Maldives and Singapore Sign Agreement to Advance Economic Gateway Project
The Maldives and Singapore have signed a framework agreement aimed at advancing the Maldives Economic Gateway (MEG) Project.
The agreement was formalised by Shimad Ibrahim, Managing Director of the Maldives Industrial Development Free Zone Public Limited Company (MIDFZ), and Tan Kun Chiao George, Chief Commercial Officer of Capital Asia Investments (CAI) Private Limited.
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Proud to witness @midfzplc & Capital Asia Investments take a major step to develop the port and ancillary facilities at the Maldives Economic Gateway at Ihavandhippolhu. Significant progress toward realising key diversification initiative of HEP @MMuizzu pic.twitter.com/nRniE1gKgI— Mohamed Saeed (@em_saeed) November 9, 2024
During the signing ceremony, Shimad Ibrahim announced that a formal agreement for the project’s development is expected to be concluded within the next six months. He also highlighted discussions around a proposed USD 100 million investment in the project by CAI, contingent on the formal agreement.
Tan Kun Chiao George outlined CAI’s vision for the development of the Ihavandhippolhu Atoll, which aims to become a multi-service hub. The plan includes the establishment of international port facilities, bunkering services, cruise tourism infrastructure, real estate projects, and an export processing zone.
The MEG project aligns with the goals of MIDFZ, which was established by President Dr Mohamed Muizzu to diversify the Maldivian economy. MIDFZ is comprised of five state-owned enterprises: State Trading Organisation (STO), Housing Development Corporation Limited (HDC), Maldives Ports Limited (MPL), Maldives Transport and Contracting Company (MTCC), and Maldives Airports Company Limited (MACL).
