The International Financial Centre planned for Hulhumalé is set to play a key role in the Maldives’ push to become a developed nation by 2040, according to Housing Development Corporation (HDC) Managing Director Mohamed Mauroof Jameel.

Speaking on PSM News’ Rajje Miadhu programme, Mauroof said the revised master plan for Hulhumalé focuses on creating a thriving economic environment, with the aim of positioning the island as the country’s financial capital.

He noted that the planning work for the International Financial Centre is underway. The centre, to be developed in the economic zone of Hulhumalé Phase III, is expected to be a key driver of economic transformation.

According to Mauroof, the centre is expected to boost the national economy, raise living standards, and create thousands of jobs. He said the initiative would introduce a wide range of business opportunities and significantly contribute to the country’s long-term development ambitions.

The revised master plan for Hulhumalé was launched by President Dr Mohamed Muizzu on May 26, 2025. At the inauguration ceremony, he described it as a long-term blueprint for sustainable development and for establishing Hulhumalé as a financial hub, with all three phases of the island set to grow in connection with the centre.