Mohammed Alabbar has refused to give a clear answer when asked by a journalist whether the Maldives government was giving Rasmale' to his Eagle Hills company in perpetuity.
When Alabbar gave an interview to some media outlets at Feydhoo Finolhu resort last Thursday, one of the questions he faced was whether a new 99-year lease period would start when the buyers of Rasmale' properties carry out a transaction.
Alabbar did not answer the question directly and said he would abide by the laws of the country. He also did not disclose the contents of the commercial terms agreement signed in September.
"We operate in about twenty countries. We have to comply with the laws of each of these countries. We have to obey everything written in the law. If the law says [the maximum lease term] is 99 years, the lease [agreement] should be accordingly," he said.
But he added that laws and regulations can change.
"Even if the rules change, we will always abide by them. Even if the laws change, we will continue to follow the law," he said.
The government is giving Rasmale' without charging a land acquisition fee or land rent. In return, the government receives a 10 percent fee from the first sale of the property and a four percent fee from the buyer. Every time ownership is transferred, there will be a fee of four percent.
