No Rasmalé Land to Be Sold to Foreign Firms: Minister

Finance Minister and Special Advisor to the President on Government Corporations Hassan Zareer has assured that no land in Rasmalé will be sold to foreign companies under freehold ownership, stating that the US$20 billion Maldives Waterfront and Marina project will be implemented within the country’s legal framework.

Speaking on PSM’s Raajje Miadhu programme, Minister Zareer dismissed claims circulating on social media that land from the Rasmalé development was being sold to Abu Dhabi-based developer Eagle Hills in return for its investment.

The Minister described the allegations as baseless and reiterated that no portion of Maldivian territory will be transferred to a foreign entity through the project.

The government signed a Commercial Terms Agreement with Eagle Hills on September 21 for the development of the Maldives Waterfront and Marina in the Rasmalé area. The project represents a proposed US$20 billion investment, making it the largest single foreign direct investment announced in the Maldives to date.

Addressing concerns surrounding the agreement, Zareer said the investment does not include provisions granting Eagle Hills ownership of Maldivian land.

He said the project is being implemented in accordance with existing laws and procedures governing foreign investment in the Maldives, with properties to be provided under leasehold arrangements rather than transferred through freehold ownership.

The Minister compared the arrangement to the existing system under which islands are leased for major tourism developments for periods of up to 99 years. Under such arrangements, he said, the underlying ownership of the land remains with the Maldivian state and people.

Zareer further emphasized that protecting the sovereignty and independence of the Maldives remains a central policy of President Dr Mohamed Muizzu, reiterating the President’s position that Maldivian territory will not be sold to foreign parties.

He said international companies investing in the country are required to operate within Maldivian laws and respect the country’s sovereignty.

The Maldives Waterfront and Marina is planned as a major integrated development in the Rasmalé area, incorporating waterfront and marina facilities as part of a wider effort to expand economic activity and develop new urban and commercial opportunities.

The government has described the Eagle Hills investment as a major opportunity to transform the Maldivian economy through large-scale development and international investment.

According to Zareer, the project is expected to generate new revenue for the state through both direct and indirect economic activity, while creating employment and business opportunities.

He said the benefits of the development would ultimately extend to Maldivian youth and the wider public.

The Minister’s comments come amid public discussion over the scale of the Eagle Hills investment and the terms under which land and properties connected to the Rasmalé project will be developed. His clarification maintains that the project will proceed through leasehold arrangements under Maldivian law, rather than the sale of Maldivian territory to a foreign company.