State Projects Rasmalé Development Will Generate Over $1 Billion Annually

Finance Minister Hassan Zareer announced that the Rasmalé Waterfront and Marina project is projected to yield approximately $1.1 billion in annual state revenue over its 10-year execution. The projection comes amid ongoing parliamentary debates, where opposition leaders continue calling for increased transparency regarding land lease structures and foreign developer concessions. Attorney General Ahmed Usham defended the administration’s handling of the land allocations, confirming that all environmental, land leasing, and contractual frameworks fully comply with national laws. Meanwhile, opposition figures continue calling for complete parliamentary transparency regarding the financial arrangements. The controversy centers on the agreement involving foreign developer Eagle Hills for the Rasmalé eco-city waterfront and marina. Opposition MPs argue that granting long-term 99-year land leases with potential auto-renewal clauses amounts to de facto foreign land ownership. Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib defended the agreement, stating that foreign investors will only own specific built units while the underlying land remains under Maldivian state ownership. President Mohamed Muizzu reiterated that no land is being granted as freehold or with sovereign guarantees, keeping the arrangement within constitutional limits. The government expects the mega reclamation project to serve as a major long-term driver for national economic growth and housing solutions.