The parliamentary group leader of People’s National Congress, MP Adam Shareef, submitted a motion to the Maldives Parliament today to debate the issue of leasing land in Thilafushi to foreign companies for up to 99 years. However, the motion was blocked by members of the ruling coalition, with 36 Members of Parliament (MPs) voting against it and only 9 voting in favor of the debate.
The motion submitted by MP Shareef stated that the decision to lease the lands to foreign companies for up to 99 years will have a significant negative impact on the Maldivian economy in the future. The Housing Development Corporation (HDC), which is responsible for Thilafushi, recently changed regulations to allow land to be leased to foreign parties for up to 99 years, following a request from the President's Office.
According to sources within HDC, the exact size of the land being acquired is yet to be determined, but it will be a significant area. Indian companies are proposing to develop the land and then sublease it to other parties.