The Maldives Monetary Authority (MMA) has acquired land from Hulhumalé for MVR 211 million to develop its new office.
Maldives Civil Court publicized the details of the transaction, which proceeded through the court.
The central bank, has acquired a 43,400 square feet plot of land situated near the Hulhumalé ferry terminal. It has been revealed that the authority has already commenced the design process for the building's structure.
According to a media official from MMA, the decision to develop its new office in Hulhumalé was made to move away from the crowded buildings in Malé City. The official stated that the relocation aims to enhance the safety and security in the transfer of state funds and managing the treasury.
"The authority is currently situated in a high-traffic location, making it challenging to enhance security measures effectively. The presence of several neighboring buildings reduces safety parameters for the authority's office, which is why we have decided to relocate away from such a crowded location," the official said.
MMA is the latest organization to announce its decision to shift its office to Hulhumalé. Prior to this, the government completed its new office complex, "Umar Zahir Building", which currently accommodates several state bodies, including the Ministry of Transport and Civil Aviation and the Maldives Qualification Authority (MQA).
Urbanco, the state-owned company responsible for managing Hulhumalé, has been allocating land to the government for the development of office complexes. This move is part of an initiative to relocate state bodies from the congested capital city and reduce the expenses associated with running offices in rented properties.
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