Previous government Left MVR 178 Million Unpaid for Hulhumalé Housing Project, Says FDC MD

Hamdan Shakeel, Managing Director of Fahi Dhiriulhun Corporation (FDC), has disclosed that the previous administration left an unpaid balance of MVR 178 million for the construction of 4,000 housing units in the second phase of Hulhumalé. Speaking on a state media program, Hamdan highlighted the challenges and progress made under the new administration.

The project, involving Kalpataru Projects International Limited and National Buildings Construction Corporation, is valued at $267 million. The Government of India is financing 85% of the project, while the remaining 15% is funded by the Government of Maldives.

Hamdan stated that the unpaid balance from the previous administration had delayed the project. However, the current government cleared the outstanding MVR 178 million within the first six months of taking office. Efforts have also been made to improve contractor efficiency and accelerate progress.

“By the end of the last administration’s term, 31% of the work had been completed. Within the first eight months of this government, we have increased progress to 32%, significantly accelerating the work,” Hamdan noted.

He added that FDC now aims to complete the 4,000 housing units by July next year.

Hamdan also addressed FDC’s financial management, stating that under previous leadership, the corporation relied solely on government funding and did not generate its own revenue. After assuming office, Hamdan focused on transforming FDC into a self-sustaining entity capable of covering its operational costs and paying employees from its revenues.

The housing project, awarded in 2021 under the previous government, remains a key initiative for addressing the country’s housing needs, with the current administration prioritizing its timely completion.