First National Hits MVR 18M Target in Real Estate Fundraising

Maldives’ first licensed investment advisor and securities dealer, First National, has successfully completed the fundraising phase for its groundbreaking real estate fund, achieving its target of MVR 18 million.

The fundraising window, open from December 12 to January 16, marked a milestone as the first fund in the Maldives to be officially registered with the Capital Market Development Authority (CMDA). The fund is managed by First National Finance Corporation and aims to invest in leasing the first three floors of Sakeena Manzil, located in the Henveiru ward of Malé, for a 30-year period.

First National’s CEO, Hassan Ziyath, revealed that the fundraising round was oversubscribed, underscoring the high level of interest in the initiative. Despite the additional offers, the company adhered to its initial target and returned surplus funds to investors.

The fundraising effort combined two investment instruments: MVR 8.1 million was raised through bond sales, while shares accounted for MVR 9.9 million. Investors in the equity segment are set to receive a 20 percent return on their investments, while debt investors will enjoy a 12 percent return over six years.

The fund attracted a diverse group of participants, including private businesses, voluntary organizations, and individual investors. Notably, two local councils and the Cancer Society of Maldives—a non-governmental organization—invested in the fund, benefiting from a steady income stream generated by their investments.

Investors can look forward to receiving four annual returns, with the first disbursement scheduled for April. According to Ziyath, this is just the beginning, as the company aims to broaden its outreach and involve more institutional investors in future projects.

First National, established in 2021, has quickly cemented its reputation as a key player in the Maldivian financial landscape. The company has been instrumental in raising funds for state-owned enterprises and private companies and provides assistance with issuing sukuk and bonds.

With its successful fundraising effort, First National has set a new benchmark for investment