The 400 affordable housing units project funded by the Saudi Fund for Development (SFD) was initiated on Monday.
The project worth USD25 million was initiated by the visiting CEO of the Saudi Fund, Sultan bin Abdulrahman Al-Murshid and Minister of Finance and Planning, Moosa Zameer during a ceremony held at the site of the project in the reclaimed suburb, Hulhumale’.
Speaking during the ceremony, Minister Zameer hailed the project as a flagship initiative in the strategic roadmap of President Dr Mohamed Muizzu, aimed at ensuring that all citizens of the Maldives have access to affordable housing.
"This project will be sustainable. It will also alleviate the congestion in Male’. And most importantly, it will provide affordable and suitable housing for the people,” he said.
Sultan bin Abdulrahman Al-Murshid, speaking during the ceremony expressed delight to be a part of the development journey of the Maldives, adding that this project has also been directed towards one of the most critical areas to the island nation.
"We have provided assistance to 40 projects through 17 loans so far worth a total of USD488 million. These include housing, transportation, development, water and sewerage and education and health. We will continue to be a committed partner in the development of the Maldives,” he said.
The housing units are being built on the land adjacent to Masjid Hassan Adam in the second phase of Hulhumale’. The project is currently in the process of selecting a consultancy firm. The Ministry of Construction, Housing and Infrastructure is striving to get the project off the ground by the last quarter of this year.
President Dr Muizzu has heralded 2025 as the dawn of a golden era for the country's housing sector. His ultimate vision is to ensure that by the end of his tenure, every resident has the opportunity to secure land or housing through social housing schemes.
The 2025 state budget underscores the administration's commitment to housing, with an allocation of approximately USD181.5 million dedicated to the sector. Of this, USD116.7 million is designated for infrastructure development, while USD64.8 million has been earmarked for financial facilities to support individuals seeking to develop their private properties.