After the fuel storage will be relocated to Maagiri Falhu, Funadhoo would then be designated as a special economic zone, with plans to establish an international financial center on the island.
The government has decided to relocate the fuel storage in Kaafu atoll Funadhoo, situated between Male' and Hulhumale, to Maagiri Falhu within the same atoll.
Public Policy Secretary at the President's Office Abdulla Nazim said that the Economic Council has made the decision to initiate the process of relocating the fuel storage from Funadhoo to Maagiri Falhu.
Maagiri Falhu is situated to the northwest of Kanduoih-giri, which houses the fish processing plant "Kanduoih-giri Fish Village" operated by Maldives Industrial Fisheries Company (MIFCO).
The government's move is part of a major transformation of the entire Male' area, including the airport.
The details of the project were shared by President Muizzu during the inauguration ceremony of the expansion of the Velana International Airport.
The President said that alongside the airport development project, the work on a new vision will also begin. This includes land acquisition for the project, the relocation of the seaplane terminal, and transfer of the fuel storage situated in Kaafu atoll Funadhoo, he said.
Following the relocation of the fuel storage farm, the President said that Funadhoo would be designated as a special economic zone, with plans to establish an international financial center on the island.
"Making that place [Funadhoo] into an international financial center and developing that location is a key aspect of our vision," said President Muizzu.
President Muizzu said that the process of relocating Funadhoo fuel storage has already commenced, and discussions will take place in the Cabinet regarding the establishment of a company for the development of the financial center.
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