State-owned Maldives Airports Company Limited (MACL) has established a fully-owned private company to undertake various infrastructure projects.
According to Economic Ministry’s business portal, MACL established Peninsula Infrastructure, a fully-owned private company, on October 6th.
The company’s managing director is listed as MACL’s managing director Ibrahim Shareef Mohamed.
Alongside Shareef, the board of directors of the company are: Ahmed Asad Hashim, Mohamed Mihad, Hussain Riyaz and Ahmed Saniu.
The business portal presently does not list any business activities, permits or licenses of Peninsula Infrastructure.
However, sources suggest that the company will be awarded the reclamation of Rasmale’, the biggest housing project by the current administration. In this regard, some sources claim that MACL is in discussion to invest USD 70 million in capital into Peninsula.
Neither Shareef nor MACL responded to Sun's questions regarding the matter.
Notably, MACL was awarded the development of F. Nilandhoo Airport within a two-and-a-half-year period on September 20th. The company has also been contracted to develop outdoor gyms at multiple islands.
Projects pertaining to land reclamation or airport development are usually awarded to state-owned, Maldives Transport and Contracting Company (MTCC), which also handles a multitude of government projects.
However, former president Abdulla Yameen Abdul Gayyoom has alleged that MTCC alongside other state-owned companies, Road Development Corporation and Fenaka Corporation, does not have the capacity to undertake all projects being awarded.