Abu Dhabi extends $50m to develop Maldives airport

Abu Dhabi Fund for Development's concessionary loan will reportedly help build new and expand existing facilities at the Velana International Airport in Male

ADFD will fund construction and development activities at the Maldives' Velana International Airport [representational image].
ADFD will fund construction and development activities at the Maldives' Velana International Airport [representational image].

The Abu Dhabi Fund for Development (ADFD) has extended $50m (AED183.7m) in development aid to build the Velana International Airport in the Maldives. 

ADFD's concessionary loan to the Maldivian government will help build a passenger terminal and a maintenance building, in addition to supporting the completion of Phase 1 works for the airport's southern terminal. 

READ: Emaar Hospitality takes Address brand to Maldives

Additionally, the loan covers expansion works for Phase 1 of the cargo loading and storage areas that span 6,000m2; relocation activities for existing infrastructure outside the project area; and the construction of private jet facilities, a civil defence station, and a mosque.

A 3,400m runway is also being built as part of the Male project. 

Mohammed Saif Al Suwaidi, the director-general of ADFD, said the organisation has contributed more than $29.7m (AED109m) to the construction of infrastructure, telecommunications, transport, housing, and energy projects in the Maldives, over the last four decades.

READ: ADFD loans $5.9m to the Maldives for power plant

He added: "This new collaboration further solidifies the strong and close bilateral ties shared between the UAE and the Maldives.

"Our loan aims to promote socio-economic development in the Maldives through upgrading the airport’s facilities and expanding its operating capacity to 26 aircraft in order to cope with the steady growth of the tourism sector." 

The development would also create jobs and reduce unemployment in the country, Al Suwaidi pointed out. 

According to the UAE's state news agency, WAM, the loan agreement was formalised in the presence of the Vice President and Prime Minister of the UAE, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, during the official visit of Abdulla Yameen Abdul Gayoom, the President of the Maldives. 

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020