International airports body urges caution over foreign investment in Ibrahim Nasir International Airport
16 May 2013, 6:27 PM
Airports Council International (ACI), the global body representing the world’s airports, has advised its members to exercise caution before making any investment in the Maldives relating to Ibrahim Nasir International Airport (INIA).
In an email obtained by Minivan News dated May 8, ACI alerted its members that the Maldivian government is “in the process of transferring the Male’ airport to a wholly-owned subsidiary of MACL and may explore a sale of equity in this entity to another airport operator.”
“ACI members are advised to conduct due diligence while considering any investment in the Maldives, considering the latest developments, uncertainty of outcome of elections, the legal and financial risks of the current arbitration and the nascent legal framework,” the email states.
The cautionary note emphasises that ACI was “not taking sides with respect to the decisions made by the various parties”, and matter-of-factly outlines the government’s sudden termination of the concession agreement with the GMR-Malaysia Airports (GMR-MAHB) consortium to manage and upgrade Ibrahim Nasir International Airport (INIA).
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