MP Ahmed Siyam Mohamed has again asked the government for a sovereign guarantee to secure a Chinese bank loan for a luxury resort called Emerald Lagoon, estimated at US$165 million with over 1,500 rooms. The Ministry of Finance has not yet confirmed receipt of the request, which follows earlier state-backed loans to Siyam in 2017 and 2018.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Siyam, who serves as the Chairman and Managing Director of Emerald Resorts Private Limited, officially resubmitted his request in a letter addressed to President Dr Mohamed Muizzu on 7 April.
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The proposed development, known as Emerald Lagoon, is expected to feature over 1,500 rooms and is estimated to cost around US$165 million.
Word for word from the report in Maldives Republic. Open the report
The proposed development, known as Emerald Lagoon, is expected to feature over 1,500 rooms and is estimated to cost around US$165 million.
Word for word from the report in Maldives Republic. Open the report
Furthermore, in 2017, Siyam's company obtained a US$127 million loan, backed by a sovereign guarantee, to develop another resort named Siyam World in Noonu Dhigurah, which has since commenced operations.
Word for word from the report in Maldives Republic. Open the report
Siyam, who was recently re-elected to his fourth consecutive term in the Meedhoo constituency, has shown substantial political leverage by supporting President Muizzu in the second round of the presidential election
Word for word from the report in Maldives Republic. Open the report
