Sunday 21st Jul 2024
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Monorail to Connect Male', Funadhoo, and Hulhule'

Minister of Economic Development, Mohamed Saeed, revealed in a press conference held by the Ministry of Economic Affairs on Monday that significant progress has been made in the initiative to connect Male' City with Funadhoo and Hulhumale' through a monorail system.
According to the Minister, an agreement has been finalized with the International Freezone Authority (IFZA) to finance the ambitious project. The monorail, once completed, will serve as a vital transportation link between the three locations, facilitating easier and more efficient travel for residents and visitors alike.
"Funadhoo connects Male' and Hulhle' with a single-track monorail. We have signed an agreement with the International Freezone Authority," Minister Mohamed Saeed stated during the conference.
Furthermore, Minister Saeed shed light on the establishment of an International Financial Centre in Funadhoo, which is set to become a special economic zone. As part of this development, efforts are underway to relocate the existing fuel farm on the island, with completion expected within 18 months.
The initiative marks a significant milestone in the Maldives' journey towards economic diversification and sustainable development. A memorandum of understanding (MoU) was inked between the Ministry of Economic Development and the International Free Zone Authority on May 12, leveraging the latter's extensive experience in establishing economic-free zones across various countries, including the United Arab Emirates, China, and Switzerland.
President Dr. Mohamed Muizzu established the Maldives International Financial Services Authority earlier this year, further underscoring the government's commitment to establishing Funadhoo as an international financial hub.