The government is to merge the Housing Development Corporation (HDC) and the Greater Malé Industrial Zone Limited (GMIZL).

The decision was announced through a publication made in the government gazette by the GMIZL.

As such, the government is to grant authority to develop Hulhumalé, Thilafushi and Gulhifalhu under a single management.

The decision to merge both organizations revolves around the purpose to “leverage economic and financial benefits” as well as to acquire operational efficiency.

The development of Hulhumalé, Thilafushi and Gulhifalhu will be carried out under the instructions of the government and in accordance with the strategies formulated by the government.

In light of the announcement, all the legal ownership of the assets, liabilities, personnel, existing contractual agreements and obligations of GMIZL will be transferred under HDC as the first step. This will be followed by all the responsibilities of these contractual obligations of GMIZL.

The Greater Malé Industrial Zone Limited will be contacting all the relevant parties to make amendments to novate the contractual agreements of the organization, to HDC.