Four out of 356 projects in pending by 2028: MTCC

Out of the projects currently awarded to the Maldives Transport and Contracting Company (MTCC), only four projects will be at an active or ongoing status by 2028, said the state-owned enteprise's Managing Director Ahmed Saudhy on Wednesday.

MTCC is the leading contractor for urbanization and infrastructure development projects in the Maldives, which includes the development of several domestic airports.

In an interview with PSM, the state-run media, Saudhy said that the company has been awarded a total of 356 projects so far, with varying degrees of completion. Several of these projects were awarded to the SOE during previous administrations, and owing to their large-scale scope, the projects are consuming significant time.

Saudhy also mentioned specific projects aimed at fulfilling the pledges made by President Dr. Mohamed Muizzu towards solving housing and land issues.

MTCC is executing the projects by dividing them into phases, which include the planned completion of 59 projects before 2025 concludes. These projects include 20 special initiatives and 39 ongoing projects.

The current momentum will allow MTCC to complete an average of six to seven projects per month. Saudhy said the corporation aims to complete 72 projects the following year, which the corporation intends on achieving with the support of relevant government authorities, Saudhy added.

While speaking about the projects, Saudhy also took note of the lack of budget allocations for the projects during previous administrations which dampen the mobilization and the subsequent progress of these initiatives. In 2024, several projects under MTCC's portfolio had not progressed owing to the state's budget constraints which in turn dwindled the corporation's annual earnings.

MTCC highlighted its revenues in 2024 dropped significantly owing to the noticeable decline in the earnings from construction and dredging activities - two of its major business operations.