The newly unveiled revised Hulhumalé master plan 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, President Dr Mohamed Muizzu has affirmed. Speaking at the launch of the plan and the new Housing Development Corporation (HDC) website, he described the framework as pivotal to advancing this goal.
The plan, prepared 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.
"Just as Malé functions as the administrative seat of government, my foremost vision for integrated and sustainable development is to establish Hulhumalé as its financial counterpart," the president stated. "The newly launched International Financial Centre project is a pivotal initiative, anticipated to drive transformative change in realising this objective."
Creating an urban centre that is both economically dynamic and livable, the president noted, is central to this vision. He underscored the need for thoughtful city planning, pointing to Malé’s challenges as lessons for Hulhumalé’s future development. A well-designed urban ecosystem, he stressed, will provide a higher standard of living for residents.
Reaffirming his commitment, the president assured that all development pledges for Hulhumalé would be fulfilled through coordinated efforts between HDC and relevant government agencies. Bringing the master plan to fruition, he noted, will require unified collaboration among all stakeholders, ensuring progress remains aligned with the nation's broader economic and social goals.