Maldives' capital island Malé's neighboring Funadhoo (as seen from rooftop terrace of Maagiri Hotel in Malé) is to become an international financial hub in 5 years.
In May 2024, the Maldives' government announced that a monorail network will connect Malé to the proposed Special Economic and Financial Services Zone (SEFZA) on Funadhoo in Kaafu atoll also known as North Malé atoll.
An agreement was signed between the Maldives’ government and the United Arab Emirates' Dubai-based International Free Zone Authority (IFZA).
Funadhoo will be linked to Malé and Hulhulé through a single-track monorail that also connects Maldives' main international airport, Velana International Airport (VIA) on Hulhulé through the construction of bridges.
Efforts are being made to move the State Trading Organization (STO) fuel farm on Funadhoo to a new location within 18 months.
The government established the Maldives International Financial Services Authority to ensure effective oversight of this project.
TEXT CREDIT: Maldives Republic & Atoll Times
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