Nasheed: Immediate liquidity from govt assets should take priority over big project like Rasmale’

Main opposition Maldivian Democratic Party (MDP)’s chairperson and former President, Mohamed Nasheed, stated on Monday that generating immediate liquidity through the sale of state-owned assets is currently more important than pursuing the large-scale Rasmalé project.

Earlier today, the Maldivian government signed an agreement with Eagle Hills, a prominent Abu Dhabi-based developer, to undertake a USD 20 billion (approximately MVR 308 billion) waterfront and marina development. The project represents one of the largest proposed foreign investments in the history of the Maldives.

In a social media post addressing the development, Nasheed said that privatization or the sale of state-owned assets could be a viable means of repaying the country's debt. While acknowledging that the development of a waterfront in Ras Malé is a positive initiative, he stressed that it does not address the country's immediate financial difficulties.

Dhaulathuge dharani adhaa kurumah privatise kurun, nuvatha harumudhaa vihkumakee rangalhu kameh. Rasmale’ gai waterfront eh develop kurumakee rangalhu khiyaaleh. Ehenas mi vaguthu Raajje maalee dhathi kamun araigathumaa kudakohves gulhun huri kameh noon. Hurihaa kameh enme…

— Mohamed Nasheed (@MohamedNasheed) September 21, 2026

Nasheed said that even under favorable circumstances, it would take at least two years for the state to derive financial benefits from the project. He therefore argued that priority should instead be given to selling state assets capable of generating immediate cash flow.

During Nasheed's administration, the government privatized Dhiraagu and the Male' Water and Sewerage Company (MWSC) through the sale of state-held shares. Additionally, his administration leased the country's main international airport to GMR in 2010 for a period of 25 years.

The current administration has recently decided to repurchase the government's shares in Dhiraagu and MWSC. Criticizing the decision, Nasheed said that Dhiraagu remains free from government interference because of its privatized status and described the government's move to reacquire the shares as an unnecessary expenditure.