The government has announced a comprehensive plan to redevelop the historic precinct housing the ‘Atholhu Fihaara’ shops in Malé, an initiative aimed at expanding commercial opportunities while preserving the architectural heritage of the capital’s waterfront.
In his Presidential Address at the inauguration session of Parliament on 5 February, President Dr Mohamed Muizzu set out the administration’s vision for the redevelopment. He noted that the project would be undertaken without compromising the cultural identity of the existing structures. The government confirmed its decision to overhaul the row of shops, with the president underscoring his commitment to ensuring that revenue generated from these assets directly benefits the nation’s outlying atolls.
The ‘Atholhu Fihaara’ shops, located in Malé’s bustling market district, consist of twenty outlets, each designated to represent a specific atoll. Rental income from these properties was historically allocated in part to the respective atolls. Over time, however, the financial model has faltered: payments have been interrupted, administrative management has been criticised as inadequate, and funds have often remained undeposited for extended periods.
Seeking to address these inefficiencies, the president announced plans to transform the area into a modern “commercial front”. The administration intends to open the project to investors by mid-year, inviting partners to collaborate with the government. He stressed that the development would integrate existing infrastructure to preserve the site’s historical essence.
“As the row of ‘atoll’ shops stands as a symbol of Malé’s skyline and serves as a heritage site spanning many eras, I intend to proceed with this redevelopment project in a manner that preserves the buildings’ outer walls for the long term,” the president said.
Adam Shareef Umar, Minister of Cities, Local Government and Public Works, elaborated on the logistical aspects of the plan. He noted that while authenticity must be respected, adjustments are required to align with economic shifts and modern standards. He highlighted the site’s centrality to both Malé’s skyline and its commercial activity, highlighting the redevelopment’s focus on maximising business potential.
“Congestion in the market area will be alleviated, and by expanding to multiple storeys, the value of the land will significantly increase,” Minister Adam Shareef said. “Modernity will be brought to Malé, and there will be opportunities to maximise the benefits received by the atolls.”
The market district has long served as the primary hub for inter-atoll trade, facilitating the flow of goods between the capital and the islands. Under the revitalised framework, the government aims to strengthen the management of these shops, ensuring that financial benefits are finally and effectively realised for the communities they represent.