Economic Ministry on Wednesday announced that a number of companies, both local and foreign, have expressed interest in providing consultancy services to develop a master plan for iHavan Integrated Project.
The northernmost atoll of the country, also known as Ihavandhijpolhu, is strategically located along the 7 to 8 degree channel, which is frequently used by a majority of international shipping liners serving the east to west shipping route. According to the Economic Ministry, the Government is eager to capitalise on the commercial potential of the northern most atoll, as it is strategically positioned along the belt, with an increasing cargo traffic flow.
The iHavan Integrated Project initiated by the Government seeks to develop a trading and business hub in the atoll, which would act as an “entrepot”, and is part of a broader integrated project in the atoll.
img:http://s1.psmnews.mv/images/660x400/9526.jpg|Economic Minister Mohamed Saeed - FILE Photo: PSM News
Economic Minister Mohamed Saeed revealed that a number of local and international companies have expressed interest in providing consultancy service to develop a detailed master plan for the iHavan Integrated Project. “Development work under the project is expected to begin before the end of the year,” he said.
The Government earlier announced that the Saudi Arabian Government had promised funding for some “components” of the project. It is one of the mega-developmental projects of President Abdulla Yameen Abdul Gayoom’s Government, which earlier undertook a high-level commercial feasibility study on the potential of developing the entrepot, which would be a modern, medium-sized, state-of-the-art entrepot, ideally positioned on the east to west shipping route.
According to the Government, the port would boast high efficiency and productivity levels, round-the-clock operations, and attractive rates. The integrated project would spur a number of adjacent businesses, all interrelated to the port’s business, and these businesses pertain to a variety of fields including warehousing, packaging, processing, manufacturing, cruise and ferry terminal, airport development as well as residential and commercial real estate.
President Yameen earlier announced that land reclamation work for the transshipment port project would begin before the end of the year. His vision is to reduce the country’s dependence on tourism as the main source of income.