Dubai-based major International Free Zone Authority (IFZA) has been contracted to develop two areas designated as Special Economic Zones (SEZs) by the current government.

The agreement was signed on behalf of the government by Economic Minister Mohamed Saeed at a special ceremony held at Meerumaa Hotel. IFZA's chairman Martin Pedersen signed the agreement on behalf of the company.

Ifza has been entrusted with the construction of the Special Economic and Financial Zone at Funadhoo and the Maldives Economic Gateway at Hoarafushi Lagoon in Ihavandhippolhu.

Speaking on the occasion, Saeed said that in about four months, another agreement will be signed and the construction of the financial center in North and Funadhoo will continue.

The fuel farm in Funadhoo will be shifted to K. Maagirifalhu. Saeed said that the construction of the building for the financial center in Funadhoo and the bridges connecting Funadhoo-Male-Hulhule-Hulhumale' will be completed within five years of the current administration.