President Ibrahim Mohamed Solih has formed a new company titled “Fahi Dhiriulhun Corporation Ltd”.

The new company was launched under the directive of the President in an effort to fulfill a campaign pledge. While “Fahi Dhiriulhun” is loosely translated into “A Rich Life”, President Solih’s campaign pledge had promised implementation of a policy to provide affordable housing for all.

The President’s Office said that President Solih had taken the directive to form the company under the authority granted to him by Article 95 of the National Companies Law. The Office further reiterated that the new initiative was deemed necessary by the President in order to move forward with the campaign pledge regarding affordable housing.

The President’s Office noted that this move will allow all efforts for affordable housing to be carried out under one roof and will facilitate further development in the field.

The company will reportedly serve to allocate affordable housing at a subsidized rate for those with financial difficulties. The President’s Office also informed that financial assistance will be provided for first time homeowners under the new company.