MP Shamheed: No Public Details on Ras Male' Deal Beyond $400 Million Awarded to “Sheikh”
10 އޮކްޓޯބަރު 2026 | ހޮނިހިރު 07:46MP Dr. Shamheed has expressed concern over the lack of transparency regarding the Ras Male' project and the minimal equity stake allocated to the Maldivian government. He argued that given the current economic climate, awarding substantial financial benefits to foreign entities is unacceptable. Furthermore, the lawmaker questioned the project's ability to generate meaningful revenue for the state.
Dr. Ahmed Shamheed, Member of Parliament for the South Hulhumalé constituency, speaking during an appearance on RaajjeTV's "TV Talk" program. | RaajjeMV
Dr. Ahmed Shamheed, the Member of Parliament for the Hulhumalé South constituency, has stated that no details regarding the Ras Male' project are transparent, noting that the only known fact is that $400 million was granted to a "Sheikh."
Speaking on RaajjeTV’s "TV Talk" program, MP Shamheed stated that no party with the Maldives' best interests at heart would divert $400 million to a foreign entity given the country's current situation. The lawmaker also expressed serious concern over the Ras Male' project's terms, noting that the Maldivian government is set to receive only 10 percent of the profits.
In this regard, MP Shamheed stated that 10 percent is an insufficient figure and does not represent the fair share the Maldives deserves. He further noted that the Maldives is internationally obligated to maintain a 15 percent threshold.
MP Shamheed has expressed concern over the lack of transparency regarding the Ras Male' project, noting that neither the proposed legislation nor any specific details of the initiative have been disclosed. Highlighting that airport departure charges currently serve as the Maldives' most reliable source of revenue, Shamheed pointed out that if foreign residents in Ras Male' are granted visa-holder status, the new laws might exempt them from these fees, as well as potential arrival charges.
We remain in the dark regarding the specifics of their current plan. The only certainty is that between $300 million and $400 million of the Maldivian people’s money has been—or is about to be—handed over to this Sheikh. My point is that while our citizens are enduring such hardship, we are choosing to give $400 million of public funds to this individual; that is how I see it. It is illogical to hand over $400 million to the Sheikh and then plead with him to come and invest here. I do not believe that anyone who truly has the best interests of this country at heart would request $400 million from our people, especially considering the dire economic situation we are currently facing.Dr. Ahmed Shamheed
Furthermore, MP Shamheed noted that while it is claimed the project will attract one million tourists, there is no guarantee that the revenue generated from these visitors would match the income currently collected under the Maldives' existing tourism laws.
MP Shamheed stated that public funds must not be handed over to a foreign Sheikh, noting that the Ras Male' project involves more than just the allocation of land. He further emphasized that this arrangement is entirely unacceptable.
