Yameen says opposition to Eagle Hills project will not affect other investments in Maldives

Former President Abdulla Yameen has vowed to obstruct the Maldives Waterfront and Marina project planned by UAE-based Eagle Hills in Ras Malé, dismissing concerns that opposition to the development could undermine foreign investment in the Maldives.

Speaking at a town hall meeting organised by his People's National Front (PNF) on Thursday evening, Yameen criticised the government's agreement with Eagle Hills and rejected warnings that efforts to obstruct the project could affect other foreign investors operating in the country.

His remarks followed comments by former President and opposition Maldivian Democratic Party (MDP) President Mohamed Nasheed, who warned on Wednesday that targeting Eagle Hills chairman Mohamed Alabbar could damage investor confidence and adversely affect existing investments in the Maldives.

Responding to Nasheed, Yameen accused the former president of inconsistency, referring to the agreement signed during Nasheed's administration with India's GMR Group to develop and operate Velana International Airport (VIA).

Yameen said the airport had been one of the government's most profitable assets before its operations were handed over to GMR.

"That airport company was generating substantial profits for the government. It was an investment belonging to the Maldivian state. After selling that investment to GMR, are these the people who should now be telling us that opposing the Ras Malé project or obstructing those involved would harm investment in the Maldives?" Yameen said.

He maintained that opposition to the Eagle Hills development would not cause existing investors to withdraw from the country.

"We will obstruct it. By obstructing Alabbar and the activities planned in Ras Malé, not a single investor in the Maldives will leave," he said.

Yameen argued that any withdrawal of investors would instead be attributable to what he described as the government's misguided economic policies.

He specifically criticised the requirement for businesses to exchange 40 per cent of their foreign currency earnings, saying the policy had created difficulties for investors.

Yameen also addressed the government's claims that Eagle Hills would deliver 5,000 housing units in Hulhumalé as part of its initial commitment to the Ras Malé project.

He said his administration would be capable of constructing the same number of housing units without relying on the developer.

Reiterating his earlier allegations that the project could facilitate Israeli settlement in the Maldives, Yameen argued that the country's housing needs could be met without proceeding with the development.

Referring to the Hiyaa housing project initiated during his presidency in Hulhumalé Phase II, Yameen said the housing towers demonstrated the Maldives' ability to undertake large-scale housing developments.

"We have already built those towers before," he said, adding that the project had been undertaken using Maldivian resources and capabilities.

Yameen also responded to comments made on social media by Mohamed Latheef, the chief imam of the Islamic Centre and a relative of President Dr Mohamed Muizzu.

Latheef had criticised opposition to the Eagle Hills project on the grounds that it would deliver 5,000 housing units.

"We will not allow the sovereignty, independence, religion and social fabric of Maldivians to be destroyed in the name of 5,000 housing units," Yameen said.

He maintained that the potential economic benefits of the project were not grounds for negotiation or compromise.

"We are absolutely opposed to this," he said.

The Maldives Waterfront and Marina project, proposed by Eagle Hills in Ras Malé, has faced criticism from Yameen and other opposition figures, who allege that it could allow Israeli nationals to acquire property and establish a presence in the Maldives.

President Muizzu and Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib have rejected the allegations.

Muizzu has said Israeli nationals would not be permitted to benefit from the project and that legislation would prohibit them from acquiring investments or property within the development.

Muththalib has also stated that Israeli citizens and Israeli-controlled companies or entities would be prohibited from participating in the project as property purchasers, beneficial owners, shareholders, financiers or sales agents.