The USD 8.8 billion investment pledged by a company owned by Sheikh Nayef bin Eid al-Thani, a member of the Qatari royal family, in the Maldives International Financial Centre (MIFC) is shrouded in suspicions and doubts, Hulhumale' South MP Ahmed Shameeh has said.
MBS Global Investments decided to invest in the financial centre to be built in Hulhumale'. In a joint statement, the government and the company said a financial free zone or a large financial hub aimed at international financial institutions will be built under the investment.
The USD 8.8 billion pledged by MBS Global Investments is an amount equivalent to three years of the government budget.
Responding to remarks praising the project by the ruling People's National Congress (PNC) parliamentary group leader Ibrahim Falah on Monday, Shamheed, who is also a member of the Parliament's Public Accounts Committee, questioned the validity of the project.
He said the company belonging to a Qatari royal is registered in Dubai instead of registering in Qatar. The company also has an office in Malaysia, he added.
Shameeh said he could not find Sheikh Nayef bin Eid al-Thani's name or any projects carried out by the company, despite digging through Wikipedia.
"I have searched through the entire internet and could not find anything they [MBS Global Investments] did, anything they had achieved in the past," Shamheed said.
He said many such reasons have made this "a project shrouded in suspicion and doubts."
Shamheed said the Maldives needs big investments, but investors cannot be found by making agreements with pointless companies and holding extravagant ceremonies.
If such investments are sought, the people should be informed without misleading them, he said.
