The most beneficial course of action for the Maldives at present is to sell a state capital asset in a way that generates immediate funds, former President Mohamed Nasheed stated today.
He made these remarks following the government's signing of an agreement today with Eagle Hills, one of the UAE's most prominent companies, to carry out a massive project in Rasmalé, a new area being prepared for habitation.
Under the 20 billion dollar agreement made with the Maldivian government, Eagle Hills will develop a world-class tourism, waterfront, and marina project in Rasmalé. Additionally, a housing project is scheduled to take place in Rasmalé.
Expressing support for the project in a post on X today, Nasheed stated that developing a waterfront in Rasmalé is a good idea.
However, Nasheed noted that this project has little to do with helping the Maldives overcome its financial difficulties at this moment, and that even if everything goes perfectly, it will still take at least two years for the state to receive any revenue from it.
Nasheed stated that instead of such projects, what is important right now is selling a state capital asset to secure immediate funds.
"Privatizing and selling capital assets to settle state debt is a good thing," Nasheed said.
Supporting the sale of state capital assets, Dhiraagu and MWSC shares held by the government were sold during Nasheed's administration. Furthermore, the Maldives' main airport, Velana International Airport, was leased to India's GMR for a long term.
Although Nasheed holds this policy, President Dr. Mohamed Muizzu has spoken against it on various occasions. Expressing opposition to selling the Maldives' capital assets, President Muizzu has also decided to repurchase Dhiraagu and MWSC shares for the government.
Speaking at the ceremony concluding the PNC congress, the President stated that the opposition ideology had bankrupted the Maldives and sold off capital assets, and that this government is working to rescue the Maldives from those debts and recover capital assets.
"We will not give even an atom's amount to foreigners," the President said.
