Licensed by
Capital Market Development Authority (CMDA)
Under no. CMDA/2024/IF-5
Managed by
First National Finance Corporation
About
Real Estate (Equity)
Discover the smartest way to grow your wealth with property investments
Project Details
Project Financing Structure
Equity
55% - MVR 9,900,000
|
Debt
45% - MVR 8,100,000
Project Details
Assignment and Lease rights of H. Sakeena Manzil Ground Floor, First Floor (1A, 1B) and Second Floor (2A, 2B) for a period of 30 years.
Acquisition Price
MVR 18,000,000
Total lease area acquired
6,900 sqft
No. of Units in acquired area
5
Minimum Subscription
Expected Annual Return1
Payment Frequency
MVR 10,000
20%
Quarterly
Security Type
Ordinary Shares
Class
Class B
Series Number
OSB001
Face Value of the Shares
MVR 1,000
Proposed Quantity
9,900 Class B Series 01 Ordinary Shares
Amount to be Raised
MVR 9,900,000
1
Expected Annual Return is calculated based on forecasted dividend with minimum 90% payout policy throughout 30 years.It is an average of individual returns for 30 years.The return is calculated based on the following formula: = Dividend/price, where Price is the initial price per share
Governance
Expertise, Experience, and Innovation at the forefront
Hassan Mohamed
Chairperson/ Non-Executive Director
Hassan Mohamed is the Managing Partner of Crowe Maldives and a founding partner of First National Finance Corporation, with over 25 years of experience in audit, accounting, tax, and advisory services. He has led numerous assignments across industries, delivering strategic insights that enhance governance and drive business transformation.
At Crowe Maldives, Hassan has been instrumental in the firm's growth, service innovation, and commitment to quality. He served as Vice President and a member of the interim council of the Institute of Chartered Accountants of the Maldives (CA Maldives), contributing to its governance and strategic development.
Hassan also served on the board of Maldives Islamic Bank, ensuring adherence to Islamic banking principles, and as a member of the State Internal Audit Committee, advising on internal controls and public financial management reforms. A Fellow Member of the Association of Chartered Certified Accountants (FCCA), he continues to contribute to the profession's advancement both locally and regionally.
Hassan Ziyath
CEO
Mr. Hassan Ziyath is a co-founder and the Chief Executive Officer of First National Finance Corporation since 2021. First National is a financial services firm operating in the capital market space of the Maldives.
He was also the inaugural president of the Institute of Chartered Accountants of the Maldives.
Prior to this, he served as Director of Finance and Fund Management at the Maldives Pension Administration Office from 2009 to 2014.
Mr. Hassan Ziyath is a member of the Chartered Institute of Management Accountants (CIMA), UK.
Rifaath Jaleel
Non-executive Director
Rifaath Jaleel is the Managing Partner of MHPA LLP, with close to 30 years of professional experience in assurance and advisory services. He is a member of CPA Australia and the Institute of Chartered Accountants of Maldives. He sits on the Government's Tax Reform Committee and also the Business Faculty Advisory Committee of the Maldives National University's Business School.
He has been a Board member of the Capital Markets Development Authority and the Chairman of the Maldives Finance Leasing Company for several years. Rifaath acts in an advisory capacity to several high-profile private sector organizations, SOEs, Banks, multinationals and has considerable experience in cross-border transactions.
Dr. Ibrahim Mahfooz
Non-executive Director
Dr. Ibrahim Mahfooz is a fellow of the Institute of Chartered Accountants of the Maldives, FCCA (UK), and a member of the Association of Certified Fraud Examiners (USA). He holds a Doctor of Business Administration from the University of Newcastle, Australia, an MBA from Charles Sturt University, and a B.A. (Hons) in Accounting & Finance from Oxford Brookes University, UK.
Mahfooz worked in Accounting and Finance from 1996 to 1999, then moved to Internal Auditing and served as the Chief Internal Auditor of STO Plc from 2010 to 2021. He also held the position of Managing Director at Maldives Airports Company Ltd (MACL) and served on its Board, chairing several key committees. Additionally, he was a director on the Board of Maldives Inflight Catering from 2012 to 2023.
Ahmed Hassan Didi
Non-executive Director
Over 30 years of experience in public service and private sector organizations consultancy with wider exposure to civil service strategy, strategic plan development, HR planning and service delivery.
Management Consultant for companies and resorts on service manuals, customer care standards, HR motivation and people first service with a Degree in Public Policy & Political Science, Master's in Public Sector Management and a Fellowship on Performance Management and series of professional training in the field.
Ahmed Nasir
Non-executive Director
In more than 30 years of government service, he has held number of positions in the Ministry of Foreign Affairs, including his current role as Director General of the Cooperative Department and Finance Executive. His distinguished career includes key postings at the Maldives Diplomatic Missions in Sri Lanka, Germany, Belgium, the US and the Maldives Missions to the European Union and to the United Nations underscores the depth of his experience, geographical knowledge and knowledge of various cultures, norms and systems of governance and multinational systems.
Mr. Nasir holds an MBA and a Postgraduate Diploma in Business Administration.
Investor Relations
For all investor inquiries, reports, updates, or communications, please contact us at [email protected]
Fund Documents
The First National Real Estate Fund Plc (“Real Estate Fund”) is a closed-end real estate fund registered with the Capital Market Development Authority (CMDA).
The First National Real Estate Fund Plc (“Real Estate Fund”) is a closed-end real estate fund registered with the Capital Market Development Authority (CMDA).
The First National Real Estate Fund Plc (“Real Estate Fund”) is a closed-end real estate fund registered with the Capital Market Development Authority (CMDA).
Announcements
First National Real Estate Fund declares the first round of distributions to investors
April 13, 2025
First National Real Estate and Hospitality Fund Plc (“Real Estate Fund”) has announced its dividend and distributions to bond holders for the first quarter of 2025, declaring a total distribution of MVR 545,297.04, comprising of MVR 226,441 for Class B equity holders and MVR 318,856.04 for bond holders.
First National Real Estate Fund reaches its MVR 18 million goal
January 23, 2025
First National has successfully completed its fundraising for the inaugural project under the First National Real Estate and Hospitality Fund Plc, marking a historic milestone in the Maldives' investment landscape. This fund, designed for real estate investments, opened for subscriptions on 12 December 2024, and closed on 16 January 2025. Notably, it is the first real estate public investment fund to be officially registered with the Capital Market Development Authority (CMDA). The fund is managed by First National Finance Corporation Pvt Ltd.
Frequently Asked Questions
Get answers to common questions about our real estate fund, investment process, and services.
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General
1.
What is First National Real Estate and Hospitality Fund?
2.
Who manages the Fund?
3.
Is the Fund regulated?
Investment Details
4.
What are the investment options available?
5.
What is the minimum investment amount for both Debt and Equity?
6.
Can I invest in equity, debt, or both?
Equity Investment
7.
What is an equity instrument?
8.
What is an expected annual return?
9.
What is the expected annual return for equity investors?
10.
How is the expected annual return calculated?
11.
Can I withdraw my investment before maturity?
12.
What happens to my equity investment after 30 years?
13.
Is the income from the equity investment tax free?
Debt Investment
14.
What is a debt instrument?
15.
What is an amortized bond? Is this bond amortized?
16.
What is the interest rate for debt investors?
17.
Where can I view the payoff profile?
18.
Can I withdraw my investment before maturity?
Underlying Project
19.
What is the underlying project for the Fund?
How to Invest
20.
How can I invest in the Fund?
21.
Who can I contact for more information?
400-9855
First National Real Estate & Hospitality Fund PLC
© 2025