After signing a framework agreement with Belgium-based Dredging International N.V, Housing Development Corporation Managing Director Suhail Ahmed explained that a US$30 million loan from the Bank of Ceylon and US$20 million from the HDC’s reserves would finance the project.
The reclamation of a further 240 hectares of land for the artificial island will commence within two months, with the project – intended to increase the island’s capacity to 100,000 people – expected to be concluded by December 2015.
The government is seeking a loan from the Bank of Ceylon for the second phase of the Hulhumalé development project, reports local media.
Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed has pledged to spend MVR 10 million on mosque repair in the Maldives for the Islamic month of Ramadan.
The State Trading Organization (STO) is aiming to reach a record MVR500 million (US$32.4 mllion) in profits this year, the company’s Managing Director Adam Azim said yesterday. Speaking at a press conference at the company’s head office, Azim said its monthly profits have been increasing since his management took charge [in November 2013], adding that … Continue reading STO aiming for record MVR500 million profit this year
Speaking to press after returning from Singapore to attend the Maldives Investment Forum, President Yameen insisted that the arbitration proceedings over GMR’s compensation claim has not deterred investors. The INIA development project was the most popular among attendees at the forum, he said.
Among the questionable expenses were MVR1.8 million spent on trips by President Nasheed to 88 islands ahead of the local council elections, MVR904,855 for Vice President Waheed’s stopover in Singapore after attending a symposium in Italy, and MVR139,676 spent on a trip to check progress on the editing of ‘The Island President’ documentary.
With proceedings said to be concluding this week in Singapore, the government has revealed that the final verdict in the US$1.4billion arbitration case may not be announced for another two months
The Ministry of Youth and Sports has announced plans to construct a US$40 million stadium in Hulhumalé, local media has reported. “Several components of Hulhumale’ Youth City will be promoted at the forum in Singapore. The stadium being planned for Hulhumale’ will stand out in the region,” Minister for Youth and Sports Maleeh Jamal told … Continue reading Government plans US$40 million stadium for Hulhumalé