STO-MACL-GACL consortium to develop Gan airport

A consortium between Gan Airport Company Limited (GACL), Maldives Airports Company Limited (MACL), and State Trading Organisation (STO) signed a joint venture agreement today to manage and develop Gan International Airport.


At a ceremony held at President’s Office this afternoon, STO Chairman Farooq Umar, MACL Chairman Ibrahim ‘Kudabandhey’ Saleem and Gan Airport Company Chairman Mohamed Naseer signed the agreement.



Speaking at the ceremony Transport Minister Adil Saleem said a joint venture company to be formed between the three public companies would manage the airport. The joint venture will take over the operations of the airport after presenting a development plan and an analysis of the business opportunities, he added.

Economic Minister Mahmood Razi noted that the analysis, which would outline the future development plans for the airport, would be concluded within 60 days.

The three companies expressed confidence in developing the airport.

The Transport Minister further highlighted the importance of developing the nation’s second international airport in order to develop Addu atoll and its tourism industry. The airport should also be developed for the South Asian Association for Regional Cooperation (SAARC) Summit scheduled to take place in Addu and Fuvahmulah later this year, he added.

The government earlier terminated the Gan airport privatisation agreement with Dubai-based Supreme Fuel Trading FZE after the company failed to comply. Privatisation Committee said the ‘Rehabilitation, Expansion, Modernisation, Operations, and Maintenance Agreement’ signed on June 17, 2010 was terminated because the company failed to submit the airport development proposal within the required 180 days.

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