Maldives signs MOU with Dubai’s IFZA to develop financial zone, Ihavandhippolhu

The Maldivian government has signed an agreement with Dubai’s International Freezone Authority (IFZA) to develop the special economic and financial services zone planned for Fonadhoo and the Maldives economic gateway planned for Ihavandhippolhu.

The Memorandum of Understanding was exchanged between Maldives’ Economic Minister Mohamed Saeed and IFZA’s chairman Martin Pedersen on Sunday morning.

Speaking to reporters after the signing ceremony, Saeed said the government expects to reach a formal agreement with IFZA within five months.

Back in March, the Maldives signed an agreement with Vitol, the biggest energy trader in the world, to build a bunkering facility in Ihavandhippolhu.

The Maldivian government plans on developing the economic gateway in Ihavandhippolhu, in northern Maldives, in three phases.

Once all three phases are complete, the area will house Islamic finance centers, universities, a research and development hub, as well as a residential area.

The area will also have a port, a cruise terminal, and an airport – surrounded by a residential city – called “aero city.”

Meanwhile, Funadhoo, an industrial island close to the capital, Male’ City, is being developed as a financial hub, with financial centers, conventions centers and hotels.