Former Minister Urges Transparency on Ras Malé Deal and State’s Financial Returns 

Former Foreign Minister Abdulla Khaleel has urged the government to address public concerns over the Ras Malé project, seeking clarification on the cost of reclamation, the value of the land, the state’s expected financial returns and the terms of its 99-year lease.

In a post on X, Khaleel acknowledged the importance of large-scale foreign investment for rapid development but stressed that projects must be implemented transparently and in line with the wishes of the Maldivian people to prevent corruption and malpractice.

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ރާއްޖެއަށް ބޮޑެތި އިންވެސްޓްމަންޓްތައް ނުގެނެސް ތަރައްޤިގެ ދުވެލީގައި ރާއްޖެ ކުރިއަރައި ދިއުމަކީ ނާދިރުކަމެއް. އެފަދަ ޕްރޮޖެކްޓްތައް، ރާއްޖޭގެ ރައްޔިތުން އެދޭ ގޮތަށް، ހާމަކަން ބޮޑު ގޮތެއްގައި ތަންފީޒު ވުމަކީ ކޮރަޕްޝަނާއި ފަސާދައިން ދުރުވެ، ޕްރޮޖެކްޓް ކާމިޔާބު ވުމަށް އެޅޭނެ މުހިންމު ފިޔަވަޅެއް. ޢާންމުވެފައިވާ މަޢޫލޫމާތު ތަކަށް ބަލާއިރު ރަސްމާލެ ޕްރޮޖެކްޓަކީވެސް އާދަޔާ ޚިލާފަށް ބޮޑު މަޝްރޫޢުއެއް. ނަމަވެސް، ރަސްމާލޭގެ އިންވެސްޓްމަންޓްއާ ގުޅޭގޮތުން ރައްޔިތުންގެ މެދުގައި ވަރަށް ބޮޑެތި އަދި ޙައްސާސް ކަންބޮޑުވުންތަކެއް އެބަހުރި. އަޅުގަނޑު ދެކޭ ގޮތުގައި، ގައުމާ ރައްޔިތުންގެ ޙައްޤުތައް ޙިމާޔަތްކޮށްދޭން އައްޔަންކޮށްފައި ތިބި ވެރިންގެ ޙައިސިއްޔަތުން ސަރުކާރުން ކުރަންވީ ކަމަކީ، އެ ކަންބޮޑުވުންތަކަށް ޙައްލުތަކެއް ލިބޭނެފަދަ ޖަވާބުތަކެއް ރައްޔިތުންނަށް ދިނުން. އެގޮތުން: 1. ރަސްމާލެ ހިއްކުމަށް މިހާތަނަށް ދައުލަތުން ޚަރަދުކޮށްފައިވަނީ ކިހާ މިންވަރެއްތޯ؟ 2. ރަސްމާލޭގެ ބިމާއި ވަށައިގެންވާ ފަޅުގެ އަގުމަގު ކުރެވިފައިވޭތޯ؟ އަދި އެއީ ކިހާވަރެއްތޯ؟ 3. އިންވެސްޓްމަންޓުން އަޕްފުރަންޓް ޕެއިމަންޓްގެ ގޮތުގައި އެއްވެސް އެއްޗެއް ލިބޭތޯ؟ އަދި އެއީ ކިހާ މިންވަރެއްތޯ؟ 4. އިންވެސްޓް ކުރާ ފަރާތާއި ސަރުކާރުގެ ބައެއް ވެރިންގެ ޢަދަދުތަކުގައި ބޮޑެތި ފަރަގުތަކެއް އެބަހުރި. އެހެންކަމުން، ރާއްޖޭގެ ޤާނޫނީ އޮނިގަނޑުގެ ތެރެއިން ޓެކްސްގެ ގޮތުގައި ލިބޭނެ ކަމަށް ލަފާކުރާ އާމްދަނީ އަކީ ކޮބާތޯ؟ އަދި ވިޔަފާރީގެ ޓެކްސް ނުހިމަނާ، ޕްރޮޖެކްޓްގެ ތެރެއިން ދައުލަތަށް/ ރައްޔިތުންނަށް ލިބެނީ ކޯއްޗެއްތޯ އަދި ކިހާ މުއްދަތެއްގެ ތެރޭގައިތޯ؟ 5. ބިމުގެ މިލްކްވެރިކަން ދޫކުރަނީ ދާއިމަށްތޯ؟ ބިމުގެ މިލްވެރިކަން ބަދަލުވާ ކޮންމެ ފަހަރަކު، 99 އަހަރު އަލަށް ފެށޭތޯ؟ 6. 5000 ހައުސިން ޔުނިޓް ބިނާކުރަނީ ދައުލަތަށް ލިބޭ ފައިސާއިންތޯ ނުވަތަ ނޫންތޯ؟ 7. މި އިންވެސްޓްމަންޓްގެ ނަތީޖާއެއްގެ ގޮތުން، ދައުލަތުގެ/ ރައްޔިތުންގެ އެއްވެސް ޙައްގެއް ގެއްލޭތޯ؟  އަދި މިނޫންވެސް ރައްޔިތުންގެ ފަރާތުން ސާފުކުރަން ބޭނުންވާ ކަންކަމަށް އީޖާބީ ޖަވާބުތަކެއް ދިނުން ލާޒިމް.— Abdulla Khaleel (@abkhaleel) October 12, 2026

The government signed a commercial terms agreement with UAE-based developer Eagle Hills on 21 September for the proposed Maldives Waterfront and Marina project, valued at USD 20 billion across its planned phases. The development is planned on reclaimed land at Fushi Dhiggaru Lagoon and is expected to include residential, commercial and tourism facilities. 

Khaleel raised seven questions about the agreement, beginning with how much the state has spent on reclamation and whether the reclaimed land and surrounding lagoon have been valued.

He also asked whether the government would receive an upfront payment and what revenue the state and public would directly receive from the project, excluding business taxes. He said clarification was needed on discrepancies between figures provided by the investor and government officials.

Finance and Public Enterprises Minister Hassan Zareer has said the project is expected to generate more than USD 11 billion in state revenue over 10 years, averaging approximately USD 1.1 billion annually. The government has said revenue would come from Tourism Goods and Services Tax, a 10 per cent share of the master developer’s revenue and a four per cent fee on property transactions. 

Khaleel also questioned whether land ownership would be granted permanently and whether the 99-year lease period would restart whenever ownership is transferred.

The lease terms have been a focus of wider public and parliamentary scrutiny. An emergency motion submitted to the People’s Majlis by opposition MP Meekail Ahmed Nasym called for disclosure of the agreement and raised concerns over the proposed lease of 500 hectares of reclaimed land, the absence of an acquisition fee or land rent, and provisions allowing the developer to lease the property to third parties. However the motion was rejected. 

Khaleel further asked whether the 5,000 housing units planned for Hulhumalé would be financed using state funds. The government has said Eagle Hills will initially finance the construction, with the state taking ownership of the completed homes and payments to be made under the agreed arrangement. The units are estimated to cost USD 400–500 million, with construction expected to begin in the first quarter of 2027.

He also asked whether the investment would compromise or diminish any rights held by the state or the public.

Khaleel called on the government to provide constructive answers to these questions and any other concerns raised by the public.