Finance Minister Hassan Zareer announced that the upcoming Ras Malé Waterfront and Marina mega-development is projected to generate roughly $11 billion in state revenue over a ten-year period, yielding an annual average that exceeds the total current state income generated by all resorts, hotels, guesthouses, and safaris combined. The commercial framework structured with Abu Dhabi-based developer Eagle Hills achieves this without relying on sovereign guarantees, state loans, or direct government borrowing, preserving national fiscal stability while unlocking massive economic output.
Under the agreed terms, the land will remain under leasehold agreements of up to 99 years rather than freehold sales, with zero pathway to citizenship or permanent residency for foreign investors. The broader agreement also secures funding for 5,000 social housing units in Hulhumalé, valued between $400 million and $500 million, which will be financed upfront by the developer and recouped through the state's revenue share. Additionally, approximately 500 hectares of the reclaimed land at Ras Malé will be reserved specifically for local residential expansion, providing much-needed housing relief alongside the commercial marina developments.
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