MDP won't oppose Eagle Hills project if awarded through open tender, says Ameer

The opposition Maldivian Democratic Party (MDP) would not oppose the proposed Eagle Hills development in Ras Malé if the project were awarded through an open tender and the government received fair compensation for the land, former Finance Minister Ibrahim Ameer said on Wednesday evening.

Speaking at an MDP rally, Ameer said the party supported foreign investment in the Maldives but opposed the government's approach to allocating reclaimed land to UAE-based developer Eagle Hills.

The proposed development has drawn criticism over the government's decision to allocate approximately 500 hectares of land in Ras Malé to the company without receiving an advance payment.

Opposition figures and members of the public have called for the agreement to be disclosed and for public consultation on the allocation of land to a foreign developer.

Ameer, who serves as chairman of the MDP's Economic Committee and Director General of its Project Office, said the party had no objection to investors developing projects within the limits permitted by Maldivian law.

He argued, however, that the government was pursuing the agreement without sufficient transparency and was seeking to amend laws after negotiating the arrangement.

"The problem is that agreements are being prepared in violation of the law, without disclosing anything to the public, and then attempts are being made to change the laws," he said.

Ameer accused the government of creating the controversy surrounding the project and claimed its handling of the agreement could undermine the proposed investment.

He said the MDP would support the development if the government disclosed the terms, complied with existing laws and awarded the project through an open tender, as he said former President Mohamed Nasheed's administration had done with the Greater Malé Region development.

"If this project were carried out through an open tender process, in accordance with the law, with the details explained to the public from the beginning, the people of the Maldives, and particularly the MDP, would have no reason to stop it," he said.

Ameer said the government should consider the interests of future generations when deciding how to allocate reclaimed land.

He claimed that approximately USD 1 billion in public funds had been spent reclaiming 1,000 hectares of land and questioned the proposed allocation of 550 hectares without adequate compensation.

According to Ameer, the government should require Eagle Hills or any other developer to pay the full value of the land and an appropriate return for the use of the country's resources.

He compared the proposed land allocation with residential land prices in Malé and Hulhumalé, estimating an average price of approximately MVR 10,000 per square foot.

Ameer argued that the value of 550 hectares should be considerably higher when assessed for a development of this scale.

He estimated the land's value at approximately USD 38 billion and said the government should secure at least USD 10 billion to USD 15 billion as compensation for the use of the land.

These figures were presented as Ameer's estimates, rather than valuations independently established for the proposed development.

He said the MDP would not oppose investment by Eagle Hills or another foreign company, provided the Maldives received an appropriate financial return.

Ameer said the MDP's concerns centred on the terms of the agreement and the government's handling of the project, rather than opposition to foreign direct investment.

He claimed the government was attempting to proceed with the development without adequately informing the public about its financial and legal implications.

Ameer also accused the administration of prioritising its political survival over the country's long-term interests.

He argued that the government would face widespread criticism if a similar agreement were pursued by an MDP administration.

"If this were being done by an MDP government, the PNC, which is in power today, would be protesting across the country," he said.

Ameer said Maldivians were concerned about the proposed arrangement and that the opposition would continue to raise questions about the project's terms.

"We are not trying to stop foreign direct investment in the Maldives. We oppose proceeding with this project in this manner. That has always been the MDP's position," he said.

Responding to the government's description of the development as an investment of an unprecedented scale, Ameer argued that the size of an investment alone did not justify transferring control of national resources without adequate compensation.

He said the government should not pursue investment agreements at the expense of the country's long-term interests, regardless of the amount of capital offered.