Capital Marine and Civil Construction Company (CMC) has affirmed its commitment for the timely completion other contracted projects following the successful completion of the reclamation of Hulhumale’ Phase 3, a project which the company described as a major step forward in addressing the housing constraints in the Male’ area.
The company underscored that it had fully complied with all agreed contractual requirements and technical specifications in delivering the project, iterating its dedication to uphold the highest standards of engineering and regulatory adherence throughout the lifespan of its engagement.
The success of the project is rooted in a long history of infrastructure development led by CMC’s founder, Raj Manivannan, the company stated. According to CMC, Manivannan has played a central role in the Maldives’ development since the post-tsunami recovery period. In 2006, he facilitated the entry of Boskalis International to support the rehabilitation of tsunami-affected islands under a financing arrangement structured as 51 per cent grant and 49 per cent concessional loan. Since then, CMC said it has implemented several nationally significant projects under successive administrations — spanning the presidencies of Maumoon Abdul Gayoom, Mohamed Nasheed, Mohamed Waheed, Abdulla Yameen, Ibrahim Mohamed Solih, and now President Mohamed Muizzu — through what it described as transparent, performance-linked agreements.
CMC has implemented several nationally significant projects under successive administrations — spanning the presidencies of Maumoon Abdul Gayoom, Mohamed Nasheed, Mohamed Waheed, Abdulla Yameen, Ibrahim Mohamed Solih, and now President Mohamed Muizzu.
CMC further clarified that the project was originally governed by an agreement designed to incur no upfront cost to the government, under a contractor-finance model in exchange for land. This framework was later converted to a payment-in-lieu-of-land model. The company acknowledged that negotiations related to this transition, along with the preparation of revised master plans for Hulhumalé Phase 2 and Giraavaru, contributed to delays. However, CMC emphasized that the current phase of development is progressing without advance payments from the government. Instead, the company said it is utilizing outstanding dues to fulfil the government’s commitment to allocate land plots.
To help realize the goal of affordable housing and land ownership for Maldivians, CMC stated that it has entered into a settlement agreement addressing matters related to the reclamation and development of Rasmalé, Hulhumalé Phase 3, Thilafushi Area D, and Giraavaru Falhu. This agreement, the company said, is intended to facilitate the expedited delivery of land plots.
Post-tsunami assistance.
CMC also highlighted its continued engagement in complex development projects despite past challenges. As an example, the company referenced the work of its sister company, Global Projects Development Company, which coordinated the Gulhifalhu development project, also known as the Global Green City. According to CMC, the initiative delivered the Maldives’ first amusement park and affordable housing units in the Greater Malé Area. Although the project was later halted by the government on the grounds that the land was deemed unsuitable for habitation, CMC said it has remained committed to advancing other development initiatives.
Maldives' first amusement park: The park was developed by CMC's sister company.
With the reclamation of Hulhumalé Phase 3 now completed, CMC stated that it is fully committed to accelerating the remaining contracted works. This includes the reclamation and shore protection of Giraavaru Falhu, where the company said work has already commenced and will proceed in accordance with contractual terms. CMC added that it intends to maintain momentum across the remaining infrastructure and reclamation projects to support the Maldvian government's development objectives, despite challenges encountered in the past.