President: F. Atoll not being “sold”, it’s a USD 10 bn project

President Abdulla Yameen Abdul Gayoom has addressed concern by the opposition over the project in F. Atoll under discussion by Saudi Arabian government.

In a function held to at Stelco this Wednesday afternoon to mark a boost in Progressive Party of Maldives membership, President Yameen said there was no reason to question the project, and that “no place is being sold”.

In his speech, President Yameen said no investor would be willing to invest USD 10 billion if it was unhappy with the legal environment of the country, which, he said, made special legal inducements necessary.

The comment was in reference to the amendment to Land Act which allows foreigners to own land in Maldives.

President Yameen said it was legislation needed to prepare the legal framework for Special Economic Zones.

“There is absolutely no room for question regarding the project coming F. Atoll’s way,” he said.

He said that lack of land was no reason for concern, and that the country should instead focus on creating land and utilizing the use of land.

President Yameen said the transformation coming F. Atoll’s way was nothing unacceptable, and that it was a major project which will provide Maldives with global recognition.

“The project in F. Atoll is… If you look at the Mediterranean islands… something like the project in French Riviera,” said President Yameen.

The President said multiple watersports centers, airports and resorts will be built in F. Atoll as part of the project.

“No one needs to be concerned about not receiving details of the project. It will be revealed once the negotiations are complete,” he said.

He said the project will bring an unprecedented level of development to F. Atoll.

He also said that the country couldn’t remain timid if it wanted major projects to come its way.

President Yameen said foreign investors will be provided opportunities within the legal boundaries of the country. And that any project which challenged the sovereignty or religious unity of the country would not be allowed.

He said that the project in F. Atoll would revolutionize the Maldivian tourism industry, and jested that anyone unhappy about it should start stockpiling digene syrup bottles for indigestion.

The function held this Wednesday marked 600 new membership applications to PPM.