Faisal Naseem Raises Concerns Over Lack of Transparency in Rasmalé Investment Information

Former Vice President Faisal Naseem has expressed deep concern over the lack of a transparent approach in disclosing information regarding investments in the Rasmalé project. In a post on X, Naseem stated that while he is not opposed to foreign investment – noting that foreign investments have played a major role in the development of Maldives' tourism industry – the absence of a balanced disclosure process for the Rasmalé investments is highly worrying. Naseem emphasized that if the investment is beneficial for the country, the public must have full knowledge of its terms, agreements, and long-term consequences. He stressed that citizens have the right to make informed decisions and that their concerns must be respected. No decision should be imposed on the people against their will. He further stated that regardless of the economic benefits, no space should be given to any action that goes against the wishes of the people or undermines the sovereignty and independence of the state. The current government has stated that the Commercial Terms Agreement with Eagle Hills, which includes the framework for negotiating and finalising the contract, was signed under the Private Sector Initiated Proposal (PSIP) principle as outlined in Article 10.22 (n) of the Public Finance Regulations. However, it was noted that the first expression of interest for the project came from within the Maldives, and there have been multiple expressions of interest for the project.