UAE’s Aqua Bridge Group has been awarded the contract to build and operate a multi-species hatchery in Gaaf Alif Atoll Maanaagalaa at a cost of USD 16 million (MVR 246.8 million).
The agreement was signed between the Ministry of Fisheries and Aqua Bridge.
The hatchery in Maanaagalaa will mainly be producing sea cucumber, groupers, and baitfish. The hatchery is important in providing a habitat for different species of marine life used for aquaculture.
The project, which is funded by the World Bank, has been given a 12-month project duration. The UAE company will have 21 years to operate the property including the construction duration of 12 months.
The construction will be carried out in two phases, with the hatchery’s infrastructure work completed under the first phase.
The Ministry of Finance announced the tender for the project on November 16, 2021. The procurement of the project was carried out on International Competitive Bidding (ICB) basis, in line with the procurement rules of the World Bank’s ‘Single State to Envelope’ basis of the ‘Procurement Regulation for IEF Borrowers’.