Housing Development Corporation (HDC) unveils the masterplan for the development of Thilafushi as an industrial hub.

Economic Minister Fayyaz Ismail unveiled the 'Thilafushi Industrial Hub' masterplan on Thursday at the currently ongoing Maldives Living Expo at Dharubaaruge.

Speaking about the masterplan, Minister Fayyaz said that Thilafushi is an important development that began during former president Maumoon's tenure. Minister Fayyaz added that with the current adminsitrations development plans for Thilafushi, it would provide a solution for the shortage of land faced by businesses in the greater Male' region while also bringing down rent prices for businesses.

"Land rent will go down greatly because of this project. This will create working spaces and allow businesses to rent and own space for their businesses. Thilafushi will become an industrial hub in the future," Minister Fayyaz said.

Speaking about the Thilafushi development plans, HDC's Managing Director Ahmed Athif said that this is a revolutionary project that would solve a number of issues faced by businesses in the greater Male' region. He added that an additional 151 hectares of land will be dredged for this project.

Athif said that the new area will be separated by a channel and will provide space for industrial businesses. He added that the industrial zone will include a labour village with recreation facilities and that a floating solar panel will be installed to power the area.

HDC said that Thilafushi will also include a public plaza, public green space, active waterfronts, and will be an overall sustainable city.