DEVELOPMENT FINANCE-

ADFD-backed Maldives airport opens: The Abu Dhabi Fund for Development (ADFD) attended the inauguration of Maldives’ Velana International Airport after providing AED 330.5 mn in financing towards the project, state news agency Wam reports. The expansion increases the airport’s capacity to 7 mn annual passengers, including through a new international terminal. The project also received funding from the Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and Opec Fund for International Development.

Background: The fund provided a AED 147 mn loan last year to support the project and an earlier loan of AED 183.5 mn in 2017 for its initial phases. It also helped support the country’s Maafaru International Airport project, which was completed earlier this month.

REAL ESTATE-

Al Rasikhoon Real Estate launches 8.5 mn sq ft Sharjah project: Real estate developer Al Rasikhoon Real Estate kickstarted sales for its new 8.5 mn sq ft Rawdat Al Sidr mixed-use development in Sharjah, Albayan reports.The project includes residential, commercial, and industrial plots. Plots range from 270-1.1k sqm, with permit options including residential-commercial, investment-residential, and office-residential-commercial permits.

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