Housing Development Corporation (HDC) has stated that Ras Male' is the most cost-effective and largest ever development project commenced in the Maldives.
Speaking to PSM News, Fazul highlighted some of the recent projects carried out under a corporate guarantee policy. They include providing 20 hectares of land to a contractor to reclaim 96 hectares in Hulhumale' Phase III, which are 10 hectares of the land being reclaimed and 10 hectares in Thilafushi. He said that such projects, including Ras Male', largely benefit the state as they are carried out without the state having to bear the financial burden of taking loans.
Additionally, Fazul noted that previous projects were carried out in the atolls by providing incentives such as uninhabited islands to contractors, including housing and resort development projects. He highlighted that these projects benefit the economy while some do not benefit the state.
HDC stated that the Ras Male' project will revolutionize the economy by bring many business opportunities to the Maldives. It is also expected to introduce more innovative changes to technology and the environment.