Housing Development Corporation (HDC) is providing a unique opportunity for MSMEs (Micro, Small & Medium Enterprises), entrepreneurs, start-up businesses and individuals to participate in a competition and stand a chance to win a rent-free commercial unit at the Hiyaa flats in Hulhumalé Phase 2 for a specified period.
The Idea Behind It
The Maldivian economy is represented by an overwhelming majority of MSMEs. Consequently, MSMEs were also the most disproportionately impacted businesses during the Covid-19 crisis. To provide opportunities for economic recovery, HDC initiated the competition-based event named “Eejaadhee Mansa” on 19th November 2020, to support MSMEs, individuals and groups to set-up and commence their business operations in Hulhumalé. Moreover, by offering the winners of the competition with a rental abatement, HDC foresees the introduction of new and diverse businesses to be established in Hulhumalé, mutually benefitting the community and upcoming developments in the city and the greater Male’ region.
Paving for Economic Resilience
The early stages of this initiative would function as an incubation period for winners of the competition, allowing them to grow their business while operating at a lower financial cost. Moreover, the innovative ideas, products and services expectedly proposed by the participants would enable great socio-economic benefits that would complement Hulhumalé as a city, as well as our community as a whole. Furthermore, establishing businesses in the commercial units of the Hiyaa flats in Hulhumalé Phase 2 would enable the convenient provision of required products/services for the surrounding residences in the neighborhood. In addition, establishing the new businesses would also allow for the creation of new job opportunities and cater to meet the demands of the growing and upcoming population.
Competition Categories
Eejaadhee Mansa launched with five (5) broad categories, namely; Food and Beverage, Arts, Wellness, Lifestyle and Services. These categories are intentionally set to be comprehensive, to welcome a range of applicants and to provide the public with the prospect of proposing creative ideas on products/ services with as little limitation as possible.
Winners
Two (2) winners are set to be selected from each category, making up a total of ten (10) winners. The winner of each category would be awarded a 12-month rental waiver while the second winner / runner-up would be awarded a 6-month rental waiver on the respective commercial unit awarded from Hulhumalé Phase 2.
The application period for the competition officially opens up from 6th – 27th December 2020. HDC anticipates that the winners’ unit allocations be made in the first quarter of next year, 2021.