A major new housing development was launched yesterday in Hulhumalé, with support from the Saudi Fund for Development (SFD). The project, comprising 400 affordable housing units, was inaugurated at a ceremony attended by Minister of Finance and Planning Moosa Zameer and Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development.
The Ministry of Housing has stated that the project will be in line with the government’s housing policy, which prioritises expanding access to affordable residential solutions. However, further details on the timeline, eligibility, and allocation of the units have not yet been made public.
The housing development is part of the government’s wider efforts to address the housing shortage in the capital region. Demand for housing in Greater Malé continues to rise, with significant pressure on existing infrastructure and limited space on the capital island. Projects in Hulhumalé are increasingly seen as a key strategy to reduce congestion and improve living standards.
Preliminary work on the project began in March 2023, when the Ministry of Finance sought consultancy services to guide implementation. The site of the project, as seen during the inauguration, is located near existing residential blocks in Hulhumalé Phase II.
In addition to the housing project, the Saudi Fund for Development signed a USD 17 million loan agreement during this visit to support the expansion of the new terminal at Velana International Airport. This agreement is expected to further enhance connectivity and infrastructure development in the country.
The Saudi Fund for Development has been a longstanding partner in the Maldives’ development efforts, particularly in infrastructure and housing.
