Dubai World to Develop Hulhumalé Special Economic Zone
Maldives Promotion House – Dubai World has resubmitted its proposal to the Maldivian government to develop the second phase of Hulhumalé as a special economic zone.
Press Secretary at the President’s Office Mohamed Zuhair said that the National Planning Council in 2009 discussed the proposal and decided to proceed with the project with its recommendation.
“The President during his recent visit to Seychelles discussed the project with officials of Dubai World. They accepted the government’s recommendation and agreed to resubmit the proposal very soon,” he said.
The Press Secretary, however, declined to provide details of the government’s recommendation, saying “the recommendation can only be shared directly with the company,” he said.
According to local news source Haveeru Daily, Dubai World first presented the proposal in 2007, to form the Hulhumalé Integrated Economic Zone Limited, to reclaim the area between Hulhumalé and Farukolhufushi.
In 2006, the former government, signed a Memorandum of Understanding (MoU) with Limitless, a subsidiary of Dubai World, to construct a port, homes, logistics hub, distribution centre, shopping mall and leisure properties in the area.
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate’s flag bearer in global investments and has a central role in the direction of Dubai’s economy.
Assets include DP World which caused a storm when trying to take over six US ports, and Nakheel, its property arm, which built The Palm Islands and The World developments, and Istithmar World, its investment company. It is chaired by Ahmed bin Saeed Al Maktoum.