The Abu Dhabi Fund for Development (ADFD) has secured USD 79.8 million (equivalent to MVR 1.2 billion) to accelerate the Velana International Airport project. According to Mohamed Firzul Abdulla Haleel, spokesperson for the transition committee, this funding was obtained during an unofficial visit by President-elect Dr. Mohamed Muizzu to Abu Dhabi last Monday.
Firzul emphasized that the airport project holds paramount importance for the overall economy and is a top priority for the President-elect.
"The project's actual cost surpasses the initial allocation, necessitating an additional $79.8 million for its completion. As I have stated previously, during the private trip to UAE, a request has been made to the UAE government to provide these funds through their Abu Dhabi fund". he said.
Muizzu's goal is to open the airport within his first eight months in office. The Abu Dhabi Fund has provided $80 million, and the State budget allocates MVR 1 billion for the Velana International Airport project. In the upcoming year's budget, 12 percent of the expenditure on economic and industrial development will be dedicated to the airport. Of the MVR 1 billion allocated for the project, MVR 666 million is yet to be received. Contributions have also come from the Saudi Fund (MVR 185 million), the Kuwait Fund (MVR 149 million), the OPEC Fund (MVR 37 million). Abu Dhabi has also pledged MVR 18 million for the coming year.
Muizzu recently expressed his commitment to do everything necessary to open the airport as soon as possible, with his primary focus being on completing Velana International Airport to increase revenue.
Last October, the Saudi Fund additionally pledged $100 million (MVR 1.5 billion) for the airport project.
Back in 2016, the government had previously awarded the construction of the new terminal to Saudi's Bin Laden Group. This terminal, covering almost 78,000 square meters and situated at the country's largest airport, is estimated to cost MVR 5.5 billion.
Sign In
