Fahi Dhiriulhun Corporation (FDC) has announced an ambitious plan to address the housing shortage in the Greater Malé Region by constructing 13,000 new housing units. This initiative comes as part of the government’s broader effort to tackle the longstanding housing crisis in the Maldives.
In an interview with PSM News, FDC’s Managing Director, Hamdhan Shakeel, outlined the corporation’s strategy. He revealed that FDC has signed a framework agreement with three international banks to secure financing for the project. Additionally, a separate agreement was signed earlier this year with a Sri Lankan company to develop 3,000 social housing units. Efforts are underway to finalize the funding for this segment of the project.
FDC has also partnered with two other foreign companies to construct 10,000 housing units. These projects will be supported by loans from international financial institutions, reflecting the corporation’s commitment to leveraging global partnerships for sustainable development.
Currently, FDC is working on a separate project to develop 4,000 housing units in Hulhumalé Phase II. The corporation aims to complete this project by next year and has resolved outstanding payments amounting to USD 1.2 million to expedite progress.
The housing crisis remains one of the Maldives’ most pressing social challenges. President Dr. Mohamed Muizzu has prioritized resolving this issue, with the 2025 state budget allocating its largest share to housing initiatives. The government’s proactive measures reflect its commitment to ensuring affordable housing for Maldivians, a cornerstone of President Muizzu’s administration.
With these projects, FDC hopes to make a significant impact in addressing the growing demand for housing in the capital region, offering much-needed relief to residents struggling with limited housing options.
