The company that operates Velana International Airport spent MVR 435.3 million on the Rasmalé reclamation project in 2025, according to its audited accounts.
This is the first official figure released for expenditure on the flagship development. In the same year the company's cash reserves fell by almost half and it took on MVR 3.5 billion in new loans.
The reclamation is intended to create a new island for mixed-use development adjacent to the airport. The government has described the project as central to long-term economic growth.
Critics have questioned the scale of borrowing and the lack of detailed public costings until the audit. Supporters argue that the land will generate significant future revenue through property sales and commercial leases.
The airport company is wholly owned by the state. Its financial results also show continued investment in terminal expansion and runway improvements.
Further details of the audit are expected to be tabled in parliament. The government has not yet responded to questions about the total projected cost of the full Rasmalé scheme.
