Bringing in major investments like the Rasmalé project must be done with transparency, according to former Economic Minister Fayyaz Ismail, who noted that while the opposition MDP always welcomes foreign business investments in the Maldives, such large-scale initiatives require openness.
In a statement released by Fayyaz, who is also running for the MDP presidential ticket, he stated that to attract strong foreign investors to the Maldives, a robust financial and legal system that inspires investor confidence must be established, alongside clear tax rules and a reliable dispute resolution system.
"...Such investments must be brought with transparency and through procedures that protect the rights of both parties. However, not a single one of these conditions is fulfilled in the agreement made by the government to give half of Rasmalé to a foreign company," Fayyaz stated in the release.
He mentioned that one reason the Eagle Hills agreement contradicts good principles for bringing in major investments is that the commercial terms of the agreement have not been disclosed to Parliament, the media, or the public.
Fayyaz also stated that it is unknown how the 500 hectares of Rasmalé were valued, and there is no way to ensure that the state will receive a reasonable price for the land being issued.
Fayyaz further accused the government of misleading the public regarding information concerning the agreement signed with Eagle Hills to run a project named "Maldives Waterfront and Marina."
"Although the government stated in its press release that USD 20 billion will be spent in phases, Eagle Hills has not provided assurance that an amount anywhere close to that will be spent. Eagle Hills did not include any figure in its press release," Fayyaz stated.
He also stated that it is concerning that the government has refused to disclose information regarding the agreement made to give 500 hectares of land from Rasmalé to a foreign company.
"Such an agreement should not be allowed to proceed until the long-term impacts of the agreement on the country have been fully clarified to the public. The public's questions must be answered," Fayyaz stated in a post published on social media along with the statement.
In an exclusive interview given to Mihaaru regarding the largest foreign investment project ever undertaken in Maldivian history, Housing Minister Dr. Abdulla Muththalib detailed and clarified concerns raised over claims that Eagle Hills would be able to sell properties developed under the project to whomever they wish.
Muththalib has stated that under the agreement, there will be no transfer of ownership or freehold.
"No property in Rasmalé can be bought, sold, or transferred between individuals without government permission. When selling any property, it must be submitted to the government. Furthermore, the government retains the discretion to review the recipient of that property and decide whether or not to grant approval," he stated.
Furthermore, the Minister stated that even if someone purchases a property there, any right to reside in the Maldives will be in accordance with the Maldivian Immigration Act governing visa issuance.
