Construction of 400 flats in Hulhumale' Phase 2 is set to commence later this year, with funding secured through a loan of USD 25 million (MVR 385 million) from the Saudi Fund for Development (SFD), according to the Ministry of Construction, Housing, and Infrastructure.

The official inauguration of the project took place today, led by SFD's CEO, Sultan Abdulrahman Almarshad, who is currently in the Maldives.

Plans to appoint a consultancy firm for the project were first disclosed in March 2023, and the selection process is now underway, the ministry stated.

This housing initiative aligns with President Dr. Mohamed Muizzu’s commitment to ensuring every Maldivian has access to a home, the ministry added.

During his visit, Sultan Abdulrahman Almarshad also signed a loan agreement worth USD 17 million to help fund the expansion of the new terminal at Velana International Airport.