Former Finance Minister Warns Against Handing Rasmalé to Single Investor

Former Finance Minister Ibrahim Amir has voiced strong opposition to the government's decision to lease a large portion of the Rasmalé land to a single foreign investor, warning that the move could jeopardize the nation's economic interests and security. In the 'Agree and Disagree' podcast, Amir criticized the lack of transparency in the deal, noting that no advance payment was taken and no bidding process was opened for the 550 hectares of land, which is larger than the two phases of Hulhumalé combined. He estimated that reclaiming Rasmalé would cost approximately one billion dollars, and that the land, if leased for tourism, could be worth around $38 billion or 592 billion Rufiyaa. Amir argued that instead of giving the major part to one powerful developer, the government should consider leasing small parts of Rasmalé to 30 entities to run 20-30 resorts, which could bring in $10-15 billion in execution costs and $500 million annually for GDP and airport fees. He also raised concerns about the 99-year lease, which he said is not sanctioned by the Constitution or laws, and the potential for the project to be dictated by Eagle Hills, the company with which the government signed a Letter of Intent. Amir warned that if public approval is not secured and the project proceeds so secretly, failure is very near for both the government and foreign investors.