Saudi Fund CEO visits the Maldives, funds arranged for VIA and flats

The Chief Executive Officer of Saudi Fund for Development (SFD) Abdulrahman Al-Marshad, during his ongoing visit to the Maldives, has announced the decision to extend financial support to develop 400 social housing flats and the expansion project of Velana International Airport (VIA).

The Ministry of Finance on Sunday confirmed the arrival of SFD’s Chief Executive, who is visiting the Maldives for a three-day period. He was greeted by the senior officials of VIA upon arrival.

While SFD has announced plans to provide financial support for infrastructure development and the expansion of VIA projects, the incumbent government back in January 4^th announced a new plan for the main airport’s expansion initiative. The plan entailed:

• New passenger terminal with a capacity of 25 million per annum passengers
• Development and expansion of seaplane services
• Expansion of fuel capacity up to 100 million liters
• Development of a new MRO facility
• Expansion of cargo terminal to 300,000 metric tons
• Expansion of airplane parking spaces by 73 percent

The financial support for VIA has been made at a time when the political opposition had been criticizing the current government claiming the airport’s development has stagnated owing to lack of funds.

The ongoing expansion of VIA first kicked off during the administration of former President Abdulla Yameen Abdul Gayoom. The then government contracted Saudi’s Bin Ladin Group for a project cost of MVR 5.3 billion.

After assuming office, incumbent President Dr. Mohamed Muizzu had acquired an additional MVR 1.2 billion financial support for the project, from the UAE government.

The projected is expected to be completed by the second quarter of the current year.