President Abdullah Yameen Abdul Qayyoom has stated that even though foreign parties with investments of US$ 1 billion will be allowed to own land, such investments and ownership will be subject to the full rule of law.
Speaking to members of press after ratifying the second amendment to the Constitution, President Yameen said that the ratification of the amendment should not be seen as contravening Islam and the Constitution. He assured that the Government will always protect the religion and laws of the nation.
He added that there were many confusions and concerns of the public as this was a completely new aspect to the nation. However, he assured that the amendment would only usher in positive changes to the nations and the economy.
President Yameen added that such mega projects will raise the profile of the area and increase investor prospects and subsequent rights.
He added that such projects will only go forth after due process and scrutiny and stressed that this was not the sale of the nation. President Yameen rapid development of the nation would not be possible unless such projects with such incentives were introduced.
He cited the tourism sector as an example, citing that the lease periods for resorts were initially seven years. This had expanded to 50 years, with some properties on lease for 99 years, President Yameen said. He added that the average investments for the resorts were between US 15 to 200 million. The President stated that the amendment was focused on bringing investments over US$ 1 billion.
President Yameen stressed that land ownership will not extend for civilian housing purposes. He stated that land would be given out for economic projects and that the only settlers there will be the workers.
Land ownership will be subject to full rule of law: President
