MIFCO to Manage Operations of New Malé Wet Market Complex

Operations of the new Malé Wet Market Complex will be handed over to the Maldives Industrial Fisheries Company (MIFCO) upon completion, President Dr. Mohamed Muizzu announced today.

Speaking at a press conference held at the President's Office, President Muizzu confirmed the decision to hand over the market space, specifically designed for fishers and local farmers to sell their goods, to MIFCO.

"Preparations are underway to begin constructing the mixed market in Malé—a modern, state-of-the-art facility for fishermen, farmers, and local vendors to sell their produce," President Muizzu said. "Once completed, its management and operations will be handed over to MIFCO. That decision has also been finalized today."

The President stated that the primary objective of placing the market operations under MIFCO is to ensure a self-sustaining commercial model that eliminates recurring burdens on the state budget.

"This is to ensure the facility is operated sustainably, maximizes value for local businesses and the public, eliminates recurring state expenditure, and operates under sound oversight," he said.

Addressing the project's timeline, the President noted that despite early hurdles that caused minor setbacks, those challenges have now been overcome. Active work is targeted for completion around December 10 next year.

The "Wet Market Complex," situated on the site currently occupied by the local market, is an MVR 126.4 million initiative contracted to Trusting Maldives Pvt Ltd. The six-storey complex will span a 15,525-square-foot footprint and feature 455 vendor stalls consolidating the fish and local produce markets under one roof, alongside a basement parking area for 400 motorcycles and a top-floor food court. The Ministry of Fisheries, Agriculture, and Ocean Resources is currently working to vacate the existing market within a month to allow civil works to begin.

The decision to delegate the market operations of the Wet Market Complex to MIFCO follows the government's parallel policy decision to restructure Agro National Corporation (AgroNet) as a subsidiary under MIFCO, as part of state-wide enterprise right-sizing and efficiency reforms.