Lack of transparency in disclosing investment details for Ras Male' project is a matter of grave concern: Faisal

Former Vice President Faisal Naseem has expressed grave concern over the lack of transparency regarding investment details for the Ras Male' project.

In a post on X, Faisal clarified that he is not opposed to foreign investment. He noted that such investments have played a pivotal role in the development and remarkable success of the Maldivian tourism industry. However, he expressed profound concern over the lack of transparency regarding the investment details of the Ras Male' project.

Faisal emphasized that if this investment is to benefit the nation, the public must have access to comprehensive information regarding its terms, agreements, and potential long-term consequences. He further stated his belief that the right to make informed, independent decisions is a fundamental entitlement of the people.

Faisal stated that the people's voices must be heard and their concerns respected, emphasizing that no decisions should be forced upon them against their will.

Faisal stated that regardless of the potential economic benefits, no actions should be permitted that go against the will of the people or compromise the independence and sovereignty of the state.

According to the government, the commercial terms agreement—which establishes the framework for negotiating and finalizing the contract with Eagle Hills—was signed under the Private Sector Initiated Proposal (PSIP) policy. This process was conducted in accordance with Section 10.22 (c) of the State Finance Regulations, which governs projects proposed through private sector initiatives.

However, Alabbar stated that the Maldives was the party that initially took the initiative and expressed interest in the project. It is noted that there are several such contradictions surrounding this project.