Monday 22nd Jul 2024
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MP Mohamed Rasheed

Fuvahmulah MP Mohamed Rasheed to Acquire 3 Islands for Resort Construction

Parliament representative for Fuvahmulah-North constituency Mohamed Rasheed (Dhonbe) has placed bids to acquire three islands for the construction of resorts.
Recently, the Ministry of Tourism announced the sale of islands for the construction of resorts, and two companies where MP Rasheed is a shareholder are included in the list of companies that have placed bids. The two companies are bidding for a total of three islands.
BeachX Pvt Ltd presented bidding documents for two islands, one of which is Veli Finolhu, Haa Alifu Atoll. The company bid a total of USD 625,000 (MVR 9.6 million) for the island. Parliament representative for Kinbidhoo constituency Mohamed Nashiz also submitted a bid of USD 610,000 (MVR 9.4 million) for the same island.
The company also submitted bidding documents for Seedheehuraa, Meemu Atoll, and Seedheehuraa Veligan'du, for USD 1,275,050 (MVR 19.6 million).
Additionally, Mohamed Rasheed has shares at Ocean Gems Pvt Limited, where the younger sibling and other relatives of Managing Director of Fenaka Mohamed Saeed are also shareholders. Ocean Gems presented a bid of USD 1,100,000 (MVR 16.9 million) for Kan'dahalagala, Gaaf Dhaal Atoll.
Stakeholders of Ocean Gems include companies partly owned by the parliament representative for Baarah constituency, and the younger sibling of Fenaka MD Saeed.
While two companies where MP Dhonbe is a shareholder submitted bidding documents for three islands, a source informed Dhiyares that a company partly owned by Dhonbe is attempting to acquire Rihiveli Resort in Male' Atoll. The source revealed that the transaction was between USD 30 to 40 million.
The government has awarded MP Mohamed Rasheed's Donbez Pvt Ltd several development projects, including a 105-unit hosting project in Kulhudhuffushi awarded in April 2021.