Faisal calls presidential statement a political smokescreen, says 10‑resort plan cannot fund dollar payouts

Former Vice President Faisal Naseem has sharply criticized the government, describing this year’s presidential statement as a “political smokescreen” lacking substance.

In a post on Facebook, Faisal argued that with the Maldives’ population now estimated at over 500,000, there is “no possible way” to distribute USD 400 per person through profits generated from 10 government‑developed resorts, as pledged by President Dr. Mohamed Muizzu.

Faisal said a 150‑room five‑star resort near Male' would cost around USD 80 million at current market rates. Building 10 such resorts, he said, would require USD 800 million, and he questioned how the government could raise such an amount “when it cannot even secure financing for social housing.”

He added that even if a resort sold rooms at USD 500 with 65 percent occupancy, annual revenue would only reach USD 17–20 million, from which taxes, salaries, loan repayments and operating costs must be deducted. According to him, it would take years to repay loans, and past attempts by the state to intervene in the tourism industry have resulted in “heavy losses.”

Faisal also questioned the status of several projects promised by President Muizzu, including the underwater glass tunnel, Addu Bridge, bunkering services, development bank, and the international airports pledged for GA. Villingili and GDh. Thinadhoo.

“If you say whatever you want in a presidential statement without checking facts, you lose the confidence of the people, and they stop paying attention to anything a leader says,” he wrote.

He said the government should instead focus on reducing wasteful expenditure, stopping the expansion of political jobs, improving the economy, and increasing national self‑sufficiency. A presidential statement, he said, should offer hope and outline real policies.

President Muizzu, in his presidential statement on Thursday, pledged that the government would develop at least 10 resorts within the next three years, make every Maldivian a shareholder, and begin depositing foreign currency into citizens’ accounts.

Former tourism minister Dr. Abdulla Mausoom also criticized the pledge, saying the government has not been able to run a profitable state‑owned tourism company and warning that state entry into resort development could “ruin” the industry.