MTDC to open new Hulhumalé office complex in November 1st

Maldives Tourism Development Corporation Plc (MTDC) has announced that the opening ceremony for its new office complex will be held in two days, on Sunday 1 November.

The complex is in Hulhumalé, in front of Central Park near Amin Avenue. MTDC calls it its first commercial office complex. The company bought the land from the Housing Development Corporation under an agreement signed in May 2022.

MTDC describes the building as ten storeys with a full-height glass façade and a total floor area of 2,205 square metres. It has a café on the ground floor, basement parking, a convention hall on the first floor and flexible office space on the remaining floors. The company says the design is energy efficient, aimed at lowering the building’s carbon footprint and running costs. Gedor Consulting was appointed as project manager.

The project is part of MTDC’s push to earn more revenue. Managing Director Ahmed Niyaz has said the office space available for rent, along with meeting lounges and the convention hall, will bring in additional income. MTDC’s main earnings today come from the Ayada Maldives resort in Gaafu Dhaalu Atoll and Anantara Kihavah Maldives Villas in Baa Atoll. In June, Niyaz named the office building and the Naagoshi resort development in Haa Dhaalu Atoll as the company’s priority projects, and said MTDC is focused on reducing operating costs and finding new sources of revenue.

The project was first launched in February 2023 at MTDC’s 15th anniversary ceremony, where Foreign Minister Abdulla Shahid inaugurated it. At that time completion was planned for the end of 2024. At a later ceremony in 2024, Tourism Minister Ibrahim Faisal said the government would transfer more islands to MTDC for resort development, and Niyaz put completion at the end of 2025. MTDC’s head office is currently in the MATI Building on Buruzu Magu in Malé.