Monday 5th Dec 2022
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Ministry of Finance

Dhekunudhuni requests to acquire Kalhufahalafushi for 99yrs in exchange for developing an airport

Dhekunudhuni Investments, a company that showed interest in developing an airport in the Maldives, asked the government to have Thaa. Kalhufahalafushi for 99 years, in exchange for financing the airport project.
Dhekunudhuni Investments was founded by the shareholders of Sunland, a major company in the Maldivian tourism industry. Dhekunudhuni Investments signed an agreement with the Ministry of National Planning, Housing and Infrastructure on October 6, 2022.
Dhekunudhuni Investment proposed to build a domestic airport in Thaa. Vilufushi, worth USD 15 million (MVR 231 million). The proposal stated that the project will be financed through a joint venture between a British company, Venture Business Solutions Limited and Dhekunudhuni.
Dhekunudhuni proposed to develop Kalhufahalafushi as a five-star resort with the world class amenities and it will be managed by a world-famous hotel chain. The details ended there.
Although the government has signed the agreement with Dhekunudhuni Investments, they have yet to give USD 15 million for the project.
Dhekunudhuni Investment was registered in 2004, under the name of Sunland Group Shareholder, Mohamed Nazeer. Other shareholders of Sunland group, Chairman Shabeer Ahmed, Hussain Hilmee, Hassan Zareer, Nuzuha Abdul Baaree and Qiyas Abdul Baaree, were added as Dhekunudhuni shareholders in January 2022.
Kalhufahalafushi, the island seeked by Dhekunudhuni, is a beautiful island of 142 hectares.