The Chief Executive Officer of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Murshid, has been awarded the Honor of Nishan Muleeage. The Honor of Nishan Muleeage was presented to the CEO of the Saudi Fund by President Dr. Mohamed Muizzu at a special ceremony held this morning at the President’s Office. President President awarded the Honor of Nishan Muleeage to Sultan bin Abdulrahman Al-Murshid in recognition of the extensive support that the Saudi Fund has provided and continues to provide for the development of the Maldives and the improvement of the general condition of its people.
This honor was bestowed under the power granted to the President by Article 115 of the Constitution of the Republic of Maldives and Article 3 of the Maldives Honors Act. The Honor of Nishan Muleeage is named after Sultan Muhammad Shamsuddin. He was the ruler of the Maldives from 1893 and between 1903 and 1934 in the Gregorian calendar. The first constitution implemented in the Maldives was ordered to be written during this sultan’s reign. The Maldivians also accepted that constitution in 1933 during his reign.
The Chief Executive Officer (CEO) of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Murshad, arrived in the Maldives on an official visit on the 13th of this month. The Saudi Fund is a very important partner in the Maldives’ development journey. The Saudi Fund has provided more than $470 million in aid to various sectors such as transportation, health, housing, and fisheries. Notably, in May 2024, the Saudi Fund granted loans of $150 million for two important projects.
Of this, $100 million was granted for the development of Velana International Airport. The aim is to increase tourism and economic growth. And $50 million was granted for the health sector development project. Under this project, three hospitals will be built in different regions of the Maldives, expanding health services.
The Saudi Fund is a fund established by the government of Saudi Arabia in 1974. This fund was created to provide financial assistance and cooperation for development projects in developing countries. The fund’s objective is to work towards sustainable development through soft loans and grants. In this regard, the Saudi Fund mainly focuses on providing assistance in the areas of basic resources, health, education, and energy.
