This joint venture holds the promise of significant growth and development for the seaplane services under this partnership.
President Dr Mohamed Muizzu has decided to form a strategic partnership between Island Aviation and the Maldives Airports Company Limited (MACL) to modernize, expand, and sustain the "Maldivian Seaplane" business operated by Island Aviation.
According to the President's Office, the decision was made during a cabinet meeting, with plans to establish a joint venture company under the full control of IASL by April 30, 2025.
The necessary decisions will be submitted to the Economic Council for approval, President's Office said.
MACL, the most profitable state-owned company, reported a profit of MVR 1.1 billion last year
However, Island Aviation posted a loss of MVR 23 million, as a result of high operational and debt repayment costs.
Currently, Maldivian, the airline division of IASL, operates 11 seaplanes.
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