Parliament representative for Baarah constituency Ahmed Abdullah submitted bidding documents to acquire an island for the construction of a resort. Recently, the government announced the leasing of islands for resort development and Ocean Gems Pvt Ltd, where MP Ahmed Abdullah's Two A Company Pvt Ltd has shares, submitted bidding documents.
Ocean Gems placed a USD 1,100,000 (MVR 16.9 million) bid for Kan'dahalagala, Gaaf Dhaal Atoll. The company board also comprises two relatives of the Managing Director of Fenaka Corporation Ahmed Saeed.
Brothers Luhan Saeed and Lushan Saeed of the company board are related to Fenaka MD Ahmed Saeed. The company was registered on November 18, 2020.
On June 23 this year, the company's shares were allotted to four other companies, adding four other companies to the board along with Lushan and Luhan.
The four companies are Well Trading Pvt Ltd, Pioneer Maldives Pvt Ltd, Two A Company Pvt Ltd, and Donbez Pvt Ltd. Ahmed Abdulla and his wife have shares in Two A Company. Parliament representative for Fuvahmulah-North constituency Mohamed Rasheed (Dhonbe) and his wife has shares in Donbez.
Additionally, Fenaka MD Ahmed Saeed's younger brother Ibrahim Mohamed Saeed has shares in Pioneer Maldives Pvt Ltd. Well Trading Pvt Ltd is affiliated with Wellman Maldives, a company awarded several development projects by the government. Owner of Wellman Ibrahim Saleem and one of the owners of Well Trading, Ahmed Shahid, are former business partners.
Currently, businesses in the Maldives are facing losses and difficulties in obtaining investments. Due to this, major companies have steered clear of the recent leasing announcement.