Ayada is valued at $112 million; government cannot sell it for $1.5 million even if they wish to: Thazmeel
2 އޯގަސްޓު 2026 | އާދީއްތަ 09:21Former MTDC Managing Director Thazmeel Abdul Samad stated that the public shareholders on the company's board will not consent to the reported undervalued sale of Gaafu Dhaalu Magudhuvaa (Ayada Maldives). The issue has gained significant traction following reports that the island's head lease is being prepared for sale at a price well below its market value.
Thazmeel Abdul Samad, the former Managing Director of MTDC, speaking during an appearance on RaajjeTV's "Fala Surukhee" program. | Raajje MV
Former Managing Director of MTDC, Thazmeel Abdul Samad, has stated that Ayada Maldives is valued at $112 million, and the company's general board members would never agree to sell it for $1.5 million, even if the government desired such a deal.
Speaking on RaajjeTV’s "Fala Surukhee" program, Thazmeel stated that MTDC is a company representing the interests of 24,032 shareholders. He further noted that the MTDC board is composed of four government representatives and five members representing the general public.
Noting that the five members currently representing the public on the MTDC board are highly capable individuals, Thazmeel stated that these members would not engage in any actions that would compromise the rights of the company's shareholders.
The shareholder representatives currently serving on the MTDC board, who represent the general members, will not agree to such a proposal. The primary reason for this is that the property in question, located in Gaafu Dhaalu Atoll, currently holds a market value of $112 million. Given that this is a property valued at $112 million, I do not believe the MTDC board would ever approve a deal for a mere $1.4 million or $1.5 million. This remains true regardless of any pressure from the government or any unfavorable proposals Ayada might submit to the government to intervene in the matter.Thazmeel Abdul Samad
Thazmeel stated that shareholders representing the public are well aware that if Ayada were to be sold, they would be held accountable at the annual general meeting. He expressed confidence that, for this reason, those members would not engage in such an action.
Furthermore, Thazmeel stated that previous attempts had been made within the government to acquire the island. However, the Tourism Minister at the time reportedly clarified that the matter did not fall under the Ministry's jurisdiction. Thazmeel further noted that the Minister had pointed out that Ayada is a property of the Maldives Tourism Development Corporation (MTDC), which operates as a public limited company.
Reports have surfaced regarding an attempt to sell the head lease of GDh. Magudhuvaa, currently leased to MTDC, at an undervalued price to Ahmet Aydeniz, the Turkish company operating a resort on the island. In response to these allegations, Mohamed Ibrahim (Kudu), the Member of Parliament for the North Galolhu constituency, has dispatched a formal letter to the corporation’s new Managing Director, Haris Mohamed, seeking clarification on the matter.
