The mega project planned for Faafu Atoll is pricey mixed development project President Abdullah Yameen Abdul Gayoom said on Wednesday, adding that the Government will release the details when it is appropriate to do so.

The President ended the speculation over the proposed sale of Faafu Atoll to the Saudi royal family on Wednesday in a ceremony held to hand over membership forms of new recruits to ruling Progressive Party of the Maldives. President Yameen said that the proposed development amounts to US$ 10 billion (MVR 154.2 billion).

“What’s happening in Faafu Atoll is not an unbelievable feat. If the results of this experiment in Faafu Atoll is a successful one, it will be one that marks Maldives on the global chart. This will bring in projects worth several billion dollars. If I remember correctly in our negotiations, one estimate was around 10 thousand million or 10 billion. This project is worth 10 thousand million,” President said.

He said there was no need to panic over lack of information on the Faafu Atoll project, adding that the Government will release information when it was appropriate to do so.

“This project, if we are to look at the Mediterranean nations, is like the mixed development of the French Riviera. It will feature international level water sports, mixed development, residential high class development, several tourist resorts, several airports and similar ventures. No one has to be concerned over information regarding the projects, especially senior statesmen. The details will be revealed when the negotiations are complete,” he said.

President Yameen said with this project unprecedented levels of development will be brought into Faafu Atoll, which will benefit not only that Atoll. He added that this will become the model for future developments in other Atolls and criticized the opponents of the proposed sale.

“No one has to panic over the Faafu atoll project or because this is happening in the Maldives. If [you are] panicking I will advise [you] to hoard Digene bottles. This will solve the issue. We want to carry out this project. But if we are to inconvenience major investors like this, I will say that we’re ungrateful, we don’t know how to be thankful,” the President said.

This is the most the Government had offered regarding the sale of Faafu Atoll since the rumors began.

The opposition had called on the Government to release details on the project and to halt the sale of the Atoll to Saudi royal family.

The Saudi monarch is currently on a 31-day tour of Asia and is expected to sign the agreements on the sale on his holiday to the Maldives.