HDC Value Grows by 1,400 Percent during Yameen Presidency

The total worth of the Housing Development Corporation (HDC) has grown to MVR 30 billion.

A 2019 financial review of state-owned companies ranked the HDC as the State’s most valuable company. By the end of 2019, HDC owned MVR 30،282،855،636 in assets. Much of these assets are in the form of the land and buildings owned by the company.

Hulhumalé Phase 2 was reclaimed by the Yameen administration and was the site for several construction projects. This is a likely reason for the growth of the HDC’s value.

The next most valuable company was the Maldives Airports Company Limited (MACL). Its worth amounted to MVR 15 billion. A massive project to develop and expand Velana International Airport was initiated by the Yameen administration. A Code-F runway, a seaplane terminal, a new international terminal, and a fuel farm were among the projects included in the airport’s expansion.

When President Yameen assumed power, the HDC had been worth MVR 2 billion, according to a reliable source. By the end of his term, the company’s value had grown to MVR 30 billion; a 1400% increase.

The state-owned companies, STO, Stelco, Fenaka, GMIZL, MTCC, MTDC, MWSC, Post, MIB were worth more than MVR 100 million in 2019.