Secrecy surrounding Ras Male' project has raised significant concerns, and full truth can only be uncovered through a comprehensive investigation: Zariyand

Financial expert Ismail Zariyand has stated that the secrecy surrounding President Dr. Mohamed Muizzu's Ras Male' project raises serious questions and necessitates a comprehensive investigation into the transaction.

In a post shared on X, Zariyand stated that 500 hectares of land from Ras Male' have been allocated to Eagle Hills, a company chaired by Mohamed Alabbar, who openly supports and provides assistance to Israel.

He noted that the government has characterized this as a massive $20 billion project. According to Eagle Hills, the company spearheading the development, the project is expected to generate $2 billion in annual tourism revenue. However, he pointed out that during the past year, which saw record-breaking earnings, the entire Maldives earned approximately $5.6 billion from tourism.

Furthermore, Minister Dr. Abdulla Muththalib stated that the project would create 54,000 jobs. However, with only approximately 22,000 Maldivians currently employed across the entire national tourism sector, significant questions have been raised regarding the feasibility of these figures.

Zariyand further stated that the government continues to withhold critical details, including the land lease rates, payment structures, state-mandated arrangements, and the project completion deadlines. He added that this lack of transparency has raised significant concerns, noting that the full reality of the situation can only be uncovered through a comprehensive investigation.

Reminding the current administration that it will not remain in power indefinitely, Zariyand stated that a future government must conduct a thorough investigation into this transaction. He further emphasized that if any elements of corruption, bribery, or illegal activity are uncovered—or if it is proven that the nation's independence and sovereignty have been compromised—legal action must be taken against all those involved.

Public concern has mounted following the Maldivian government's signing of an agreement on Monday with the renowned Abu Dhabi-based developer, Eagle Hills, to execute a massive $20 billion project in Ras Male'.

Under this project, a wide range of international-standard facilities are set to be established in Ras Male'. These include world-renowned hotel brands and resorts, as well as high-end luxury residences.

Furthermore, the project includes plans to develop a world-class marina and scenic waterfront promenades, alongside premium restaurants and retail centers.