Maldives Signs USD 50 Million ‘Urban Isle’ Project with China

China’s Hunan Construction Investment Group has secured the contract to construct seven architecturally innovative buildings, designed to mimic a “spine” as part of the Urban Isle project in Hulhumale. Accompanying President Dr. Mohamed Muizzu on his State Visit to China, Ibrahim Fazul Rasheed, Managing Director of Urbanco, signed the agreement, aiming to enhance tourism and employment opportunities in the greater Male’ area.”

The USD 50 million project aims to integrate three to four-story buildings over 290,000 square feet. These structures will host tourism boutiques, hotels, banking services, wellness facilities, retail shops, and various entertainment options, forming a cohesive hub to enhance the tourism experience.

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Urbanco highlights the MVR 771 million (USD 50 million) estimated cost, emphasising the project’s importance for the Maldives’ economy, with the “spine” concept reflecting the interconnectedness of buildings, both physically and in activities.

The Urban Isle project, set to become the Maldives’ largest commercial hub, will create business opportunities, spur economic growth, and boost employment for regional prosperity.

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