Nasheed made the remarks in a post on social media platform X following the government’s signing of a commercial terms agreement with Abu Dhabi-based developer Eagle Hills for the proposed development of a waterfront and marina in Ras Malé.

“Privatisation or selling state assets to pay off national debt is a good move. Developing a waterfront in Ras Malé is also a good idea. However, it has no relevance whatsoever to helping the Maldives overcome its current financial difficulties. Even if everything goes smoothly, it will take at least two years for the state to receive any return from it. What is crucial right now is selling state assets in a way that generates immediate funds.” he said.

The government and Eagle Hills signed the agreement yesterday for the proposed Maldives Waterfront and Marina, an integrated tourism, residential, and commercial development in Ras Malé. The project is envisioned at around $20 billion across multiple phases.

The development is planned to include hotels and resorts, premium and branded residences, a marina, waterfront promenades, restaurants, retail outlets, and leisure and wellness facilities. Eagle Hills and the government have also said the project could generate more than 54,000 direct and indirect jobs.