Minister urges end to misinformation targeting foreign investors

Minister of Economic Development and Trade Mohamed Saeed has called for an end to what he described as the spread of false information and intimidation targeting foreign investors in the Maldives, amid criticism of the USD 790 million Project Aila development in Noonu Atoll.

Saeed made the remarks in a post on X on Saturday, responding to reports concerning the development planned for the Dhigufaru lagoon, Dhekunu Faru and Kuramaadhoo in Noonu Atoll.

He said political differences should not be used to organise campaigns against investors seeking to establish businesses in the Maldives.

"Stopping the spread of false information and intimidation targeting investors who come to invest in the Maldives is essential for the country's future," Saeed said.

He added that such claims would benefit parties seeking to take advantage of competition in international business.

Saeed urged opposition groups to consider the benefits that investment projects could bring to Maldivians and the opportunities they could create, rather than making allegations against foreign investors.

Project Ayla is the first township development being undertaken in the Maldives under the Special Economic Zones (SEZ) Act.

The project, estimated to cost USD 790 million, or approximately MVR 12 billion, is expected to be completed in 2028.

However, the government has faced criticism from opposition groups and members of the public over provisions associated with the development, including long-term visas of up to 99 years for foreigners and tax concessions offered under the project.

Responding to the criticism, Saeed said the tourism industry continued to evolve and that development in the sector should reflect changing international travel trends.

"Although it may be difficult to accept, tourism is the backbone of the Maldivian economy. Trends in the travel and tourism industry are constantly changing and evolving. That is the reality of tourism," he said.

"This industry cannot be built on hatred, lies and jealousy."

Saeed also maintained that all activities undertaken in the Maldives must comply with national laws and the Constitution.

"The laws of the Maldives will apply in the Maldives. Nothing contrary to the Constitution of the Maldives will be permitted," he said.

He called on critics to examine the facts surrounding investment projects rather than spread what he described as false reports and hostility.

"I urge everyone to stop spreading false news and hatred instead of examining the facts," Saeed said.

The government approved the development of a township in Noonu Atoll in March 2025, while approval for the country's first township project under the SEZ framework was announced in December 2025. Work on the USD 790 million Project Ayla development began in January 2026.

The project has since attracted debate over the terms offered to foreign investors and the implications of long-term residency and tax incentives.