MDP to Venture into Real Estate for Financial Independence, Says Fayyaz

The Maldivian Democratic Party (MDP) is set to explore real estate ventures as part of its efforts to secure financial independence, according to party Chairperson Fayyaz Ismail. 

Speaking at the inauguration of the party’s congress last evening, Fayyaz highlighted the need for substantial funding to sustain the party’s political activities, noting that despite being 19 years old, the MDP has yet to achieve financial autonomy.

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Fayyaz pointed out that the Political Parties Act allows political entities to engage in business activities, although the law does not specify clear mechanisms for doing so. He confirmed that there are no legal barriers preventing the MDP from registering a company under its name, adding that a formal request has already been submitted to the state to initiate the registration process.

“We are planning to venture into real estate soon, which we can pursue once we secure business registration,” Fayyaz said during his address.

In addition to the real estate initiative, Fayyaz announced plans to establish an academy aimed at training individuals to become skilled politicians. This initiative is part of the MDP’s broader strategic roadmap. He expressed hope that the necessary permits would be granted by relevant authorities to ensure the academy operates independently.

However, he acknowledged some uncertainty surrounding potential challenges to operating an independent academic institution under a political party. Should the government deny the necessary permissions, Fayyaz suggested the academy could be registered under the names of congress members.

During the congress inauguration, Fayyaz also revealed plans to establish a “think tank” aimed at providing academic support and advice to enhance the party’s long-term sustainability. The think tank, envisioned in the party’s general regulations, would conduct research and engage in dialogue with MDP leadership based on its findings.

Fayyaz mentioned that the party had already approached the relevant minister for guidance on how to proceed with establishing the think tank, stating that the minister had sought legal advice from the Attorney General.

The MDP has been implementing significant changes to its framework and regulations to improve the party’s overall functioning and ensure it is better positioned to meet future challenges.