Maldives launches landmark project to reclaim 16 islands from a single lagoon
14 private islands and two luxury resorts will be developed.
By
Ahmed Mizyal
The Maldives Fund Management Corporation (MFMC) has handed over a contract to dredge 16 islands in Kaafu atoll Gaafaru lagoon for USD 35 million (MVR 556 million) to a local company, for a landmark tourism project.
The project was awarded by MFMC to a local company called Atoll Works for reclamation of 16 islands in Gaafaru lagoon.
The project, which covers a total area of 106.9 hectares, is the first in the atoll to dredge such a large number of islands from a single lagoon.
Details of the project:
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14 private islands and two luxury resorts will be developed
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Another 40 hectares of land will be dredged in Gaafaru
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Project Cost: USD 36 million (MVR 556.6 million) for dredging and revetment
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The 3.7 million cubic metres of sand required for the dredging work is being purchased at USD 7.8 per cubic metre
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The total cost is estimated at USD 29.2 million (MVR 451.4 million)
It is being executed on a contractor-financed basis. The money will be given to Atoll Works by the MFMC after leasing out the islands for long periods of time and generating revenue, the company said.
