Maldives Fund Management Corporation (MFMC) on Wednesday, has formally signed the agreement with Atoll Works Private Limited for the dredging, reclamation and shore protection of 16 islands within K. Gaafaru lagoon.

According to MFMC, 14 islands out of the total will be designated for individual private island development for real estate purposes, while the remaining two will be earmarked for luxury tourist resort development.

The project encompasses reclamation of an additional 40 hectares of land on Gaafaru island, bringing the total reclamation area to 106.91 hectares.

This project also represents the first instance of simultaneous reclamation of multiple islands within the same lagoon in Kaafu atoll.

The total value of the project for dredging, reclamation and shore protection amounts to USD 36.5 million. This total includes USD 29.2 million specifically designated for the dredging 3,747,792 cubic meters of sand at the rate of USD 7.80 per cubic meter. This rate is also one of the most competitive rates observed for a reclamation project in the Maldives in recent years.

The project will proceed under a contractor financing model, facilitating swift resource mobilization and initiation of the reclamation works. Since MFMC is not required to provide any upfront payment to the contractor, the physical works of the project are expected start soon.

Repayment of the contracted amount will initiate upon the completion of island reclamation and the generation of revenue through the sale of these islands on a long-term lease basis to private buyers.

The Maldives government, via presidential decree, entrusted K. Gaafaru lagoon to MFMC for the implementation of an integrated tourism development initiative. The corporation has also finalized conceptual masterplan for the lagoon, with the reclamation works serving as the initial phase in accordance with the outlined plan.

Source(s): sun.mv

Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed on Wednesday, hsa said the government has spent MVR 19 million, since it took charge, on repairing mosques across the Maldives.

At the press conference held on Wednesday, the minister said MVR 15 million out of this total were utilized from the state budget, with the remaining MVR 4 million spent from Mosque Fund.

The minister also revealed several bills related to mosque repairs had not been settled at the time the current administration too charge.

“When this administration took over, the state owed MVR 27 million to contractors for mosque repairs,” the minister said.

Shaheem further said that the current administration has cleared several of the outstanding bills incurred during the former government.

Establishment of an assembly for mosques is a key pledge of the current administration’s manifesto. The minister on Wednesday confirmed a national assembly on mosques has already been formed.

Dr. Shaheem also claimed a total of 42 projects are currently ongoing under the supervision of Islamic Ministry.

Source(s): sun.mv

Chinese President Xi Jinping on Monday said that the diplomatic ties between China and France were underpinned by the two countries’ commitment to the “principles of independence, mutual understanding, strategic vision and win-win cooperation.”

President Xi, who is on a state visit to France, made the remarks during the closing ceremony of the sixth meeting of the China-France Business Council in Paris.

In 1964, France became the first major Western country to establish diplomatic relations with China when the world was still gripped by the Cold War. Since then, their relationship has steadily strengthened – first to a comprehensive partnership in 1997 and then a comprehensive strategic partnership in 2004.

Xi’s remarks highlighting commitment to independence resonate with those of French President Emmanuel Macron, who has on many occasions stressed the importance of an independent foreign policy. Last April, Macron stressed his vision and expectations of European strategic autonomy on his return flight to France after wrapping up a visit to China.

The independent foreign policy seems especially important in today’s world which is facing regional conflicts, growing security deficit and development deficit.

Former French Prime Minister Laurent Fabius also said that China and France are both committed to independence as well as multilateralism and peace. “We do not want a bloc policy, with the risks of conflicts that this entails,” he said.

Symbiotic economic ties

President Xi told the gathering that the Chinese and French economies are closely intertwined and highly symbiotic due to the past 60 years of growth.

The bilateral trade has expanded by nearly 800 times since the establishment of diplomatic relations, reaching $78.9 billion, Xi said, adding that cumulative two-way investment has exceeded $26 billion and more than 2,000 French companies have woven themselves into the fabric of the Chinese market.

China is the largest trading partner of France outside the European Union (EU), and France is a major EU trading partner of China, Xi added.

Praising the Airbus A320 Family assembly facilities in Tianjin and other flagship projects stand as vivid examples of mutually beneficial cooperation between China and France, Xi called on both countries to build on past achievements and jointly usher in a new era of bilateral cooperation.

China-France friendship is in the best interest of the Chinese and French peoples as well as the whole world, Xi told more than 200 attendees at the ceremony.

Cui Hongjian, director of the Center for the European Union and Regional Development Studies at Beijing Foreign Studies University, said the fruits of bilateral cooperation fully reflect that the two sides are not only highly complementary in the industrial field, but are also forming a strong alliance in other aspects.

The two countries will expand cooperation in agri-food, finance and other sections and advance joint R&D and innovation in areas including aviation, aerospace and civil nuclear energy, Xi said at the joint meeting with the press with French President Emmanuel Macron earlier in the day.

Nowadays France is advancing re-industrialization based on green innovation, while China is accelerating the development of new quality productive forces. Under this context, Xi said both countries have agreed to connect their development strategies more closely and expand cooperation in emerging areas, such as green energy, smart manufacturing, bio-medicine and artificial intelligence.

To put the ideas into practice, China and France have signed nearly 20 cooperation agreements covering such areas as aviation, agriculture, people-to-people exchange and green development.

Wider opening up

Noting both China and France face global changes unseen in a century, President Xi said the two countries need to practice true multilateralism, keep the global economy open and promote a universally beneficial and inclusive economic globalization.

In doing so, Xi once again stressed China’s insistence on opening up. Xi said at the ceremony that China is considering and taking major steps to further deepen reform across the board, steadily expand institutional opening up, further expand market access, and shorten the negative list for foreign investment.

In March, the General Office of the State Council issued an action plan with 24 measures, including expanding access of foreign financial institutions to the banking and insurance sectors and expanding the Catalogue of Encouraged Industries for Foreign Investment and the list of key foreign-funded projects.

Xi also said that China will further open up the services sector, including telecommunications and medical services, and open its market wider to create more opportunities for companies from France, Europe and beyond.

Besides expanding market access, China has also taken measures to enhance people-to-people exchanges. Last November, China announced a 15-day visa-free policy for short-term stays of citizens from six countries including France in China, and Xi said during his state visit that China will extend the short-stay visa-exemption policy for citizens of 12 countries, including France, to the end of 2025.

Source(s): CGTN