President Dr. Mohamed Muizzu has announced that today marked a record number of development agreements signed with local private companies under contractor-financed, people-focused initiatives.
Speaking at the project formalization ceremony held at Barceló Nasandhura Malé Hotel, President Muizzu said financing for the 206 initiatives will be issued to the partner companies within 21 days.
A total of 216 projects have been awarded to 53 private companies, including agreements signed today and over the past two days. These projects will be implemented across 123 islands nationwide.
The President noted that the initiative would stimulate economic growth and boost the construction sector, adding that the companies were carefully vetted through a rigorous process requiring audited financial statements and bank-regulated procedures.
He assured that the projects would not face financial obstacles as long as companies meet their contractual obligations and that all government ministries and agencies would extend full cooperation to facilitate timely completion.
Agreements signed today span nine sectors, including education, health, environment, fisheries, sports, housing, religion, social development, and youth.
Highlighting housing as a top priority, President Muizzu revealed that 825 housing units will be developed across 13 islands as part of the initiative. He also announced that preparations are underway to launch additional housing projects in the Greater Malé Region soon.
Speaking at the project formalization ceremony held at Barceló Nasandhura Malé Hotel, President Muizzu said financing for the 206 initiatives will be issued to the partner companies within 21 days.
A total of 216 projects have been awarded to 53 private companies, including agreements signed today and over the past two days. These projects will be implemented across 123 islands nationwide.
The President noted that the initiative would stimulate economic growth and boost the construction sector, adding that the companies were carefully vetted through a rigorous process requiring audited financial statements and bank-regulated procedures.
He assured that the projects would not face financial obstacles as long as companies meet their contractual obligations and that all government ministries and agencies would extend full cooperation to facilitate timely completion.
— The President's Office (@presidencymv) November 6, 2025
Agreements signed today span nine sectors, including education, health, environment, fisheries, sports, housing, religion, social development, and youth.
Highlighting housing as a top priority, President Muizzu revealed that 825 housing units will be developed across 13 islands as part of the initiative. He also announced that preparations are underway to launch additional housing projects in the Greater Malé Region soon.
