Nasheed: Foreign investments do not threaten independence, they strengthen economy

Former president Mohamed Nasheed has asserted that foreign investments do not compromise a nation’s independence or sovereignty but rather strengthen its economy.

In a post on social media platform X on Sunday, Nasheed stated that among countries with a history of colonial rule, those that achieved development were the ones that directly embraced Foreign Direct Investment (FDI). He emphasized that such investments should not be confined to the extraction of raw materials, but should also facilitate processing and production.

Isthiumaaree alhuvethikan dhuh gaumuthakuge therein tharaqqee kashavaru kurevunee foreign direct investment ah marhaba kee gaumuthakah. E investment akee raw material negun ekani kamah vegenneh nufudhey. E process koh, ufehdhuntheri kamah magufahi vun laazim. Singapore nuvatha South Korea ge minivan kamah nuvatha istiqlaalah foreign direct investment akun asareh nukurey. Eyge badhalugai e gaumuthakuge iqthisoadhu varugadhave, e baarugai isthiqlaal himaayaiy kurumuge fanvaru libi, bainal aqvaamee dhandugai jaaga kashavaruvi.

— Mohamed Nasheed (@MohamedNasheed) November 15, 2026

Citing Singapore and South Korea as examples, he noted that foreign investments had not undermined the independence or sovereignty of these nations. Instead, he explained that their economies had grown stronger, enabling them to protect their sovereignty and secure a prominent position on the international stage.

Nasheed’s remarks come amid concerns voiced by opposition groups over the decision to award the Rasmale’ project to Abu Dhabi-based Eagle Hills, with several groups launching activities against the government. Nasheed has previously expressed his full support for the Ras Malé project.

Several political parties opposing the awarding of the Rasmale’ project to Eagle Hills joined forces under the banner of the "National Movement" to hold a special rally at Artificial Beach on Friday night. The event was attended by former president Abdulla Yameen Abdul Gayoom, senior officials of the PNF, former MDP Chairperson Fayyaz Ismail, MP Mauroof Zakir, former Adhaalath Party President Sheikh Imran Abdulla, and legal counsel Ali Hussain.

Addressing the rally, Yameen alleged that the plan to award the Rasmale’ project to Eagle Hills violates Maldivian laws and regulations. He further warned that if a different administration came to power, the agreement would be terminated and the land reclaimed.

Other speakers at the rally also called for a public referendum before the project is handed over to a foreign company. The movement announced plans to hold a large-scale protest in Malé next month over the issue.

Despite the opposition's protests and grievances concerning the Rasmale’ project, President Dr. Mohamed Muizzu clarified during a press conference on Monday that the government would not hold a referendum on the Eagle Hills project in Ras Malé.

The Maldivian government signed a USD 20 billion agreement with Abu Dhabi-based Eagle Hills, in the UAE, to develop and operate a modern waterfront marina and real estate properties in Ras Malé. The agreement was signed in Abu Dhabi on September 21.

Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib signed the agreement on behalf of the Maldivian government, while Eagle Hills Chairman Mohamed Alabbar signed on behalf of the company.