The Saudi Arabian Government has agreed to fund some components of the iHavan Transhipment Port project, Fisheries Minister Dr. Mohamed Shainee says.
The project is one of the Government’s flagship mega development projects, which is expected to greatly contribute to job creating. US-based firm Boston Consultancy Group, during September last year, conducted feasibility studies one establishing the transhipment port in Haa Alif Atoll.
Final preparations needed prior to commencement of ground work on the project are currently underway, Dr. Shainee said. He added that the Saudi Government would fund some components of the project, but stopped short of revealing details of the agreement.
President Abdulla Yameen Abdul Gayoom announced earlier this year that land reclamation work of the iHavan project would begin later this year.
The design of the project seeks to capitalize on the location of the atoll, which lies on the seven degree channel through which the main East - West shipping route, connecting South-East Asia and China to the Mid-east and Europe presently runs. The project components include investments in transshipment port facility, airport development, a cruise hub, yacht marina, bunkering services, dock yard, real estate and conventional tourism developments.
According to the Government, the Special Economic Zones Act would provide tax holidays, duty free benefits, long term land lease options of up to 99 years and a relatively freer regulatory environment for the iHavan integrated development.