Two key projects of SEZ awarded to Dubai firm IFZA

Maldives' government today has awarded two projects which fall under the Special Economic Zone (SEZ) to popular Dubai firm International Free Zone Authority (IFZA) to develop the Special Economic and Financial Services Zone in Kaafu atoll Funadhoo in central Maldives and the Maldives Economic Gateway in Hoarafushi's lagoon in Ihavandhippolhu atoll in northernmost Maldives.

Both parties signed a Memorandum of Understanding (MoU) to officiate the awarding of the projects during a special ceremony held at Meerumaa Hotel in the capital city of Malé. On behalf of the Maldivian government, the agreement was signed by Minister for Economic Development and Trade Mohamed Saeed, while IFZA was represented by the company's Chairman Martin Pedersen.

Under the Economic Gateway project, areas dedicated to industrial, financial and tourism purposes are to be developed as well as an a residential area in the atoll. In total, 2,500 hectares of land in the area will be reclaimed under the project. While this project is scheduled to be concluded in multiple phases, the Funadhoo project will conclude in a single phase.

Speaking on the occasion, Chairman of IFZA Martin Pedersen said that with this project, Maldives would have access to the company's global connection, experience and technical expertise.

He also added that this project will revolutionize the Maldivian economy and emphasized that it will be made possible through establishing world-class infrastructure. He detailed that the project entails building conference centers, hotels, and real estate.

Minister Saeed also made remarks during the event, highlighting that Velana International Airport (VIA) and Malé would be connected by the end of the Funadhoo project, which is scheduled to commence this year.

He explained that with the MoUs signed now, the next step would be to set up a detailed plan for the projects.

"For example operating the port, logistics.. there are a lot of businesses there. The parties that run each of those businesses may be different. [We will] go into those details during the project," he said.

Minister Saeed further highlighted that IFZA's interest in the project was noted during the Dubai Investment Forum, and that the company has the capability to take on such projects. Underscoring the many successful projects the company has undertaken in Dubai, Minister Saeed expressed confidence that their success would extend to the Maldives.

"We are working with countries to change the mandate that the Maldives has received. To bring a development. The President's vision is for business owners to participate without hesitation," said the Minister.

Large scale investments with a minimum investment value of USD 100 million are considered under the SEZ umbrella.

IFZA is well established in Dubai as a company that offers services related to company formation, corporate training and banking assistance, health insurance coverage, commercial real estate and office design. Although based in the Gulf, the company currently runs projects in China, Germany, Switzerland and Seychelles.