This initiative is supported by funding from the UAE's International Free Zone Authority (IFZA), following a prior agreement that was established earlier this year in May.

President Dr. Mohamed Muizzu has articulated a vision for the creation of a Special Economic and Financial Service Zone in Funadhoo. This zone is expected to be seamlessly integrated with the forthcoming monorail system, enhancing connectivity and economic activity in the region.

Economic Minister Mohammed Saeed announced these transformative plans in May 2024, emphasizing the project's alignment with the broader development strategy for Velana International Airport (VIA). 

The implementation of the monorail project is set to revolutionize transportation options in the Maldives, contributing to the nation's economic growth and improving accessibility for residents and visitors alike.