Maldives Seeks Investors for US$20–30 Million Uligan Marina

Investors have until 5 October to express interest in developing and operating the Uligan Yacht Marina, a northern Maldives project carrying an indicative investment estimate of US$20 million to US$30 million.

Maldives Ports Limited’s latest procurement notice, dated 23 September, sets a 2pm Maldives-time deadline. It invites marina operators, hospitality developers, tourism investors and joint ventures to participate.

The exercise is a prequalification round. Shortlisted applicants will be invited to submit detailed technical and financial proposals through a later request for proposals.

MPL says it is developing the main marine infrastructure, including the basin, access channel, coastal protection, jetty and pontoons. The selected partner would operate the marina and invest in facilities on land.

Submissions require three years of audited financial statements and a bank reference. Detailed proof of project-specific equity and credit facilities is reserved for the subsequent proposal stage.

Expressions of interest must be emailed as one compiled PDF from an official corporate address. The notice directs applications and questions to MPL.

Companies may apply alone or in a consortium. MPL says participation in more than one submission would disqualify all affected bids.

Land agreement signed

The project follows an agreement signed by MPL and Uligan Council on 23 August covering approximately 70,471 square metres of land.

MPL chief executive Captain Hussain Shafeeq and council president Asadullah Mohamed signed the lease at the port company’s head office in Malé.

MPL said the land would accommodate the marina and its associated infrastructure and facilities. The company described improved services for visiting yachts, tourism and commercial activity as the project’s objectives.

The lease provides the land basis for development. MPL’s September invitation seeks the business that would undertake the investment and operational role through the competitive procurement process.

The company’s signing announcement describes a planned marina with supporting services for yacht-related activity; it does not announce that the marina has opened.

Government investment estimate

The Invest Maldives project brief estimates the investment requirement at US$20 million to US$30 million. That is a project estimate, rather than an awarded contract value.

The brief proposes a public-private partnership. MPL would facilitate the main infrastructure, while the investor would develop buildings and other facilities and take on management and operations.

Its proposed facilities include berthing for international yachts, accommodation in a hotel or serviced villas, restaurants, lounges and retail space. The operating scope also includes maintenance, fuel, supplies and waste management.

The government identifies Uligan, in Haa Alif Atoll, as a northern entry point for yachts arriving from the Indian subcontinent, Southeast Asia and the Middle East. The brief places it close to sailing routes linking Sri Lanka, India and Oman with other Indian Ocean destinations.

The same brief sets an indicative implementation period of 12 months from project initiation. It does not give a fixed opening date.

Potential partnership terms include operational rights, a long-term land lease and a revenue-sharing arrangement to be agreed with the investor.