The Ministry of Economic Development and Trade and the International Free Zone Authority (IFZA) from Dubai signed a memorandum of understanding (MoU) towards the development of the special economic and financial services zone at Funadhoo and the Maldives Economic Gateway in Ihanvandhippolhu.
The MoU was signed at a ceremony held at Meerumaa Hotel on Sunday, and was attended by high-level delegates of the Maldives government and IFZA. Minister of Economic Development and Trade Mohamed Saeed signed the agreement on behalf of the state, and Chairman of IFZA Martin Pedersen signed on behalf of the contractor.
According to the ministry, the MoU “forges a unique partnership as a key stepping-stone towards achieving the government’s developmental goals” in diversifying Maldives economy through expansion of commercial and economic activities.
The special economic and financial service zones will transform the Maldivian economy through the development of state-of-the-art office facilities, a conference center, hotels, residential real estate, and attract top international talent.