FDC to Oversee National Housing Projects Following Gov’t Reforms
Minister of Housing, Land and Urban Development Dr Ali Haidar Ahmed announced that Fahi Dhiriulhun Corporation (FDC) will take on a central role in implementing housing projects across the Maldives.
This comes as part of a significant restructuring, with FDC now operating as a subsidiary of the Housing Development Corporation (HDC).
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In a press conference held yesterday, Dr. Haidhar outlined the transition and noted that FDC, already managing a major social housing project, will now be responsible for all social housing initiatives nationwide. This shift is intended to streamline efforts and ensure a cohesive approach to housing development across the country.
Currently, FDC is developing 4,000 housing units in Hulhumalé under two projects, in collaboration with JMC and NBCC. These projects include 1,400 units of 900-square-foot, three-bedroom apartments, and 600 units of 650-square-foot, two-bedroom apartments.
Dr. Haidhar further emphasised that FDC’s role will extend beyond Hulhumalé to housing projects across the Maldives. With HDC now acting as the master developer, it will also oversee the development of urban centres throughout the country.
Gov’t Unveils Plans for HDC Public Share Offering
Additionally, the minister revealed President Dr. Mohamed Muizzu’s plan to convert HDC into a public limited company, with a view to launching an Initial Public Offering (IPO) in the future.
Although no specific timeline was provided, the government hopes this will engage the public in the country’s urban development.
This move to merge FDC with HDC aligns with the government’s broader objectives of reducing state expenditure, integrating financially struggling state-owned enterprises with more profitable ones, and expanding revenue opportunities for both the corporations and the state.
While municipal functions will remain outside HDC’s purview, the corporation will now play a more prominent role in shaping the urban landscape of the Maldives, according to the government’s new strategic direction.
