Minister reveals foreign investors’ interest in youth city project

Youth Minister Mohamed Maleeh Jamal has revealed that investors from four countries have shown an interest in the Hulhumalé youth city project.

Speaking with Haveeru, Jamal said that companies from Austria, China, Malaysia, and Thailand had made enquiries regarding the development, pitched to the international business community during April’s Singapore investment forum.

“We have received very good proposals. A lot of foreign investors are interested in this project. We can go forward with the Youth City project as soon as Hulhumale land reclamation is complete as per the second phase,” Jamal told Haveeru.

The deal to reclaim land to the north of the artificial island was finalised with Belgian company Dredging International last week, which is expected to have more than doubled the size of the Malé suburb by next February.

A flagship programme in President Abdulla Yameen’s development policy, the youth city is projected to have a population of 50,000.

The project is reported to involve youth-specific housing, international class sports facilities, a theme park, yacht marina, and a tourism district.

Last month, the government revealed that three Chinese companies had expressed interest in the ambitious bridge project designed to link Hulhumalé the crowded capital island of Malé.