400 housing unit project funded by Saudi Fund inaugurated

A 400-housing-unit project funded under grant assistance from the Saudi Development Fund (SDF) was inaugurated on Monday.

The project was inaugurated by SDF’s CEO Sultan bin Abdulrahman Al-Marshad during his ongoing three-day official visit to the Maldives.

It will see the development of 400 affordable housing units in Hulhumale’. No further details regarding the project have been disclosed by the government.

Minister @MoosaZameer and H.E. Sultan bin Abdulrahman Al-Marshad, CEO of @SaudiFund_Dev, inaugurated the 400 Affordable Housing Units Project financed by SFD today. pic.twitter.com/95gEFT0PwU

— Ministry of Finance and Planning (@MoFmv) April 14, 2025

However, Finance Ministry said the project will pave the way to facilitate housing hundreds of people under the government’s housing policies.

Notably, an agreement was signed earlier today as part of Al-Marshad’s visit, pertaining to an additional 63,750,000 Riyals (USD 17 million) loan extended to the Maldives by SDF, for the ongoing project to develop a new international passenger terminal and upgrade cargo services at the Velana International Airport (VIA).

The agreement was signed by Al-Marshad and Finance Minister Moosa Zameer in a ceremony held on Monday morning at the President’s Office.

Speaking at the ceremony, Al-Marshad highlighted on the history of the strong partnership between the Maldives and the Saudi Fund for Development, which began 47 years ago on 1978 with funding for the VIA – then called the Male’ International Airport.