Government to Merge FDC with HDC, Plans for IPO Underway

The Minister of Housing, Land, and Urban Development, Dr. Ali Haidar, announced on Sunday that President Dr. Mohamed Muizzu plans to facilitate an Initial Public Offering (IPO) for the Housing Development Corporation (HDC). This announcement was made during a press conference held at the President’s Office following the latest cabinet meeting.

At the cabinet meeting, a decision was made to merge Fahi Dhiriulhun Corporation (FDC) with HDC. Dr. Haidar explained that moving forward, all government social housing initiatives will be managed under FDC. HDC, in turn, will assume a central role in the development of urban centers across the Maldives, aligning with the administration’s key priorities.

“FDC will become the main actor in overseeing and managing all social housing initiatives across the Maldives, including Male’ area,” Dr. Haidar stated. This merger aligns with the government’s broader objectives to reduce state expenditure, integrate financially struggling state-owned enterprises (SOEs) with profitable corporations, and increase revenue for both the corporations and the state.

Beyond the merger, President Muizzu envisions introducing an IPO for HDC, allowing the public to hold shares in the corporation. Although this plan was discussed, the minister noted that it has not yet been formalized, and no specific date for the IPO has been set.

The management and operational responsibilities of HDC will remain with the corporation, excluding municipal works, which will not fall under HDC's purview.