Maldivian Red Crescent Launches Commercial Development Project

The Maldivian Red Crescent, in partnership with First National Finance Corporation, has unveiled The Crescent Tower, a commercial development planned to house the organisation’s new headquarters while generating income to support its humanitarian work.

The building name and dedicated website were revealed at an event held at Meerumaa on Sunday, coinciding with the 17th anniversary of the Maldivian Red Crescent.

Established under the MRC Act 07/2009, the Maldivian Red Crescent supports vulnerable communities, emergency response and community resilience through programmes including preparedness, First Aid and psychosocial support, health and wellbeing, and social support and cohesion.

The MRC Commercial Development Project will transform Maldivian Red Crescent-owned land on Mirihi Magu in Hulhumalé Phase 1 into a 14-storey development with an estimated gross floor area of approximately 70,000 square feet. Located opposite Central Park, the site has two road frontages along one of Hulhumalé’s key commercial corridors.

The Crescent Tower will bring the Maldivian Red Crescent’s administrative and operational functions under one purpose-built facility. The organisation said this is expected to improve coordination of humanitarian programmes, emergency preparedness and response, volunteer mobilisation and community outreach activities.

Alongside the headquarters, the development will include leasable office and commercial spaces, as well as a community engagement hall. Revenue from the commercial components is intended to provide stable long-term income for humanitarian programmes and support the expansion of services to communities.

“The true value of this building will not be measured by its height, nor by what it is worth. It will be measured by the humanitarian work it makes possible. That is the legacy we hope to create. A permanent asset. A more resilient institution. And a stronger foundation from which the Maldivian Red Crescent can continue serving the people of this country for generations to come,” said Ali Nashid, President Maldivian Red Crescent.

The project offers opportunities for organisations and individuals to participate through tenancy and leasing, financing and investment, sponsorship, and philanthropic contributions. Individual contributions start from MVR 1,000, while major donor recognition will be available from MVR 500,000, including recognition on the building’s Wall of Recognition.

First National Finance Corporation is supporting the development as Financial Advisor and Project Manager. The project has been structured around blended finance, combining private, institutional and philanthropic capital to support commercial sustainability and long-term social impact.

“At First National, our role as project management and financial advisor is guided by the conviction that finance must extend beyond balance sheets. By forging partnerships that bring together public, private, and philanthropic resources, we mobilize finance toward projects that generate social good, build resilience, and drive long-term transformation,” said Hassan Ziyath, Chief Executive Officer of First National Finance Corporation.

Further details on the development, design concept, proposed spaces and participation opportunities are available through The Crescent Tower website.