Gov’t Unveils Plan to Redevelop Historic ‘Atholhu Fihaara’ Shops in Malé

The Maldivian government has announced the plan to redevelop the historic precinct housing the ‘Atholhu Fihaara’ shops in Malé, aiming to expand commercial opportunities while preserving the architectural heritage of the capital’s waterfront.

President Dr Mohamed Muizzu outlined the administration’s vision for the project in his Presidential Address at the inauguration session of Parliament on 5 February. The redevelopment will be carried out without compromising the cultural identity of the existing structures. The government confirmed its decision to overhaul the row of shops, emphasising that revenue generated from the properties will directly benefit the nation’s outlying atolls.

The ‘Atholhu Fihaara’ shops, located in Malé’s central market district, comprise twenty outlets, each traditionally representing a specific atoll. Rental income from these properties was historically allocated, in part, to the respective atolls. Over time, the financial system has faced challenges, including interrupted payments, criticised administrative management, and funds remaining undeposited for extended periods.

To address these inefficiencies, the president announced plans to transform the area into a modern “commercial front”. The government intends to open the project to investors by mid-year, inviting partnerships to support the redevelopment. The administration emphasised that the existing infrastructure would be integrated into the project to maintain the site’s historical character.

The redevelopment will preserve the outer walls of the shops, recognising their significance as a heritage feature of Malé’s skyline. Minister of Cities, Local Government and Public Works Adam Shareef Umar highlighted that while the historical authenticity will be respected, the project will incorporate adjustments to meet modern economic and infrastructural standards.

The minister noted that the site’s central location makes it pivotal for both the city’s skyline and its commercial activity. Plans include expanding the precinct to multiple storeys to alleviate congestion in the market area and increase the value of the land. The initiative is also designed to enhance the benefits received by the atolls from rental income.

The market district has historically served as a key hub for inter-atoll trade, facilitating the movement of goods between Malé and the islands. Under the revitalised framework, the government aims to strengthen management of the shops and ensure that financial benefits are effectively realised for the communities they represent.