Gulhi Falhu project to begin early 2008

Sunday, October 7th, 2007

Capital Investment and Finance Ltd of UK and Boskalis International B.V. of Netherlands, the 2 firms involved in the reclamation and development of Gulhi lagoon of Male’ Atoll have revealed that the project will commence early next year. This was revealed at press conference held at Nalahiya Hotel.

Speaking at the conference Managing Director of Capital Investments and Finance Ltd said that work of the project which is divided into 2 phases will be completed within 18 months. Under the project a world class shopping mall, 7 star hotel, storage go downs for traders and office buildings will be constructed. In addition construction of harbor, yatch marina and a boat yard will also be carried out under the project. 93 hectors will be reclaimed under the first phase and 48 hectors under the second phase.

Boskalis International and Capital Investment Finance signed formal agreement with the government yesterday. The agreement was signed on behalf of the government of Maldives by Yousuf Rilwan Chairman of GulhiFalhu Industrial Zone. On behalf of Boskalis International the agreement was signed by their Area Manager and on behalf of Capital Investment Finance by their Managing Director.

The project is a 300 million United States dollar investment.

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