The Maldives marked a significant milestone in its economic and infrastructural development with the inauguration of a new state-of-the-art terminal at Velana International Airport on July 26, 2025, coinciding with the island nation's 60th Independence Day.
Describing the new facility as "a pillar of economic independence," Maldivian President Mohamed Muizzu led the unveiling ceremony of what is now the largest building ever constructed in the country. The USD 585 million terminal, which has been over a decade in the making, is expected to transform the Maldives' tourism-reliant economy and enhance its position as a premier Indian Ocean destination. The launch event featured a record-breaking fireworks display that earned the Maldives a place in the Guinness Book of World Records.
Designed to handle 7.5 million passengers annually—more than three times the airport's previous capacity—the new terminal is now the home base for national carrier Maldivian (Q2). With modern architecture that incorporates traditional Maldivian design elements, the terminal boasts 47 check-in counters, six self-service kiosks, 20 immigration counters, six boarding gates, and 12 aerobridges.
Government officials hope the expanded capacity will catalyse a surge in tourist arrivals, a crucial driver of the economy. Tourism accounts for approximately 21 per cent of the country's GDP, and the new terminal is intended to eliminate longstanding infrastructure bottlenecks that have restricted growth in recent years.
According to the World Bank’s April 2025 report, the terminal is projected to support an average economic growth rate of 5.2 per cent in the medium term. The International Monetary Fund has also highlighted the facility’s potential to sustain momentum in the Maldives’ tourism sector. The project was financed through a combination of national budget allocations and international loans from key development partners, including the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Arab Economic Development, and the Abu Dhabi Fund for Development.
Addressing a large crowd at the ceremony, President Muizzu acknowledged the country’s mounting external debt—which surpassed USD 8 billion in 2024—and reaffirmed his administration’s commitment to tighter fiscal policy and boosting tourism-led growth. With a population of around 400,000, the Maldives is betting on infrastructure-driven development to navigate its economic challenges and secure long-term financial stability.
