Malé, Maldives – The Maldives Fund Management Corporation (MFMC) has awarded the contract to a Chinese company to develop Hankede, Addu City, for an integrated tourism concept.
The contact signing of the EPC contract for Hankede Integrated Tourism Development Project between Maldives Fund Management Corporation (MFMC) and China National Electrical Engineering Company (CNEEC) was held yesterday at the Economic Ministry.
Hankede, as an integrated project, is being developed with a USD145 million (MVR 2.2 billion) loan from the Bank of China.
The 100 percent government-owned MFMC described the Hankede Integrated Tourism Project as a project that will bring new life to the economy of Addu City.
MFMC Managing Director Hassan Manik said the project is expected to be completed within two years.
The opportunities created by the project will create more jobs in Addu City and facilitate the growth of small and medium enterprises.
MFMC will be responsible for the land reclamation and leasing of the areas designated for real estate purposes.
The government-run project will develop 2,082 beds in Hankede. The project will include 14 hotels. There are 2 grand hotels, 2 deluxe hotels and 10 boutique hotels. In addition, 17 beach villas will be developed. 64 serviced apartments and shopping areas will be developed under the project.
In addition, a water park and various sports and entertainment facilities will be established. The project will include a knowledge centre, mixed sports building, outdoor beach sports facilities, recreational services such as theatre, food court and various restaurants and shops.
The government aims to build 8,000 beds in Addu City.
Earlier, the government awarded the project to a local company 2005 a 100-200 bed city hotel in Hankede, but the contract was canceled after 13 years. The project was scheduled to be completed in 18 months.
