A tender is expected soon for Indian companies to develop a port in Gulhifalhu, an artificial island near Malé. The government plans to relocate the capital’s commercial harbour to reclaimed land in the nearby Gulhifalhu lagoon.
An engineering, procurement, and construction tender will be announced during the financial year, officials from the Indian EXIM Bank told The Economic Times. The US$400 million project is to be funded by a line of credit from the EXIM Bank.
In June, the Maldives government secured a EUR101 million loan for phase two of the Gulhifalhu reclamation project, which would “facilitate relocation of existing International port in Malé to Gulhifalhu, and create enormous synergies, agglomeration effects, and opportunities for the growth and development of the Maldivian economy,” according to the finance ministry.
Indian importer Mohan Mutha is planning to develop an all-vegan, alcohol-free ‘wellness’ resort in the Maldives.
The US$30 million resort will be developed on the Vaadhoo island, the group’s Executive Director, Suresh Mutha told The Hindu Businessline.
The project is awaiting one final approval from the Maldives authorities and will also be funded by a Maldivian bank, the outlet reported.
Mohan Mutha operates 15 tugs and barges to carry cargo between India and the Maldives.
The Bank of Maldives enabled foreign transactions with the BML American Express Debit Cards, which was previously only accepted locally.
National carrier Maldivian announced plans to launch direct flights to Bangalore, India on 30 October.
“This strategic expansion further solidifies Maldivian Airlines’ commitment to connecting the Maldives with key international destinations, enhancing travel options for passengers, and promoting cultural and economic exchange between the two nations,” the airline said.
“The new route to Bangalore represents an exciting milestone for both Maldivian and the travellers seeking seamless connectivity between the Maldives and India.”
In a “game-changing endeavour,” Urbanco signed deals with 16 developers to build 10 apartment complexes and six mixed-use residential complexes in Hulhumalé.
According to Urbanco, 60% of the units would have to be sold at prices set by the housing ministry, where are MVR1.5 million (US$) for two-bedroom apartments and MVR2.5 million for three-bedroom apartments.
On Tuesday, Urbanco invited proposals for developing service apartments as part of the ‘Urban Isle’ tourism island project.
Ten plots ranging from 6,500 to 8,000 square feet were put up for bidding with minimum acquisition costs set between US$200,000 to US$245,000.
The state-owned company is seeking investors to build luxury villas, serviced apartments and midscale hotels in a 23- hectare zone in the artificial island’s phase two area.
“The island welcomes every type of traveler, from international and domestic visitors, to budget travelers and those seeking an extravagant stay,” Urbanco explained. “The properties are positioned to offer short-term stays for transit purposes, as well as long-term stays for residents and digital nomads.”
