Maldives and China Signs USD 50 Million Deal for Commercial Hub Development

Maldives and China have formalised a significant agreement, sealing a USD 50 million deal to embark on the development of an integrated tourism zone in Hulhumale’. 

The accord, titled the “Commercial Spine” project, was ratified this morning by the Managing Director of the Urbanco, Ibrahim Fazul Rasheed, and the Managing Director of Hunan Construction Investment Group, Cai Dianwei. This signing took place during President Dr. Mohamed Muizzu’s state visit to China.

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The proposed “Commercial Spine” project aims to materialise Urban Isle, an integrated tourism zone strategically designed to enhance the tourism sector and generate employment opportunities within the greater Male’ area. The government anticipates that this initiative will play a pivotal role in supporting the upcoming hotels in Urban Isle.

Comprising seven interconnected buildings, the project includes six commercial structures and one auxiliary building. This development will provide a total of 290 square feet of commercial space, incorporating common areas. 

The unique design of low-rise buildings is envisioned to establish an iconic structure within Maldivian architecture, aptly named the “spine” due to the physical and functional integration of individual buildings.

Upon completion, the Commercial Spine Project is set to establish the largest commercial zone in the Maldives. Its multifaceted impact encompasses the stimulation of local tourism, provision of a platform for local artisans to exhibit and sell their products to tourists, and the introduction of major international brands to the region.