Development of the Ihavandhippolhu project assigned to Free Zone Company

The development of Ihavandhoo’s transshipment port has been assigned to the newly formed state company, Maldives Industrial Development Free Zone Plc (MIDFZ).

In a post on the platform X, Economic Minister Mohamed Saeed said yesterday that the development project of Ihavandhippolhu under the name “Maldives Economic Gateway” was designated to the MIDFZ company as the master developer, during today’s cabinet negotiations.

“With this decision, MIDFZ will begin the development work of a port, storage and re-export zone in the area very soon,” said Saeed.

Further details of the project have not been revealed as of yet.

In order to ensure the protection of the Maldivian economy while adding value, the President decided to establish a 100% Maldivian company, Maldives Industrial Development Free Zone company, which specializes in the business of transshipment and re-export.

The purpose of this new company is to produce goods in excess to the country requirements and increase revenue by exporting these goods to foreign countries.

This company is created in collaboration with five companies, namely, STO, Urbanco, MPL, MTCC and MACL.

The government has also made an announcement to develop a Special Economic Zone (SEZ) of 100 hectares in order to commence re-export businesses in some of the lands reclaimed in the Thilafushi region.

Ihavandhippolhu or iHaven that has been assigned to the Free Zone company was a development project announced in 2014 during former President, Abdulla Yameen’s tenure. The project had highlighted the innovation of a modern port alongside additional fields required for the trading port.

Additionally, the project also included the production, packaging and processing of goods alongside a global cruise facility, airport and sections of a real estate.

The previous government of Ibrahim Mohamed Solih had also announced the development of a transshipment port in Ihavandhippolhu. However, he had failed to initiate the project before his 5-year tenure concluded.