The project to construct 400 housing units in Hulhumalé under a loan from the Saudi Development Fund has commenced today. The project was inaugurated at a ceremony held in Hulhumalé Phase 2 by Minister of Finance and Planning, Moosa Zameer, and the CEO of the fund, Sultan Abdulrahman Al-Marshad. The Ministry of Housing stated that this project will facilitate homeownership and housing for many people under the government’s policy. However, no further information is yet available regarding the affordable housing units to be released.
After inaugurating the project, Zameer said that this work will solve the difficulty of providing affordable and suitable housing that the country is facing socially and economically. Zameer said that this is a development that brings hope and progress to housing projects. He also noted that this is a step towards reducing congestion in Malé and improving living conditions. In March 2023, the Ministry of Finance had announced to find a consultancy firm for the project to build housing units in Hulhumalé.
During this visit of the Saudi Fund’s CEO to the Maldives, an agreement for an additional loan of 17 million dollars to develop the terminal at Velana Airport was also signed today.
