The national airline, Maldivian, has formally transferred land to Island Aviation Services Ltd (IASL) for a specific housing initiative for its staff.

The initiative entails building apartments to meet the housing requirements of IASL personnel.

The contract for the project was finalized on Tuesday with the Housing Development Corporation (HDC), the main organization managing Hulhumale's development.

HDC Managing Director Ali Zuhair signed the contract for the corporation during a ceremony at its headquarters. Ibrahim Iyas, the Managing Director of Island Aviation, signed on behalf of IASL.

It is known that HDC has previously set aside land for the project.

Numerous state-owned companies have previously engaged in employee housing initiatives in Hulhumale'. Maldives Airports Company Limited (MACL) has constructed two towers with a total of 384 apartments in Hulhumale' Phase II. Firms like MPL and STELCO have likewise built apartments for their staff.