The planned international financial hub included in the new Hulhumale’ masterplan will play a pivotal role in realising Maldives’ ambition to be a developed nation by the year 2040, Managing Director of Housing Development Corporation (HDC), Mohamed Mauroof Jameel has said.
Speaking on PSM News’ ‘Raajje Miadhu’ programme, Mauroof revealed that the incumbent government has attached great emphasis on creating economic opportunities in Hulhumale’.
The proposed financial hub, according to Mauroof, will be instrumental in advancing the vision to establish Hulhumale’ as the nation's financial capital.
Mauroof revealed that plans are currently being drawn up for the International Financial Center project to be developed in the third phase of Hulhumale’, adding that the project will provide a major boost to the country’s vision to become a developed nation.
"If this project continues to go well as it is now, it will lead to the development of a state of the art international financial centre. It will be linked to Maldives’ future and elevate the economy to a completely different level,” he explained.
The joint venture between the government and Dubai-based MBS Global Investment to develop the international financial hub, an USD 8.8 billion initiative aimed at reshaping the nation's economy was signed in May.
Planned as a hub for international summits, cultural exchanges, and technology-driven events, the facility is expected to bolster the Maldives' reputation as a global meeting destination while complementing its established tourism sector.
President Dr Mohamed Muizzu during the unveiling of the revised Hulhumalé masterplan in May, had said the new masterplan will be instrumental in advancing the vision to establish the island as the nation's financial capital, reinforcing a commitment to sustainable, long-term development.
The plan, devised by HDC, lays out a strategic approach to urban expansion, bringing together key development initiatives that will connect Hulhumalé’s three phases with the proposed financial centre. Designed with long-term sustainability in mind, it serves as a blueprint for structured growth and integration.