China and Maldives Ink Deal for $50 Million Commercial Spine Project in Hulhumale'

In a significant move to boost economic development and tourism, the Housing Development Corporation (HDC) of Maldives has officially signed a groundbreaking agreement with Hunan Construction Investment Group of China to undertake a massive commercial project named Commercial Spine within the Integrated Tourism Zone in Hulhumale'.

The agreement, signed by HDC Managing Director Ibrahim Fazul Rashid on behalf of Maldives, outlines the construction of seven interconnected commercial buildings in the Urban Isle, a designated area aimed at generating employment opportunities and fostering economic growth.

The Commercial Spine, as it is aptly named, comprises six buildings reserved for commercial purposes and an additional support building catering to the needs of businesses within the complex. These buildings, each three or four stories high, will house a variety of services including retail outlets, wellness activities, entertainment venues, and banking facilities.

HDC has stated that the Commercial Spine will feature the most unique architectural designs in Maldives' recent history, creating a visually stunning and functional space for businesses and visitors alike.

With a budget of $50 million to be awarded over two years, the project is set to cover an expansive area of 290,000 square feet, making it the largest commercial area ever established in the Maldives. The construction is expected to bring the area to operational status upon completion.

The Commercial Spine project aligns with the intention to boost the guesthouse business in Hulhumale. Tourists staying in guesthouses will have the opportunity to explore the Urban Isle, enjoying a range of services and amenities not available in traditional village settings.

Upon project completion, HDC plans to lease spaces in the Commercial Spine to businesses, aiming to attract internationally renowned brands to the Maldives. Additionally, the space will serve as a platform for tourists to experience traditional skills and products, further enhancing the country's appeal as a diverse and vibrant destination.

This strategic collaboration between Maldives and China is anticipated to usher in a new era of economic growth and cultural exchange, setting the stage for the Maldivian tourism industry to reach unprecedented heights.