Saudi's Lucky Global Projects has been contracted with the Kooddoo Cold Storage Expansion project.

Fisheries Minister Ahmed Shiyam signed the agreement on behalf of the Government of Maldives at a ceremony held at the President's Office, with Ashish Oberoi, Managing Director of Lucky Global Projects, signing on behalf of the company. The project, funded by the Saudi Fund for Development, is valued at MVR 6.6 million and is expected to be completed within one year.

Currently, Kooddoo’s cold storage facility holds 2,000 tonnes, and the national cold storage capacity for fish stands at 8,500 tonnes. The government aims to increase this capacity to 25,000 tonnes by the end of the current presidential term. This expansion is expected to strengthen the Maldives' position in the global fish market, enabling better price control and increasing the revenue generated from the fishing industry.

In addition to the cold storage expansion, a letter of approval was presented to those providing funds for the installation of salt-to-salt fish cooling systems on fishing boats. Minister Shiyam highlighted that this initiative would reduce the need for long trips to procure ice, saving fuel costs. The government has already equipped 74 boats with this system and aims to increase the number to between 100 and 115.