MDP moves emergency motion demanding full disclosure of Rasmale’ agreement

The opposition MDP parliamentary group on Monday moved an emergency motion in Parliament demanding disclosure of the details of the government’s agreement with UAE-based Eagle Hills for the Rasmale’ development project.

The matter was moved by MDP MP Meekail Ahmed Naseem in the session that began on Monday after a six-month recess.

In his complaint, Meekail alleged that the September 21 agreement could cause serious damage to state finances and facilitate corruption. He said that after the land was reclaimed using public funds, the expenditure would be irrecoverable, and more than 500 hectares were granted to Eagle Hills for 99 years without acquisition cost or land rent.

He added that the company has been given the right to create rolling third-party interests by leasing the land further.

Moving the emergency motion, Meekail said Rasmale’ is a major capital for the country’s future development, but there are many concerns about the way the project is being carried out.

“Keeping the contract for such a major project secret could cause enormous damage to state property and finances and lead to corruption,” Meekail said.

Under the agreement, the government receives 10 percent of revenue from the sale of commercial properties and four percent from the sale of apartments.

Housing Minister Dr Abdulla Muthalib has said the state will earn USD 3 billion (MVR 46 billion) within 10 years from the sale of buildings, an amount lower than last year’s budget.

In addition, if a foreigner who buys an apartment in Rasmale’ sells the property during the 99-year lease period or transfers it, a new 99-year lease period will begin.

Although the Constitution allows foreigners to be granted a term of up to 99 years, there is no specific law governing such allocations. The Tourism Act allows a maximum of 50 years, while the Special Economic Zone (SEZ) Act allows up to 66 years.