Financial Expert Calls on President, Ministers to Ensure Transparency in Rasmalé Housing Project

Financial expert Ismail Zareen has called on President Dr. Mohamed Muizzu, Finance Minister Hassan Zareer, and Housing Minister Dr. Abdullah Muttalib to provide clear information regarding the Rasmalé housing project, warning that the public is being misled. Speaking at a press conference on Tuesday, Zareen expressed concerns over the high cost of the 5,000 housing units being built under the project, as well as the lack of transparency about loans taken by state-owned companies for the project. He noted that although the units are presented as affordable social housing, their prices are far above typical standards, calling them “massive mansions.” Zareen also highlighted that land in the Rasmalé area has already been leased to at least 21 companies by the Housing Development Corporation (HDC) for a minimum of $5 million each, and that the government’s plan to lease the same land for the housing project could cause significant losses to those businesses. He estimated that compensation for the losses could exceed 400 million rufiyaa. Zareen urged the President and the ministers to honor their oath and respect Article 130 of the Constitution, which requires them to act transparently and avoid misleading the public.