The government has decided to merge Housing Development Corporation (HDC) and Greater Male’ Industrial Zone Limited (GMIZL).
The main aim of merging the companies is to develop Hulhumalé, Thilafushi and Gulhifalhu under a single management. The decision is also made under the understanding of economic leverage and financial benefits to increase the efficiency.
GMIZL said development of Hulhumalé, Thilafushi and Gulhifalhu will be undertaken by HDC with instructions of the government and in line with policies by the government. Due to the decision, all the legal ownership of the assets, liabilities, personnel, existing contractual agreements and obligations of GMIZL will be transferred under HDC as the first step. This will be followed by all the responsibilities of these contractual obligations of GMIZL.