Zariyand calls on President and relevant ministers to stop misleading public regarding Ras Male' project

Financial expert Ismail Zariyand has called on President Dr. Mohamed Muizzu, Finance Minister Hassan Zareer, and Housing Minister Dr. Abdulla Muththalib to refrain from disseminating misleading information regarding the Ras Male' project. He further urged them to uphold their constitutional oaths and respect Article 130 of the Constitution.

Speaking at a press conference on Tuesday, Zariyand stated that the government has failed to disclose how the substantial investment in the Ras Male' project will be recovered for the state and its citizens through the leasing of its land. He further noted that while several state-owned enterprises have secured multi-million dollar loans in connection with the Ras Male' project, the government has provided no information regarding the interest obligations on these debts. Zariyand added that the administration has remained silent on the matter, with no record of them addressing these concerns even when questioned.

Furthermore, Zariyand expressed concerns regarding the 5,000 housing units to be constructed under the project.

He stated that these units are being constructed at costs significantly higher than the standard rates or acceptable benchmarks for public social housing. He further remarked that, given the high expenditure involved, these units essentially amount to "grand palaces."

I strongly urge the Minister of Finance, the Minister of Housing, and particularly the President, to revise their rhetoric to clearly reflect that these 5,000 housing units are being developed specifically to provide social housing for the general public.

Ismail Zariyand

Furthermore, Zariyand stated that the land designated for the construction of these 5,000 housing units consists of plots already leased by HDC to 21 Maldivian companies, with each having paid a minimum of $5 million. He noted that while these areas remain under existing lease agreements, the government’s move to re-lease the land to Eagle Hills for the 5,000-unit project constitutes a significant financial blow to these 21 local businesses.

Zariyand stated that current estimates indicate the compensation for losses incurred by these businesses has already exceeded 400 million Maldivian Rufiyaa.

Zariyand condemned the actions of the President, the Housing Minister, and the Finance Minister, stating that providing misleading information to the public is a violation of their official oaths. He further noted that the two ministers, in particular, had failed to uphold their obligations under Article 130 of the Constitution.