Dubai IFZA & Maldives partner for economic zone development

By Shilpa Annie Joseph, Official Reporter
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IFZA-Maldives sign MoU
Officials during the signing ceremony | WAM

IFZA, Dubai’s most dynamic free zone community, and the Ministry of Economic Development and Trade in the Maldives have signed a Memorandum of Understanding (MoU) in order to develop a special economic and financial services zone at Funadhoo Island and the Maldives Economic Gateway at Ihavandhippolhu Atoll.

The MoU was signed by Mohamed Saeed, Minister of Economic Development and Trade, representing the Government of Maldives, and Martin G. Pedersen, Chairman of IFZA.

The MoU forges a unique partnership as a key stepping-stone towards achieving the Government’s developmental goals in the diversification of the Maldivian economy through the expansion of commercial and economic activities in the Maldives.

The partnership between the Maldives and IFZA signals a new era of economic growth and infrastructural advancement, demonstrating the archipelago’s commitment to fostering an environment conducive to investment and development.

The development plans for Ihavandhippolhu include the construction of Islamic finance centers, educational institutions, research hubs, and residential and commercial zones. Infrastructure such as ports, cruise terminals, and airports, along with a residential city called “aero city,” are also part of the blueprint.

Minister Saeed noted that the commitment of his country’s Government towards creating an enabling environment for businesses, trade, and investment. In this regard, he highlighted that the signing of the MoU is a significant step taken by the Government towards diversification of the Maldivian economic base.

Pedersen commented that, “The signing of this MoU marks the start of a journey towards achieving the goals in the diversification of the Maldivian economy and this collaboration is expected to provide quality and modern financial services.”

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