The state-owned Maldives Airports Company Limited (MACL) has created a wholly-owned private entity to manage multiple infrastructure initiatives.

As per the business portal of the Economic Ministry, MACL founded Peninsula Infrastructure, a wholly-owned private company, on October 6th.

The managing director of the company is identified as Ibrahim Shareef Mohamed, who is the managing director of MACL.

Along with Shareef, the company's board of directors includes: Ahmed Asad Hashim, Mohamed Mihad, Hussain Riyaz, and Ahmed Saniu.

The current business portal does not display any business activities, licenses, or permits for Peninsula Infrastructure.

Nonetheless, reports indicate that the firm will receive the reclamation of Rasmale’, the largest housing initiative by the present government. In this context, certain sources indicate that MACL is negotiating to inject USD 70 million in capital into Peninsula.

Importantly, MACL received the development contract for F. Nilandhoo Airport on September 20th, with a timeframe of two and a half years. The company has been hired to create outdoor gyms across several islands.

Projects related to land reclamation or airport construction are typically given to the state-owned Maldives Transport and Contracting Company (MTCC), which also manages various government initiatives.

Former president Abdulla Yameen Abdul Gayyoom has claimed that MTCC, along with other state-owned entities such as Road Development Corporation and Fenaka Corporation, lacks the capability to manage all the projects being granted.