The Maldives has taken another meaningful step towards addressing urban congestion and housing demand with the launch of a major Saudi-funded housing initiative. A total of 400 affordable housing units will be developed in Hulhumale’, backed by a USD 25 million investment from the Saudi Fund for Development (SFD).
The official launch of the project took place on 14th April 2025, Monday in a special ceremony held at the construction site in Hulhumale’ Phase II, near Masjid Hassan Adam. The event was attended by the visiting Chief Executive Officer of the Saudi Fund for Development, His Excellency Sultan bin Abdulrahman Al-Murshid, and Maldives’ Minister of Finance and Treasury, Hon. Moosa Zameer.
Speaking at the launch, Minister Zameer described the project as a key element in the national housing agenda outlined by President Dr Mohamed Muizzu. He emphasized that the initiative is designed to provide affordable and sustainable housing solutions for Maldivians, especially in light of the capital’s growing population.
“This project will bring relief to congested areas, especially in Malé, and create accessible living spaces for everyday citizens. It reflects our government’s commitment to inclusive development,” said Minister Zameer.
Echoing this sentiment, CEO Sultan bin Abdulrahman Al-Murshid reaffirmed the Saudi Fund’s commitment to supporting the Maldives’ development goals. “This project addresses a critical need for the Maldivian people. We are honoured to contribute to such initiatives and continue our long-standing cooperation. To date, we have supported 40 projects through 17 loans valued at approximately USD 488 million, spanning sectors such as housing, education, healthcare, and infrastructure,” he noted.
The project is currently in the consultancy selection phase, with the Ministry of Construction, Housing and Infrastructure working to mobilize construction by the final quarter of 2025. Once completed, the housing units are expected to ease the demand for affordable accommodation in the Greater Malé Region, particularly benefiting working families and young homeowners.
President Dr Mohamed Muizzu has declared 2025 a transformative year for the Maldives’ housing sector, with a vision to ensure that every citizen has access to land or a home through well-planned social housing programs. The state budget reflects this priority, allocating around USD 181.5 million to housing initiatives this year alone of which USD 116.7 million is set aside for infrastructure and USD 64.8 million for financial assistance to support private property development.
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