President Dr Mohamed Muizzu has today dismissed claims that shares of Development Bank of Maldives (DBM) are to be given to USA's largest investment bank, JP Morgan, as 'nothing but gossip'.

Speaking at the weekly presidential press briefing held this morning, President Muizzu stated that there is no truth in the claims that shares of DBM are to be given over to JP Morgan. 

"There is no truth to these rumours about the development bank. What you are saying about JP Morgan also bears no truth. All of this is just gossip that is being spread heavily," the President responded to a question from a journalist. 

The President also went on to dismiss claims that a land from Rasmale' is to be given to a UAE company under the Pearl Residence project. 

"We are not planning to give any land from Rasmale' to any party for the Pearl Residence program. There is absolutely no truth to that," the President stated. 

Although the newly formed DBM is not yet operational, the government has stated that the bank's work is proceeding swiftly. The bank would play a key role in securing financing for the country's development, the government claims. 

The DBM was established in May, 2024.