Saudi King to “bestow aid” in his visit

The most persistent rumor following reports of Saudi Arabian King, Salman bin Abdulaziz Al Saud’s imminent visit to Maldives has been that the Saudi Arabian government planned on “purchasing” F. Atoll. No official comment regarding the allegation has been forthcoming from the Saudi embassy or President’s Office.

A source from inside the embassy who spoke to “Sun” said that the agenda for King Salman’s visit was to bestow aid to Maldives.

“The stories [of Saudi government purchasing F. Atoll] is false. We don’t know anything from our side,” said the official.

Meanwhile, Spokesperson for President’s Office, Ibrahim Muaz only commented that the

Maldivian government would not do anything unlawful.

The amendment to Land Act gives foreigners who invest a minimum of USD 1 billion in Maldives right to ownership of land. But the opportunity stands only for investment projects approved via a law passed by People’s Majlis.

An expert in economics who works in a senior position within the Maldivian government said it was unlikely the Saudi government will be purchasing land in Maldives, and more likely it will be making an investment.

Special Economic Zones Act states that the longest period of investment in Maldives is 99 years, but the investment needs to be worth minimum USD 100 million.

During the function to celebrate opening a harbor in F. Magoodhoo last January, President Yameen announced that the Saudi government had expressed interest in running a huge business project in F. Atoll.

He described the business venture as a “town ship” of a variety of businesses, and said such a venture existed in just two or three places in the world.

King Salman’s visit to Maldives is part official and part leisure.

An advanced team of Saudi officials have already arrived in Maldives, but it is uncertain exactly when King Salman will be arriving.