President Dr Mohamed Muizzu has announced plans to transform Funadhoo Island in Kaafu Atoll into a major international financial centre. This declaration came during his address at the inauguration of the Velana International Airport expansion and economic zone project.

The President outlined a strategy to relocate the existing fuel storage and refuelling facilities on Funadhoo Island within two years, making way for its redevelopment. The plan includes connecting Funadhoo with Malé and Hulhulé through a bridge, linking it directly to the seaplane terminal on Hulhulé and Hulhumalé. This infrastructure is aimed at facilitating smooth transit for passengers, customers, and employees.

Moving towards this vision, President Muizzu disclosed plans to introduce a proposal for establishing the “Maldives International Financial Services Authority.” This body is set to lay the foundation for the proposed financial hub, in collaboration with the Maldives Monetary Authority and other relevant organisations.

Additionally, the President discussed a shift in the government’s port development plans, moving from Gulhifalhu to Thilafushi Island. The objective is to build a comprehensive commercial port that adheres to international standards. 

This development is part of a broader strategy to enhance the Maldives’ position as a key player in global finance and commerce.