China based-Beijing Urban Construction Group (BUCG) has signed to conduct the airport development project in Madivaru in Lhaviyani Atoll.
All the development costs of the project is to be borne by Kuredu Holdings, as part of the agreement. In this regard, according to Kuredu Holdings, the whole project is expected to cost around USD 50 million. Kuredu Holdings revealed the site to conduct the airport development project has been made ready.
Speaking with PSM News regarding the development of Madivaru Airport, Managing Director Mohamed Moosa stated the aim is to complete the project within 8 months and to commence operations of the airport by June 2019. Mohamed Moosa said the project was contracted to BUCG as the company have past experience and are confident the project will be completed within the given timeframe.
The airport project will consist of a 1,200 kilometre runway, a city hotel and a training centre for the aviation sector.