The government has issued a MVR 650.7 million loan to Maldives Airports Company Limited to finance continued reclamation work at Giraavaru Falhu.
MACL announced that 115 hectares, or 68.8 per cent of the planned 167.15-hectare footprint, has been reclaimed. The Queen of the Netherlands dredger remains on site. Work resumed after a multi-month pause, and officials have not given a final completion date.
The loan appears in the 2026 budget estimates as an expenditure for the current year but was not included in the original approved budget. MACL is managing the project through one of its infrastructure subsidiaries.
The Giraavaru Falhu reclamation is intended to provide residential plots for residents of Male’. Under the revised land-use plan, authorities plan to issue 4,072 plots once reclamation is finished. The project began under the previous administration and was later transferred to MACL.
President Mohamed Muizzu has previously said he expects reclamation to be completed before the end of 2026. Housing Minister Dr Ali Haidar Ahmed has said registration and handover of plots will begin once the land is ready.
