Rasmaale Deal Will Not Benefit Government for 10 Years: Zariyandhu

A prominent expert has cast doubt on the government's claims regarding the financial benefits of the Rasmaale project. Ismail Zariyandhu, speaking at a forum organized by the 'Dhivehinnge Bin Dhivehinnge' movement, stated that the deal with the foreign company Eagle Hills will provide no financial benefit to the government for the next 10 years. While the government had previously claimed that the project would generate a profit of between 12 to 20 billion dollars, Zariyandhu argued that not only is there no financial gain, but the social benefits touted by the government would also take time to materialize. He questioned the feasibility of immediately constructing 5,000 housing units after signing the deal, noting that such a project would take years to complete. According to Zariyandhu, even at maximum capacity, only 3,950 housing units could be built over the next decade, and given the local environment, only 1,050 units would likely be completed. He also expressed concern that the housing units to be built are located in the luxury housing area of Phase 3, casting doubt on whether they are intended for public housing. Zariyandhu further highlighted the high costs of reclamation, estimating that reclaiming the 500-hectare site without rock protection would cost between 272 to 300 million dollars, and that the total reclamation cost would exceed 700 million dollars. He compared this to Hulhumalé, where land is already expensive and the government only receives 10% of the land. He concluded that the expected revenue for the government would be 300 million dollars less than projected, and that the costs of reclamation and land provision from Hulhumalé would not be recovered from the flats. Zariyandhu called for an investigation into the financial transactions related to the Rasmaale project.