Bank of Maldives (BML) has signed an agreement to lease land in Kulhudhuffushi City for the construction of a Business Center.
The agreement was signed today between Kulhudhuffushi City Council and BML. According to the City Council, the land has been leased to BML for a period of 10 years.
The 1,000 square foot plot, located in the Bandaara Hiyaa area of Kulhudhuffushi City, comes with a monthly rent of 5,000 rufiyaa. This will generate an annual income of 60,000 rufiyaa for the City Council, totaling 600,000 rufiyaa over the 10-year lease period.
The City Council stated, “This Business Center agreement has been signed after the 16th Amendment to the Decentralization Act, in accordance with Guideline No. 20-G/2025 established by the government following the amendment, and after receiving approval from the Ministry of Finance and Development Planning.”
BML began its services in Kulhudhuffushi City on December 29, 1991, with ATM services introduced in 2007.
On August 25, 2025, BML laid the foundation for its second branch in Kulhudhuffushi City, which they have decided to develop as a Business Center.
Kulhudhuffushi City also offers BML’s Dollar ATM services.
Maldives Islamic Bank has also established a branch in Kulhudhuffushi City.
About Post Author
Yashna
See author's posts
(adsbygoogle = window.adsbygoogle || []).push({});