Business Politics

Confusion reigns over Faafy Atoll “sale” Saudi King postponing Maldives Visit …………….News item

Dr Sarath Obeyskera

WE NEED TO LEARN  LESSONS ……………

Saudi Faafu Atoll Project: A City For 1 Million Dreamers

Few days back we reported that Saudi King Salman was set to visit Maldives within weeks and he wants to buy a Maldives atoll. The news seems to have sparked concern among the locals, especially the people living in Faafu Atoll. So, we decided to share some insight into the project.

The president of Maldives himself shed some light on the project in various occasions but many of the things we are revealing were never confirmed by Maldives government or Saudi authorities. We received this information from credible sources who did not want to be mentioned.

 

Saudi government is interested in buying Faafu Atoll as a Special Economic Zone which allows the ownership of islands for up to 99 years. Ownership beyond this period means a minimum of 51% of its shares must be retained by Maldivian citizens as per the bill of Special Economic Zone. Negotiation on the project has been going on between the two governments for over an year. We believe the deal is now at its final stage.

Saudi plans for Faafu Atoll is to build a world class city for the rich and extravagant class of people from around the world. It would be an international city for a population of 1 million and it will have state-of-the-art facilities in every aspect. Some of the world’s top universities will have their campuses in the Maldives to deliver best education. Medial facilities, leisure arrangements, shops and restaurants will require skilled workers to deliver finest in service.

Full details are available from the link below:

Source URL: Bing News :

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