Fahi Dhiriulhun Corportation (FDC) has signed an agreement with Ashoka Buildcon, an Indian construction company, to develop 2,000 social housing units in Hulhumale phase 2.
The housing development project, according to FDC, would include the construction of 500 650sqft two-room flats and 1500 900sqft three-room flats at a cost of over USD 140 million. The three-year project is being financed by a loan from India’s EXIM Bank.
The agreement was signed in a virtual ceremony attended by FDC Managing Director Saifiyya Anwar and Ajay Kankaria, Ashoka Buildcon’s Assistant General Manager of Business Development.
The current administration established FDC in 2019 to address housing issues, and as part of this, EPC contracts were signed in March between FDC and GMC Projects Limited to build 2,000 flats in the second phase of Hulhumale, with a USD 137 million loan provided by EXIM Bank.