New Hulhumalé masterplan launched to support vision for financial capital

A revised masterplan for Hulhumalé was launched on Monday as part of efforts to support the government’s goal of developing the satellite town into a regional financial hub.

The masterplan was launched during a ceremony held at Channel Beach in Hulhumalé. Minister of Local Government Adam Shareef Umar officially launched the associated website at the event.

President Dr Mohamed Muizzu, speaking at the ceremony, said the new masterplan is aligned with the government’s broader development strategy for Hulhumalé. He said the area is expected to offer residential and economic opportunities for approximately 300,000 people once the plan is implemented.

Dr Muizzu reiterated his vision of establishing Hulhumalé as the financial capital of the Greater Malé Region, complementing Malé’s role as the administrative centre.

“I aim to establish this area as the financial capital, while Malé continues as the seat of government. This approach enables integrated development,” the President said.

Hulhumalé Development Corporation (HDC) Managing Director Mauroof Jameel said the updated masterplan reflects the evolving needs of the area. He stated that masterplans must be revised over time to remain relevant and responsive to current challenges.

Jameel, who was involved in Hulhumalé’s first masterplan 24 years ago, noted that changes such as the dredging of the port had impacted land use. He said HDC is now working to expand port space without compromising plots of land, in line with the President’s directives.

He also confirmed that public and stakeholder consultations will be conducted before the new masterplan is finalised.

Jameel outlined several features of the newly launched website, which he said would improve HDC’s internal management and public interaction. These include:

Jameel concluded by stating that the aim is to ensure Hulhumalé remains a liveable area and that HDC continues to play a leading role in urban development.