Nasheed Questions Long-term State Asset Arrangements Amid Ras Malé deal

Former President Mohamed Nasheed has raised concerns over the long-term leasing and sale of state assets, drawing comparisons with previous privatisation arrangements as the government moves ahead with a multi-billion-dollar development agreement with Abu Dhabi-based developer Eagle Hills for the Maldives Waterfront and Marina project in Ras Malé.

Nasheed said the sale of state assets and long-term leases could reduce the State’s future ownership and revenue opportunities, pointing to the 2010 lease of Malé International Airport as an example.

Harumudhaa vihkumugai (Asset sales) adhi Sarukaaru hihsaavaa kunfuni thakuge hihsaa vihkaa iruves (privatisation) gai ves kan kan hingaan vaanee dhefuh fenna furihama beelamuge nizaamehgge therein. MDP ge furathama Sarukaaru gai Hulhule’ Airport hingumah bayakaa 25 aharu…

— Mohamed Nasheed (@MohamedNasheed) September 22, 2026

“Asset sales and privatisation including selling shares of state-owned companies are the primary means by which national wealth is depleted,” Nasheed said, referring to the airport lease arrangement involving India-based GMR.

He described the airport lease as an example of what he considers the privatisation of a major national asset, and questioned the long-term financial implications of such arrangements for the State.

His comments come as the Government of Maldives proceeds with the proposed Maldives Waterfront and Marina development in Ras Malé, which is planned as a large-scale tourism, residential and commercial project.

The government has said the project will generate State revenue through lease-right sales, a 10 per cent share of commercial development sales, a 4 per cent fee on property transactions, and applicable taxes.

The government has also said the development does not involve an outright sale of Maldivian land, with the project operating under a long-term lease framework.

Nasheed’s comments add to public discussion over the balance between attracting large-scale foreign investment and retaining long-term State ownership and revenue from national assets.

Hulhulé Airport, now named Velana International Airport, was originally granted to GMR under a 25-year Build-Operate-Transfer  concession in 2010, with the International Finance Corporation serving as lead adviser. The USD 78 million figure cited by Nasheed refers to the initial concession fees paid by GMR to the state.

After the resignation of Nasheed in November 2012, the incoming coalition government voided the concession, declaring the agreement void due to disputes over an unapproved USD 25 Airport Development Charge and political claims that the lease compromised national sovereignty and economic interests. Following the unilateral termination, the Maldivian government paid GMR a USD 271 million arbitration settlement in 2016.