A real estate bill is expected to be submitted to Parliament on 5 Nov to enable the 99-year sale of the publicly reclaimed Fushidhiggaru lagoon (Rasmalé) to Mohamed Alabbar's Eagle Hills, after a Commercial Terms Agreement was signed on September 21 in Dubai despite existing law not permitting it.
One outlet so far Only Adhadhu (English) has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Despite the lack of legal authorisation, a Commercial Terms Agreement to hand over Ras Malé was signed on September 21. The signing of the Commercial Terms Agreement took place in Dubai, UAE.
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Adhadhu has learned that a real estate bill is set to be introduced to Parliament today, aimed at facilitating the sale of Fushidhiggaru lagoon—reclaimed using public funds—to Mohamed Alabbar of the UAE for a period of 99 years.
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Mohamed Muizzu · That not a single grain of sand from Rasmalé would be leased or given for free to any foreign party, even for a single day
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While the government maintains that Rasmalé is being leased for 99 years
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if the property is sold before the initial 99-year lease expires, a new 99-year lease term will commence, effectively extending the tenure indefinitely.
Word for word from the report in Adhadhu (English). Open the report
