President Dr Mohamed Muizzu has pledged to develop Funadhoo Island in Kaafu Atoll as an international financial hub. He made the remarks while speaking at the inauguration of the megaproject to develop Velana International Airport and the economic zone.
Emphasising the operational details, President Dr Muizzu stated that efforts to phase out and relocate fuel storage and refuelling services provided at Funadhoo Island would be initiated within the year and completed in under two years. He then detailed the Administration's plans to repurpose Funadhoo Island to develop as an international financial hub. The President additionally emphasised the future development prospects of connecting Funadhoo, Malé, and Hulhulé via a bridge and Hulhulé and Hulhumalé to the seaplane terminal, creating an easy pathway for passengers, customers, and employees to commute.
The President further revealed plans to submit a paper to the Cabinet detailing the creation of an establishment named "Maldives International Financial Services Authority." The President expressed that the authority would be the stepping stone towards establishing an international financial centre in the Maldives. He further elaborated that the groundwork for this initiative is in collaboration with the Maldives Monetary Authority (MMA) and other relevant bodies.
The President discussed the government's plans to relocate the port development effort from Gulhi Falhu to Thila Fushi Island. The goal is to create a comprehensive commercial port that meets international standards.
Vice President Hussain Mohamed Latheef, Cabinet members, and senior government officials also attended the grand inauguration.
