Crescent Tower launched in Hulhumale' as Red Crescent's new headquarters and long-term income source

The Maldivian Red Crescent (MRC) has announced plans to develop a 14-storey commercial building named The Crescent Tower in Hulhumale', in partnership with First National Finance Corporation. The project aims to generate long-term income to fund MRC’s humanitarian programmes and strengthen the organisation’s financial sustainability.

The Crescent Tower was officially unveiled at a ceremony held at Meerumaa Hall on Sunday, coinciding with the 17th anniversary of the MRC. The event brought together representatives from the government, diplomatic missions, humanitarian agencies, and the financial and business sectors.

The tower will be built on Mirihi Magu, opposite Central Park, on land owned by MRC in Hulhumale' Phase 1. The development will span approximately 70,000 square feet and sit along two major commercial frontages. The building will house MRC’s new national headquarters, bringing together its administrative and operational functions, emergency preparedness, volunteer mobilisation, and community outreach under one roof.

In addition to the headquarters, the tower will feature leasable office and commercial spaces, as well as a community engagement hall. The commercial components are designed to generate stable, long-term income to support and expand MRC’s humanitarian services nationwide.

First National Finance Corporation is serving as the financial advisor and project manager for the initiative. The project is structured on a blended finance model, combining private, institutional and philanthropic capital. Maldives Islamic Bank has joined as one of the first partners.

Participation opportunities include tenancy, investment, sponsorship and philanthropic contributions. Individuals can contribute from MVR 1,000, while donors contributing MVR 500,000 or more will receive recognition on a dedicated Wall of Recognition inside the building.

MRC President Ali Nashid said the value of the building lies not in its height or cost, but in the humanitarian work it will enable. “This is a permanent asset and a stronger foundation from which the Maldivian Red Crescent can continue serving the people of this country for generations to come,” he said.

First National Finance Corporation CEO Hassan Ziyath said the company aims to mobilise finance toward projects that generate social good, build resilience and drive long-term transformation.

MRC Secretary General Ahmed Shabeen described the project as a significant milestone in the organisation’s history. He said proceeds from the tower will be used to expand humanitarian services across the country and strengthen community resilience, ensuring MRC has the capacity to respond wherever and whenever needed.