UK, Dubai firms discuss financing Maldives projects (Written by Fathimath Shaahunaaz)

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Work in progress for the China-financed project to develop a bridge between capital Male and Hulhule. PHOTO: NISHAN ALI/MIHAARU

Malé, Maldives (MIHAARU) Oct 23, 2016 — The Maldives government has entered into talks with two firms from UK and Dubai regarding loans for major infrastructural projects in the archipelago.

It remains yet unclear which party took the initiative to commence the discussion.

In a statement, the information department of Elite Capital & Co. Ltd, a company that provides management, consultancy and funding for projects, stated that the firm in collaboration with their strategic partner Dubai’s Tabarak Investment Capital Ltd have entered into discussion with the governments of the Maldives and Sri Lanka to finance projects.

The delegation that arrived in the Maldives was headed by Elite Capital’s president George Matharu and Tabarak Investment’s CEO Mohamed Ahmadi.

“The meetings were very fruitful,” said Matharu.

However, the statement did not specify which projects the two firms are looking to finance.

Elite Capital only finances projects that are upwards of USD 10 million (MVR 153 million), with a repayment period of 15 years for loans granted to surveying and designing, and 30 years for the project. The firm has not publicised its rate of interest.

Its strategic partner Tabarak Investment similarly provides management, consultancy and funding for projects.

The current government has undertaken projects of scales previously unheard of in the Maldives, most notably the project of USD 210 million (MVR 3.2 billion) to construct a bridge linking capital Male and airport island Hulhule, and the project of USD 800 million (MVR 12 billion) to develop and expand Ibrahim Nasir International Airport (INIA).

These projects are financed by loans and grants from countries such as China and Saudi Arabia. The government is also entering into talks with other states to secure more funds for the airport project. However, it has not been disclosed whether Elite Capital is looking to fund the INIA expansion.

— Elite Capital & Co. Limited – Contact Details —

THE UK HEAD OFFICE

Elite Capital & Co. Limited
33 St. James Square
London, SW1Y4JS
United Kingdom

Telephone: +44 (0) 203 709 5060
Facsimile: +44 (0) 203 709 5061
SWIFT Code: ELCTGB21

Website
http://www.ec.uk.com

— Tabarak Investment Capital Limited “Investment Bank” – Contact Details —

THE UAE HEAD OFFICE

Tabarak Investment Capital Limited
DIFC Burj Daman, West Court
Level 2, Office 208
Dubai, UAE

Telephone: + (971) 4 3593700
Facsimile: + (971) 4 3593703
SWIFT Code: TIBIAEAD

Website
http://www.tabarak.ae

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Elite Capital & Co. Limited

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