Saudi Fund for Development Inaugurates Key Infrastructure Projects in the Maldives

Photo: HDC

Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), reiterated the Fund’s unwavering commitment to supporting sustainable development projects in the Maldives during a ceremony inaugurating the connecting bridges of Hulhumalé Phase 2. Sultan Abdulrahman highlighted SFD’s extensive contributions to the Maldives, amounting to USD 470 million (MVR 7.2 billion) across 16 different projects over the past 47 years.

Arriving in the Maldives for the inauguration, Sultan Abdulrahman underscored the enduring relationship between SFD and the Maldives, pointing to Hulhumalé Phases 1 and 2 as exemplars of this collaboration. He noted SFD’s involvement in recent mega water and sewerage connection projects and the ongoing development of Velana International Airport (VIA).

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The newly inaugurated bridge project, which comprises five bridges, is a significant milestone in Hulhumalé’s urban development. Financed by SFD to the tune of USD 80 million (MVR 1.5 billion) and executed by China State Engineering and Construction Company (CSECC), the bridges have been operational since 2020 but were officially inaugurated today. Four of the bridges connect to the main roads of Hulhumalé Phase 1, while the fifth bridge links the Urban Isle in Hulhumalé Phase 2 to the isolated tourism zone.

In his speech, Sultan Abdulrahman emphasised the economic benefits these bridges would bring, facilitating business expansion and economic activity in the area. He asserted that projects like these exemplify the successful implementation of crucial infrastructure initiatives in collaboration with SFD. The Fund remains dedicated to continuing such partnerships with the Maldives.

Finance Minister Dr Mohamed Shafeeq also addressed the ceremony, highlighting the profound impact the bridges will have on the 160,000 residents of Hulhumalé Phase 2. He lauded SFD’s crucial role in the Maldives’ development journey, underscoring the strong bond between the Maldives and Saudi Arabia, built on mutual respect and trust.

Minister Shafeeq noted that the channel bridges would significantly ease transportation in the area, symbolising the robust bilateral relationship. He affirmed the Maldives’ intention to continue partnering with SFD on future development projects, reinforcing the commitment to sustainable development and enhanced infrastructure.

This event marks another chapter in the Maldives’ infrastructure development, with the support of the Saudi Fund for Development playing a pivotal role in the nation’s progress. As the Maldives continues to grow, the collaboration with SFD is expected to yield further advancements, fostering sustainable development and economic prosperity.

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