Adhadhu has learned that a real estate bill is set to be introduced to Parliament today, aimed at facilitating the sale of Fushidhiggaru lagoon—reclaimed using public funds—to Mohamed Alabbar of the UAE for a period of 99 years. Alabbar is noted for his business ties to Israel and Zionist interests.
Two reliable sources have confirmed that the real estate bill will be submitted to Parliament either today or sometime tonight.
The creation of a new law is required to hand over Fushidhiggaru lagoon, also known as Rasmalé, to Alabbar’s Eagle Hills because existing Maldivian legislation does not permit such a transaction. Despite the lack of legal authorisation, a Commercial Terms Agreement to hand over Ras Malé was signed on September 21.
The signing of the Commercial Terms Agreement took place in Dubai, UAE. Housing Minister Abdulla Muththalib signed on behalf of the Maldives, while Alabbar signed on behalf of Eagle Hills.
While the government maintains that Rasmalé is being leased for 99 years, Alabbar’s Eagle Hills has stated that if the property is sold before the initial 99-year lease expires, a new 99-year lease term will commence, effectively extending the tenure indefinitely.
Efforts are now underway to sign the definitive permanent agreement for the project before November 17.
The government’s deal to sell Rasmalé comes despite a previous pledge by President Mohamed Muizzu, who had vowed that not a single grain of sand from the site would be leased or given to foreigners, even for a single day.
