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Former Economic Minister and one of the announced MDP Presidential Primary candidate Fayyaz Ismail - Photo: MDP

MALE : Former Economic Minister Fayyaz Ismail has raised serious concerns over the government’s multi-billion dollar Ras Malé development agreement with UAE-based developer Eagle Hills, describing it as a poorly negotiated deal that surrenders land rights without securing direct state revenue.

Fayyaz also previously served as Chairperson of the main opposition Maldivian Democratic Party (MDP) and has declared his candidacy for the party’s upcoming presidential primary.

In a formal public statement issued today, Fayyaz pointed out that the commercial and legal terms established for the 500-hectare project do not benefit the nation. He noted that while other countries secured significant equity stakes in similar projects with the developer, the Maldives accepted a 10 percent revenue share with no defined base or guaranteed cash flow.

“The USD 20 billion claimed in the Muizzu administration’s press release is a development scale across all phases, not a contractual obligation. We have not been shown how much equity Eagle Hills is bound to invest, over what period, against what milestones, or what performance guarantees apply if it does not deliver,” Fayyaz emphasized.

He further warned that 99-year leasehold terms allowing perpetual renewals upon property transfers functionally give away land ownership over the long term. Indefinite land leases risk granting effective freeholds without necessary parliamentary oversight or public consultation.

To ensure transparency and protect national interests, he presented five specific demands to the government:

• Full Text Disclosure: The complete agreement signed between the state and Eagle Hills must be made public immediately.

• Legal and Residency Status: The government must clarify if terms lead to eventual freeholds, residency rights, or citizenship options.

• Independent Valuation: A recognized international firm must be commissioned to conduct and publish a formal valuation of the 500 hectares.

• Explanation of Participation Terms: The administration must explain why a weaker financial share was accepted compared to other host nations.

• Legislative Transparency: No enabling laws or legislative amendments should be submitted to Parliament without complete public disclosure of the deal.