The Velana International Airport project is set to receive a boost as the Abu Dhabi Fund for Development (ADFD) has successfully obtained USD 79.8 million (equivalent to MVR 1.2 billion). According to Mohamed Firzul Abdulla Haleel, spokesperson for the transition committee, President-elect Dr. Mohamed Muizzu secured this funding during an informal visit to Abu Dhabi last Monday.
Firzul underscored the paramount significance of the airport project for the overall economy, emphasizing that it is a top priority for the President-elect.
“The actual cost of the project exceeds the initial allocation, requiring an additional $79.8 million for its completion. As previously mentioned, during the private trip to the UAE, a formal request was made to the UAE government to allocate these funds through their Abu Dhabi fund,” he stated.
Muizzu aims to inaugurate the airport within his initial eight months in office. The Abu Dhabi Fund has granted $80 million, and the State budget earmarks MVR 1 billion for the Velana International Airport project. In the forthcoming year’s budget, 12 percent of the economic and industrial development expenditure will be specifically allocated to the airport. Out of the allocated MVR 1 billion for the project, MVR 666 million is still pending. Additionally, contributions have been received from the Saudi Fund (MVR 185 million), the Kuwait Fund (MVR 149 million), and the OPEC Fund (MVR 37 million). Abu Dhabi has also committed to providing MVR 18 million in the upcoming year.
Muizzu has recently reiterated his dedication to taking all essential measures to expedite the opening of the airport, placing a primary emphasis on completing Velana International Airport to enhance revenue.
In October of the previous year, the Saudi Fund further committed $100 million (MVR 1.5 billion) for the airport project.
In 2016, the government had initially granted the construction of the new terminal to Saudi’s Bin Laden Group. This terminal, spanning nearly 78,000 square meters and located at the nation’s largest airport, is estimated to have a cost of MVR 5.5 billion.
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