Ras Malé reclamation project yet to be completed despite massive expenditure: Thazmeel
Former MTDC Managing Director Thazmeel has criticized the government's financial mismanagement, stating that it has disrupted state-owned enterprises and forced them into operational losses. He highlighted that launching massive projects like Ras Malé without considering the state's cash flow demonstrates government incompetence, which has subsequently stalled development projects across various islands. Consequently, public confidence in the completion and eventual habitation of the Ras Malé project has significantly diminished.
One of the world's largest dredgers, the *Cristobal Colon*, commenced reclamation work for Ras Malé on December 1, 2025. | X
The former Managing Director of the Maldives Tourism Development Corporation (MTDC), Thazmeel Abdul Samad, has stated that the land reclamation for the government’s high-cost Ras Malé project remains unfinished, even as the process nears its third year.
Speaking on RaajjeTV’s "Fala Surukhee" program, Thazmeel stated that despite the deterioration of the Maldives' financial system, the government has failed to take the necessary responsible measures to address the situation.
He noted that companies which previously operated efficiently have now come to a standstill, while those that were once profitable are currently incurring losses.
State-owned enterprises that were previously stable, generating substantial revenue and healthy profits, have deteriorated to a point where even their managing directors are unable to explain their current financial standing. This failure to manage the country's financial system has resulted in the Bank of Maldives being forced to undertake housing construction, while the Maldives Airports Company Limited (MACL) is being tasked with dredging lagoons. The government is embarking on massive, high-cost projects despite lacking the financial strength to sustain them—projects we are 100 percent certain are unfeasible. A prime example is the Rasmalé reclamation project nearby, which involves exorbitant expenditures. The state simply does not have the financial capacity or the cash flow management systems to fund such ventures, as the government is failing to generate sufficient income to support this level of spending.Thazmeel Abdul Samad, the former Managing Director of the Maldives Tourism Development Corporation (MTDC).
Thazmeel stated that the Ras Malé project alone serves as a clear indictment of the current administration's incompetence. He noted that despite bringing in massive dredgers from across the globe to reclaim the land, there have been no tangible results. He further highlighted that the reclamation remains unfinished, adding that no one can predict when the area will actually be habitable for residents.
The physical reclamation of Fushidhiggaru Lagooon commenced on December 18, 2023. At the time, President Muizzu repeatedly stated that the reclamation would be completed within eight months to develop the site under the name 'Ras Malé.' However, the project has since faced significant delays, with work remaining stalled for an extended period.
Regarding this project, President Dr. Mohamed Muizzu stated last month that 60 percent of the land reclamation for Ras Malé has now been completed. He further noted that opportunities have already been opened for those seeking housing at the site.
Despite President Muizzu’s assertions that numerous development projects are underway, a significant portion of the public contends that national progress has come to a standstill.
Residents across the atolls are expressing growing concern over the suspension of vital infrastructure projects, including harbor upgrades and the installation of water and sewerage systems.
Furthermore, many citizens have voiced a loss of hope regarding the Fushidhiggaru Lagoon reclamation project. There is widespread skepticism that the site will be reclaimed, equipped with essential services, and ready for habitation even within the next 10 to 12 years.
