President announces endowment building on Coral Boulevard site
The two other endowment buildings are to be developed at the Darul Salam Islamic Complex in Hulhumalé and at the Darul Arqam building in Malé.
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President Dr Mohamed Muizzu on Saturday announced plans to construct a special endowment building dedicated to the Quran on a portion of land previously allocated for the Coral Boulevard project in Malé, in front of the Rasfannu area.
The Coral Boulevard project was initiated during the administration of former President Abdulla Yameen and was awarded to a Singapore-based company to build four 28-storey residential towers. The project has not been completed, and the previous government had attempted to reallocate the land by offering an alternative site in Hulhumalé. The company has since filed a compensation claim of USD 426 million against the state.
Speaking at a press conference on Saturday morning, President Muizzu said the new building would be one of three endowment buildings aimed at generating funds for Islamic activities. The endowment structure, he said, will occupy 10,000 square feet out of the total 70,000 square feet designated for the Coral Boulevard site.
The two other endowment buildings are to be developed at the Darul Salam Islamic Complex in Hulhumalé and at the Darul Arqam building in Malé.
According to the President, the funds generated from these properties will be allocated for religious initiatives, including mosque construction and Islamic awareness efforts, without relying on the state budget.
