President Dr. Mohamed Muizzu has announced plans to sell shares of Housing Development Corporation Limited (HDC) to the public as part of broader efforts to involve citizens in the country’s urban development.
Speaking at a press conference at the President's Office, Minister of Housing, Urban, and Land Development, Dr. Ali Haidar Ahmed, confirmed that President Dr. Muizzu intends to convert HDC into a public limited company and gradually offer its shares to the public. The initiative is designed to engage the broader population in shaping and benefiting from the nation’s urban development projects.
Established in 2001, HDC has become a leading player in the Maldivian real estate market. Among its successful projects are the development of Hulhumalé, Kudagiri, and various urban islands. The corporation is currently spearheading the development of Hulhumalé Phase III, Rasmale’, and Thilafushi, further expanding its portfolio of significant urban projects.