Calls mount for an immediate audit of the Ras Male' project before any further agreements are signed with Eagle Hills.
28 ސެޕްޓެމްބަރު 2026 | ހޯމަ 10:20Economic and financial expert Ismail Zariyand has called for an immediate audit of the agreement with Eagle Hills to verify its economic viability and legal validity before physical works commence. Citing international auditing standards, Zariyand emphasized that conducting early-stage audits on such large-scale projects is essential to safeguard the state's financial interests and protect the rights of the public.
From the signing ceremony between the Government and Eagle Hills of the UAE to develop the "Maldives Waterfront and Marina" in Ras Male'. | Raajjemv graphics
Prominent economic and financial expert Ismail Zariyand has called on the Auditor General to conduct an immediate audit of the agreement with Eagle Hills before any further contracts are signed or the project proceeds any further.
Zariyand emphasized on X that the public deserves an independent perspective on the project's economic viability, cost-effectiveness, and potential outcomes, as well as its implications for national interests. Consequently, Zariyand called upon the Auditor General to conduct an immediate audit of the agreement. He urged that this be carried out in accordance with the responsibilities mandated by the Constitution of the Republic of Maldives and the Audit Act, while adhering to established auditing standards.
Highlighting international auditing standards, he noted that ISSAI 3000, or performance auditing, guides auditors to identify risks and issues, focus on significant and auditable matters, and ensure timely assessments. Applying this principle to the current situation, he emphasized the need to evaluate whether there is value for money, the extent of risk-sharing, and the impact on public interest. He further stated that it is essential to assess the financial burden on the state and whether the government has fully protected the rights and interests of the citizens.
Furthermore, he noted that the ISSAI 4000 standard, or compliance audit, evaluates whether government actions and agreements align with the Constitution, laws, regulations, international treaties, and established contractual terms.
Citing Article 56 of the INTOSAI GUID 5280, Zariyand stated that large-scale construction projects, public-private partnerships, and concession agreements—which are typically complex, long-term ventures—are generally audited during their early stages, either prior to commencement or while the work is ongoing.
Zariyand further stated that since this represents the "early project phase" as defined in international auditing guidelines, conducting the audit at this stage is essential for the sake of national interest.
