Pres Muizzu envisions developing Hulhumale’ as a financial capital

President Dr. Mohamed Muizzu said on Monday that he envisions developing Hulhumale’ as a financial capital, as he inaugurated the new masterplan for the island.

Addressing the gathering organized by the Housing Development Corporation (HDC) to inaugurate the new revisions to the masterplan, President Muizzu said the revisions are designed to provide better quality of life across various areas to around 300,000 people, and will guarantee sustainable development with a long-term vision.

He encouraged collective efforts from all parties to help turn the revised Hulhumale’ masterplan into a reality.

President Muizzu said he envisions developing Hulhumale’ as a financial capital within the greater Male’ region.

“This masterplan will greatly facilitate the development of Hulhumale’ as a financial capital in the greater Male’ area. Making Hulhumale’ the financial seat, complimenting Male’ which is the administrative seat – this is my deepest desire. And this is what integrated and sustainable development is,” he said.

Our new revisions to the masterplan reimagine Hulhumalé as an island city.
With intelligent, innovative, and sustainable development at its heart, we’re committed to unlocking the island’s unrealized potential — together #withHDC and the people of Maldives.

Your thoughts shape… pic.twitter.com/DMFeICO3js

— Housing Development Corporation (@hdcmaldives) May 26, 2025

He added that the international financial center inaugurated earlier will bring transformative changes to make this vision a reality.

According to HDC, one of the most significant changes in the new masterplan includes:

• The integration of Hulhumale’ Phase III into the same land mass through reclamation; enabling direct land access, simplifying movement, infrastructure, and future expansion, while also strengthen the internal transport network and ease to integrate the utility connection.
• A new layout that rethinks how the city is organized, blending neighborhoods, open spaces, and green corridors into a more connected, people-friendly environment.
• The expansion of the harbor, expanding from 36 to 53 hectares, to provide much-needed space for docking, logistics, and marine operations.

Land allocation:

• Residential use: 29.84 percent
• Schools, mosques and institutions: 10.41 percent
• Commercial: 5.56 percent
• Office and mixed use: 3.26 percent
• Green space, sports and recreation: 30.62 percent
• Industrial: 5.76 percent
• Mixed residential commercial zone: 1.44 percent