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President Abdulla Yameen Abdul Gayoom has revealed that his former deputy, Ahmed Adheeb, had initially sold Emboodhoo Lagoon for resort development only for USD 3 million, upon the discovery of which the president had intervened and raised the amount to USD 40 million.
Emboodhoo Lagoon, which lies near capital Male City, is being developed as an integrated resort project 'Crossroads', by the Thai real estate giant Singha Estate. The USD 680 million project will see the development of a number of luxury resorts with a total of 1,300 suites.
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