President Dr Mohamed Muizzu has outlined his vision to transform Hulhumalé into the financial capital of the Maldives, complementing Malé as the country’s administrative centre.

Speaking at the official launch of the revised master plan and new website of the Housing Development Corporation (HDC), the President said the updated plan would lay the foundation for this transformation.

According to the President, the HDC master plan is designed to guide the development of all three phases of Hulhumalé alongside the establishment of the Maldives International Financial Centre. He described it as a long-term and sustainable roadmap that will support economic growth while also enhancing the quality of life for residents.

He stressed the importance of collective effort in turning the plan into reality, noting that its success relies on cooperation from both institutions and the public. He also expressed confidence that the implementation of the plan would create a better environment in Hulhumalé for residents, something he noted has yet to be fully realised in Malé.

The President further assured that the HDC and relevant Government institutions will fulfil all commitments made in connection with the development of Hulhumalé.

The renewed focus on positioning Hulhumalé as a financial centre comes after the Government signed an agreement earlier in May with MBS Global Investment to develop the Maldives International Financial Centre. The project, valued at USD 8.8 billion, will span 780,000 square metres and is expected to attract around 35,000 daily visitors once completed.