The Maldives Airports Company Limited (MACL) has created a new company to take over the land reclamation projects announced by the regime of President Mohamed Muizzu.

According to the Business Registry of the Economic Ministry, MACL is the 100 per cent shareholder of Peninsular Infrastructure Private Limited. The company's Managing Director is Ibrahim Shareef, who is also the CEO and Managing Director of MACL.

Adhadhu understands that the company was formed to take over Muizzu's flagship Rasmale' project, which was previously managed by the Housing Development Corporation (HDC).

Multiple sources told Adhadhu that MACL officials were in talks to invest USD 70 million (MVR 1 billion) in capital for Peninsular Infrastructure. It is not clear whether a decision has been taken.

MACL MD Shareef was not responding to phone calls for a comment. The company's media team said information would be shared after clarification. But no updates have been provided yet.

On Tuesday, President Muizzu revealed that MACL had taken over land reclamation in Hulhumale' Phase 3, Giraavaru Falhu and Uthuru Thila Falhu as well and that the company had reached an agreement for dredgers. MACL is also in charge of reclaiming land and building airports in several islands.