President Dr. Mohamed Muizzu has pledged to develop Funadhoo Island in Kaafu Atoll as an international financial hub.

The President made the remarks while speaking at the inauguration of the megaproject to develop Velana International Airport and the economic zone.

The inauguration ceremony was held at Dharubaaruge on Thursday evening.

President Dr. Mohamed Muizzu launched the megaproject to develop VIA and the Economic Zone, in a bid to cater to 25 million passengers.

Taking the podium at the event, President Muizzu noted that the inauguration of the megaproject symbolizes the aspirations of every Maldivian citizen.

Highlighting that the development phase would run simultaneously with the previous one, the president said that once completed, the original capacity objective of seven million will be increased to 25 million passengers.

Noting the operational details, President Dr. Muizzu stated that efforts to phase out and relocate fuel storage and refueling services provided at Funadhoo Island would be initiated within the year and completed in under two years. He then detailed the Administration's plans to repurpose Funadhoo Island to develop as an international financial hub.

The President additionally highlighted the future development prospects of connecting Funadhoo, Malé, and Hulhulé via a bridge and Hulhulé and Hulhumalé to the seaplane terminal, creating an easy pathway for passengers, customers, and employees to commute.

The President further revealed plans to submit a paper to the Cabinet detailing the creation of an establishment named "Maldives International Financial Services Authority." The President expressed that the authority would be the stepping stone towards establishing an international financial centre in the Maldives. He further elaborated that the groundwork for this initiative is in collaboration with the Maldives Monetary Authority (MMA) and other relevant bodies.

Most of the work under the project is scheduled to be completed within Muizzu’s five-year presidential term.

The president said that significant developments will be observed within the next 10 years as well.

The initial phase of the project was launched on Thursday, marking the beginning of the relocation work of the seaplane terminal, and initiating the development of the domestic terminal to serve 2,000 passengers per hour which will in turn improve cargo facilities 

The President discussed the government's plans to relocate the port development effort from Gulhi Falhu to Thila Fushi Island. The goal is to create a comprehensive commercial port that meets international standards.

The grand inauguration ceremony was attended by Vice President Hussain Mohamed Latheef, members of the president’s Cabinet of Ministers as well as senior government officials.