A major affordable housing initiative funded under a USD 25 million grant from the Saudi Fund for Development (SFD) was officially inaugurated on Monday in Hulhumalé. The project, which will see the development of 400 housing units, was launched during a special ceremony attended by SFD CEO Sultan bin Abdulrahman Al-Marshad, who is currently on a three-day official visit to the Maldives.
Held at the project site in Hulhumalé Phase II near Masjid Hassan Adam, the inauguration ceremony also saw the participation of Minister of Finance and Treasury, Moosa Zameer, alongside senior government officials. The project is seen as a pivotal component of President Dr Mohamed Muizzu’s broader housing agenda.
In his address, Minister Zameer described the project as a flagship development in the President’s strategic roadmap to expand access to affordable housing across the country.
“This project will be sustainable and will help reduce the growing congestion in Malé,” said Zameer. “Most importantly, it will provide suitable, affordable housing for Maldivian citizens—one of the administration’s highest priorities.”
SFD CEO Sultan Al-Marshad echoed this sentiment, expressing pleasure in contributing to the Maldives’ ongoing development. He highlighted the deepening partnership between the two nations and reaffirmed the SFD’s commitment to supporting key sectors of Maldivian development.
“To date, the Saudi Fund has extended support to 40 projects in the Maldives through 17 loans, totaling USD 488 million,” said Al-Marshad. “These span housing, transportation, education, healthcare, and critical infrastructure. We look forward to continuing our close collaboration with the Maldives.”
The Ministry of Construction, Housing, and Infrastructure has begun the process of selecting a consultancy firm for the project. Authorities aim to break ground on the development in the final quarter of 2025.
President Muizzu has repeatedly underscored the importance of affordable housing, identifying 2025 as a turning point in the nation’s housing sector. His long-term vision includes ensuring every citizen has access to land or housing under government-backed social housing schemes.
Reflecting this ambition, the 2025 state budget allocates approximately USD 181.5 million for housing. Of this, USD 116.7 million is earmarked for infrastructure development, while USD 64.8 million will be directed toward providing financial assistance for individuals developing their own residential properties.
The 400-unit project stands as a tangible step in realizing this vision—one that aims to alleviate urban crowding, improve living conditions, and empower citizens through home ownership.

