Finance Minister Ibrahim Ameer has said that after the decision to let MACL run the new seaplane terminal at Velana International Airport, the company estimates an expected USD 33.7 million per year in profit.

Speaking during a press conference held at the President's Office today, the Minister noted that it was important to continue the works on the new terminal in order further expand the airport and manage passenger traffic better.

As per the new rule by the state, MACL will receive USD 33.7 million for the first two years of running the new seaplane terminal and USD 47.3 million following the initial two years.

The state has now decided to rent equal spaces as to their current lounges to TMA and Manta Air for a rate of USD 10.35 per square meter. They are also open to tendering and renting out additional spaces on a competitive market rate.

The Minister explained that Island Aviation will not receive any space from the new terminal since arrangements have been made for them to continue using the space they are using in the current seaplane terminal.

However they did decide to let Island Aviation bid in the event of the opening of bids at concessional rates for lounge spaces.

The works of the new seaplane terminal began January 29, 2019 and were handed over to BUCG. MACL is investing USD 26 million in addition to a USD 47 million loan.