The vision of Hulhumalé is a business hub in the middle of the Indian Ocean, linked with the rest of the world thanks to the latest fibre-optic internet connections as part of new submarine cables being laid. "The location of the Maldives allows businesses with a presence here to connect to both the Indian and Asian continents, providing a strategic advantage," says Mohamed Saiman, managing director of the Housing Development Corporation (HDC) that oversees Hulhumalé's development.

A smooth ride over a bridge from Velana airport, the new and modern face of the Maldives is taking shape. Hulhumalé, which will also be directly connected to the Maldives' capital city once it is linked to the airport by the completed China-Maldives Friendship Bridge, not only provides necessary housing and space, but also hosts vital economic diversity.

The man-made location, which has reached 423 hectares and growing, is destined to become a hub of development through a range of clustering sectors including IT, finance and industry. The vision is known as the Maldives' "Youth City".

"We are replicating Dubai's model with our IT park, tourism zone, and other major district zones, just on a smaller scale," notes Saiman.

And developing a new city from scratch means investment is needed in a variety of areas, something proactively encouraged and incentivised by the government.

"We are aligned with the investment incentive structures designed by the government, including tax holidays, long-lease periods, grace periods, and lower rates during the initial investment recovery period. The Maldives is open for investment."
Phase II of the island's development will see the Maldives International Finance Centre become reality, including plans for an Islamic banking facility.