USD 79.8 million, or MVR 1.2 billion, has been secured by the Abu Dhabi Fund for Development (ADFD) to expedite the Velana International Airport project. The transition committee’s spokesperson, Mohamed Firzul Abdulla Haleel, claims that this money was acquired during President-elect Dr. Mohamed Muizzu’s unofficial visit to Abu Dhabi last Monday.
Firzul underlined that the airport project is the President-elect’s top priority and of utmost significance to the economy as a whole.
“The project will require an extra $79.8 million to be completed because its actual cost exceeds the original budget. He said, “As I have previously stated, a request has been made to the UAE government to provide these funds through their Abu Dhabi fund during the private trip to the UAE.”
The airport is expected to open during Muizzu’s first eight months in office. The Velana International Airport project has received MVR 1 billion from the State budget and $80 million from the Abu Dhabi Fund. Twelve percent of the budget for economic and industrial development in the next year will go toward the airport. MVR 666 million of the MVR 1 billion allotted for the project has not yet been received. The Saudi Fund (MVR 185 million), the Kuwait Fund (MVR 149 million), and the OPEC Fund (MVR 37 million) have also contributed. For the upcoming year, Abu Dhabi has also promised MVR 18 million.
Recently, Muizzu reaffirmed his pledge to take all necessary steps to get the airport operational as quickly as possible, with Velana International Airport completion his top priority in order to boost income.
The Saudi Fund also contributed an additional $100 million (MVR 1.5 billion) to the airport project last October.
The Bin Laden Group of Saudi Arabia was given the go-ahead by the government to construct the new terminal back in 2016. Situated at the nation’s largest airport, this terminal spans nearly 78,000 square meters and is projected to cost MVR 5.5 billion.
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