Former Finance Minister Amir: Maldives must retain at least 50% equity in Rasmale project

Former Finance Minister Ibrahim Amir has strongly criticised the Rasmale project, calling it an economically irrational venture and insisting that the Maldives should retain at least 50 percent equity in any major foreign investment. Speaking at the 38th meeting of the fourth term of the MDP National Council, Amir argued that instead of giving away large plots of land for free, the country could secure more beneficial deals. He noted that the current government highlights an unprecedented investment, but asserted that previous administrations refrained from such moves because they did not want to sell off the country. Amir stated that the land being handed over for 99 years, with a current market value estimated at 25 to 30 billion dollars, is effectively being given away. He questioned the claim of a 12 or 30 billion dollar gross development value, saying that is only the total asset value after a decade or more, while the initial investment is likely under 500 million dollars. Amir stressed that the Maldives, repeatedly named the world's most popular residence since the 1970s, can attract better terms than the reported 10 percent income share from the project. He reiterated his support for foreign direct investment (FDI) under the Constitution and laws, but demanded that at least 50 percent equity remain with the Maldives from day one.