Fayyaz Calls for Publication of Eagle Hills Agreement Before Ras Malé Development Proceeds

Former MDP chairperson Fayyaz Ismail has called on the government to publish the terms of its agreement with UAE-based developer Eagle Hills before proceeding with the proposed Ras Malé development, raising concerns over the legal and economic implications of the arrangement.

In a post on social media, Fayyaz said the government’s refusal to publish the agreement prevents the public from understanding its terms and the long-term implications of the development model.

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The government signed a USD 20 billion commercial agreement with Eagle Hills last week to develop the Maldives Waterfront and Marina project at Ras Malé, a new urban area being developed through reclamation at Fushi Dhiggaru Lagoon.

The agreement’s detailed financing arrangements, construction schedule and the amount of equity capital Eagle Hills will directly commit have not been publicly disclosed.

The government has said the project will generate state revenue through lease-right sales, a 10 per cent share of commercial development sales, a 4 per cent property transaction fee and applicable taxes. It has also said the arrangement does not involve an outright sale of Maldivian land.

Housing Minister Dr Abdulla Muththalib has said Eagle Hills will finance and construct 5,000 three-bedroom homes in Hulhumalé, estimated at USD400–500 million, without a government loan or sovereign guarantee. The government has not publicly detailed the final amount it will pay for the units or the precise payment structure.

Muththalib has also said 500 hectares, or half of Ras Malé, will be reserved for local residential development, while the remainder will be used for commercial and tourism development.

Fayyaz’s comments come amid growing public discussion over the agreement, including questions about its long-term financial and legal implications. Former President Abdulla Yameen has separately challenged the legality of the agreement, while former President Mohamed Nasheed has questioned the long-term implications of leasing and transferring state assets.