Zariyand calls for suspension of Ras Male' project and disclosure of financial records
19 އޮކްޓޯބަރު 2026 | ހޯމަ 15:41Financial expert Ismail Zariyand has called for the suspension of the Ras Male' project and the disclosure of its financial details, citing projections of significant fiscal losses. Questioning the capacity of Eagle Hills, the company contracted for the development, Zariyand estimated that the state could incur losses of approximately $430 million by 2037. He urged the government to maintain transparency by making the project's financial calculations public.
At the press conference held regarding the Ras Male' project. | Raajje MV
Financial expert Ismail Zariyand has called for the suspension of the Ras Male' project and urged the government to disclose all financial records related to the initiative.
Speaking at a press conference on Monday regarding the Ras Male' project, Zariyand stated that the profit figures projected by the government are inaccurate. He noted that calculations based on currently available government data indicate the project will instead result in a financial loss.
In this regard, Zariyand stated that the Ras Male' project would continue to yield negative outcomes until the year 2037.
In this regard, the government has stated that this is an investment worth between 12 billion and 20 billion. However, I believe that even with the most strenuous efforts, the maximum investment that can realistically be realized at that site by 2037 is 1.9 billion at most. Furthermore, regarding the number of housing units to be constructed in Ras Male' and the overall progress of the project, I remain unconvinced. Based on the track record and performance of the company currently contracted for this work in other countries, I do not believe they can deliver on these commitments.Ismail Zariyand
Zariyand stated that the government is projected to incur losses ranging between $285 million and $430 million by the year 2037. Furthermore, Zariyand challenged the government to release its financial records and dispute his calculations.
Zariyand emphasized that when a government evaluates a strategic national asset, it must scrutinize the track record of the involved commercial entities across their other global projects. He noted that based on Eagle Hills' performance in other countries, it is evident that the Ras Male' project is beyond the company's capacity to deliver.
Therefore, I believe this will be detrimental because, based on the standards of the Belgrade Waterfront project and similar ventures undertaken in countries such as Albania and Hungary, this company does not appear to have the capacity to manage a 500-hectare project in Ras Male'.Ismail Zariyand
Zariyand has therefore called on the government to ensure transparency in the Ras Male' project by making its financial records and accounting methodologies accessible to the public. He further urged the government to suspend the project.
