to an end, the Government would not stop it’s efforts to achieve it and under no circumstances would those two projects come to an end.

An agreement was signed with DP World to develop a modern port and a free trade zone in Maldives was signed last March.