facebook icon twitter icon instagram icon linkedin icon

Latest

Joint venture with MACL set up to modernize, expand and sustain Maldivian Seaplane business

This joint venture holds the promise of significant growth and development for the seaplane services under this partnership.

Malika Shahid
02 October 2024, MVT 13:07
Maldivian seaplane
Malika Shahid
02 October 2024, MVT 13:07

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.

Share this story

Related Stories

Discuss

MORE ON BUSINESS