{"id":15162,"date":"2025-04-14T10:49:30","date_gmt":"2025-04-14T10:49:30","guid":{"rendered":"https:\/\/mbt.mv\/?p=15162"},"modified":"2025-04-14T10:49:30","modified_gmt":"2025-04-14T10:49:30","slug":"saudi-funded-400-housing-unit-project-launched-in-hulhumale","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=15162","title":{"rendered":"Saudi-Funded 400 Housing Unit Project Launched in Hulhumal\u00e9"},"content":{"rendered":"

A major affordable housing initiative funded under a USD 25 million grant from the Saudi Fund for Development (SFD)<\/strong> was officially inaugurated on Monday in Hulhumal\u00e9. 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<\/strong>, who is currently on a three-day official visit to the Maldives.<\/p>\n

Held at the project site in Hulhumal\u00e9 Phase II near Masjid Hassan Adam<\/strong>, the inauguration ceremony also saw the participation of Minister of Finance and Treasury, Moosa Zameer<\/strong>, alongside senior government officials. The project is seen as a pivotal component of President Dr Mohamed Muizzu\u2019s broader housing agenda.<\/p>\n

In his address, Minister Zameer described the project as a flagship development in the President\u2019s strategic roadmap to expand access to affordable housing across the country.<\/p>\n

\n

\u201cThis project will be sustainable and will help reduce the growing congestion in Mal\u00e9,\u201d said Zameer. \u201cMost importantly, it will provide suitable, affordable housing for Maldivian citizens\u2014one of the administration\u2019s highest priorities.\u201d<\/p>\n<\/blockquote>\n

SFD CEO Sultan Al-Marshad echoed this sentiment, expressing pleasure in contributing to the Maldives\u2019 ongoing development. He highlighted the deepening partnership between the two nations and reaffirmed the SFD\u2019s commitment to supporting key sectors of Maldivian development.<\/p>\n

\n

\u201cTo date, the Saudi Fund has extended support to 40 projects in the Maldives through 17 loans, totaling USD 488 million,\u201d said Al-Marshad. \u201cThese span housing, transportation, education, healthcare, and critical infrastructure. We look forward to continuing our close collaboration with the Maldives.\u201d<\/p>\n<\/blockquote>\n

The Ministry of Construction, Housing, and Infrastructure<\/strong> 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.<\/p>\n

President Muizzu has repeatedly underscored the importance of affordable housing, identifying 2025 as a turning point in the nation\u2019s housing sector<\/strong>. His long-term vision includes ensuring every citizen has access to land or housing under government-backed social housing schemes.<\/p>\n

Reflecting this ambition, the 2025 state budget<\/strong> allocates approximately USD 181.5 million<\/strong> for housing. Of this, USD 116.7 million<\/strong> is earmarked for infrastructure development, while USD 64.8 million<\/strong> will be directed toward providing financial assistance for individuals developing their own residential properties.<\/p>\n

The 400-unit project stands as a tangible step in realizing this vision\u2014one that aims to alleviate urban crowding, improve living conditions, and empower citizens through home ownership.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Hulhumal\u00e9. 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<\/p>\n","protected":false},"author":1,"featured_media":15163,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2464],"tags":[],"class_list":{"0":"post-15162","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nSaudi-Funded 400 Housing Unit Project Launched in Hulhumal\u00e9 - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=15162\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi-Funded 400 Housing Unit Project Launched in Hulhumal\u00e9 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"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 Hulhumal\u00e9. 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