Male signs pact with Kuwaiti Co for transhipment terminal

Male: The Maldivian Government has signed a Memorandum of Understating with Kuwait and Gulf Link Transport Company to build a US$ 1.2 billion transhipment harbour in Haa Alifu.

On behalf of the government the agreement was signed by the Minister of Economic Development and Trade Mohamed Jaleel. From the Kuwait Company the agreement was signed by Chairman and Managing Director of that company Saeed Ismail Dhasthi.

Trade Ministry’s Foreign Investment Services Bureau (FISB) said on Wednesday that based on the research carried out by the Kuwait Company they gave a presentation of the container terminals they wanted to develop and a free-zone inclusive project.

The presentation was given to officials of the relevant government authorities before the MoU was signed.

FISB said that according to the Memorandum of Understanding, the Kuwait Company has to present a detailed feasibility report on developing a transhipment harbour in Haa Alifu atoll within 180 days.