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Zawya
9 hours ago
- Zawya
ADFD advances Maldives aviation sector through the Inauguration of Velana International Airport project
Abu Dhabi, UAE – Aligned with its commitment to its strategic sustainable development goals, Abu Dhabi Fund for Development (ADFD) participated in the inauguration the Velana International Airport, a landmark project that aims to significantly enhance Maldives' infrastructure. With a total investment of AED 330.5 million (USD 90 million) from ADFD, the project was implemented in two phases, receiving co-financing from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. This cooperation highlights the shared commitment of regional development institutions to support high impact projects in developing nations to contribute to an inclusive, sustainable growth. Attending the inauguration ceremony, which coincided with Maldives' 60th independence anniversary, were His Excellency Dr. Mohamed Muizzu, President of the Republic of Maldives, His Excellency Mohamed Saif Al Suwaidi, Director-General of ADFD, and His Excellency Rahma bin Abdulrahman Al Shamsi, UAE Ambassador to the Republic of Maldives, along with senior officials from both nations and from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. ADFD's funding played a critical role in enhancing the operational capacity of Velana International Airport, accommodating over 7 million passengers annually meeting the nation's growing travel demand. The project included the expansion of the airport's western passenger terminal, the implementation of 26 passenger boarding bridges, and the construction of a state-of-the-art international terminal. These enhancements reinforce the Maldives' position as a key hub for commercial, tourism, and investment activities, and underscore the Fund's commitment to supporting impactful, sustainable projects that improve the quality of life in communities. H.E. Dr. Mohamed Muizzu, President of the Republic of Maldives, during the ceremony, expressed his sincere appreciation to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for the continuous support from the UAE to advance Maldives' national goals. He said: "ADFD's financing of Velana International Airport, in partnership with international collaborators, reflects our shared commitment to achieving sustainable development goals and demonstrates a long-term strategic vision for infrastructure development and growth in developing nations. The opening of this airport will further enhance the Maldives' position in the global aviation sector." His Excellency Mohamed Saif Al Suwaidi, Director-General of ADFD, highlighted that this collaborative development is a testament to ADFD's dedication to supporting the sustainable development goals of its partner nations. He reaffirmed the Fund's mission towards strengthening strategic partnerships between regional development institutions and international organizations, fostering broader and more sustainable developmental impacts. Al Suwaidi said: 'Through our partnership with the Government of Maldives and regional development institutions, we have collectively contributed to country's economic and social growth. Coinciding with the Maldives' Independence Day celebrations, the inauguration of Velana International Airport underscores our ongoing commitment to ensuring greater resource efficiency and supporting our partner nations to build a resilient economy and prosperous future.' ADFD's partnership with Maldives dates to 1978. Over the past four decades, the Fund financed 11 strategic projects with a total investment of AED 1.11 billion, spanning across key sectors including transportation, tourism, healthcare, and energy. ADFD played a critical role in supporting Maldives' economic activities and enabling the country to achieve its sustainable development objectives.
Zawya
9 hours ago
- Zawya
President El-Sisi Follows Up on Latest Developments in Industrial Projects
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, lieutenant General Kamel El-Wazir, Minister of Investment and Foreign Trade Engineer Hassan El-Khatib, Minister of Petroleum and Mineral Resources Engineer Karim Badawi, and CEO of the Environmental Affairs Agency Dr. Ali Hamid. The Spokesman for the Presidency, Ambassador Mohamed El-Shenawy, said that during the meeting, the President reviewed the latest developments regarding the implementation of industrial projects, the provision of necessary raw materials for industrial operations, means for securing the required financing, and efforts to establish partnerships with major international specialized companies, in addition to plans for marketing the products both locally and globally. The President emphasized the importance of petrochemical and mining industries implemented by the Ministry of Petroleum and Mineral Resources, given their role in maximizing the added value of Egypt's natural and mineral resources, meeting domestic market needs, exporting to international markets, and therefore contributing to the expansion of related industries. These efforts shall create job opportunities and boost returns for the national economy. President El-Sisi underscored the importance of accelerating the localization of related industries in Egypt and attracting investment to this vital sector. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
Zawya
9 hours ago
- Zawya
Development Bank loan approvals rise 13% to RO 110mln in H1 2025
Muscat – Development Bank has approved 3,716 loans worth RO 110 million (US$286 million) during the first six months of 2025, marking a 13% increase compared to the same period last year. This growth reflects the bank's commitment to supporting Oman Vision 2040 by promoting economic diversification and strengthening the private sector across the country. 'The loans and programs we provide contribute substantial added value to our national economy,' said Hamad Al Harthi, MSME Chief & Portfolio Management, Development Bank. 'We're helping meet food security requirements, reduce reliance on imports and encourage entrepreneurs to pursue new opportunities.' The bank's success stems from its tailored approach that recognizes the unique needs of businesses at different stages of development. 'We craft solutions that align with their business strategies,' Al Harthi explained, enabling both start-ups and established companies to grow and expand their operations. Building on this comprehensive strategy, H1 financing was distributed across key economic sectors that drive national development. Manufacturing received the largest allocation at RO38 million (US$99 million) reflecting the sector's important role in reducing import dependence. General professional services attracted RO19 million (US$49 million) while traditional sectors also saw strong support with fisheries receiving RO14 million (US$36 million), agriculture RO9 million (US$23 million) and mining RO8 million (US$21 million). This sector-focused approach was matched by broad geographical reach across Oman. Muscat Governorate received RO25 million (US$65 million) while regional development was supported through considerable allocations to North Al Batinah at RO18 million (US$47 million) and South Al Sharqiyah at RO14 million (US$36 million). South Al Batinah received RO11 million (US$29 million) and Al Wusta Governorate RO8 million (US$21 million) ensuring development opportunities reach communities nationwide. The increased lending demonstrates the bank's commitment to supporting businesses of all sizes, from start-ups and SMEs to large corporates. This approach enables entrepreneurs to implement projects across growth-driving sectors while maximizing local value creation and contributing to Oman's strategic economic goals. As part of a broader ecosystem of government organizations aligned with Oman Vision 2040, Development Bank continues to provide support and incentives to strengthen national industries and promote in-country value. 'Our shared goal is sustainable and inclusive progress,' Al Harthi concluded. 'We're proud that our support is helping ambitious, growing companies fulfill their potential while driving economic transformation.' About Development Bank Development Bank (DB) is a key enabler of economic growth, providing innovative financing solutions to support Oman's Vision 2040 and the transition to a diversified, sustainable economy. DB offers tailored financial products and services to a wide range of sectors, including agriculture, fisheries, tourism, manufacturing, renewable energy, health, education and logistics, focusing on projects that drive in-country value and job creation. By funding MSME development, DB plays an important role in fostering entrepreneurship, promoting regional development that aligns with national and global sustainability goals. For more information, visit: For Press Enquiries Mohammed Al Saqlawi Marketing Department Development Bank PO Box 3077 Ruwi, 112 Sultanate of Oman
