Fahi Dhiriulhun Corporation (FDC) has decided to initiate a development project of building13,000 housing units in the Greater Male' Region. To implement this project, it has entered a framework agreement with three international banks.
Speaking to PSM News, Managing Director of FDC Hamdhan Shakeel announced plans to launch additional housing projects to develop social housing units in the Greater Male' Region. As such, he revealed that a framework agreement was signed with a Sri Lankan company earlier this year, to develop 3,000 housing units. He stated that efforts are currently underway to secure the required finances for the project. Additionally, Hamdhan disclosed that another framework was signed with two foreign companies, to develop 10,000 housing units. He noted that the project will be implemented with the assistance of loans from various international financial agencies.
While FDC has decided to initiate additional housing projects, it is currently developing 4,000 housing units in Hulhumale' Phase II, aiming to complete the project within next year. FDC has submitted outstanding payments for the project, which stood at USD1.2 million, and is exerting efforts to ensure that the project is completed expeditiously.
The housing crisis is a long pressing social issue in the Maldives. Therefore, President Dr. Mohamed Muizzu is committed to resolving this issue during his tenure. Aiming to achieve this goal, the largest allocation of the state budget for 2025, was for housing initiatives.