President Dr. Mohamed Muizzu has announced the establishment of a strategic partnership between Island Aviation and the Maldives Airports Company Limited (MACL) aimed at modernizing, expanding, and sustaining the "Maldivian Seaplane" business operated by Island Aviation.
The decision was reached during a cabinet meeting, with plans to create a joint venture company fully controlled by Island Aviation Services Limited (IASL) by April 30, 2025. The proposals necessary for this initiative will be presented to the Economic Council for approval, as stated by the President's Office.
MACL, recognized as the most profitable state-owned company in the Maldives, reported a significant profit of MVR 1.1 billion last year. In contrast, Island Aviation faced financial challenges, posting a loss of MVR 23 million due to high operational costs and debt repayment obligations.
Currently, the airline division of IASL, known as Maldivian, operates a fleet of 11 seaplanes, which are crucial for inter-island connectivity and tourism.
