President Mohamed Muizzu has stated that the Rasmalé development project involves no sovereign guarantees, state-borrowed loans, or tax and duty exemptions, clarifying that land under the agreement will be leased rather than transferred into private foreign ownership.
Speaking on the state media’s podcast Nation Chat, President Muizzu addressed public questions surrounding the multi-billion-dollar waterfront and marina project, which is being developed in partnership with UAE-based developer Eagle Hills.
“No sovereign guarantee, government-borrowed loan, or tax exemption of any kind has been given for this project. We have not even granted a duty exemption,” President Muizzu said. He emphasised that the site would strictly remain under leasehold terms and could not be permanently owned by investors.
Addressing public concerns regarding land allocation, the President assured that the commercial deal would not encroach upon or negatively impact the housing rights of Maldivian citizens. He also provided a progress update, revealing that approximately 60 to 70 per cent of the planned land reclamation for Rasmalé has already been completed.
The President’s clarifications arrive amidst mounting criticism from prominent opposition figures regarding the long-term governance and immediate economic impact of the deal.
At a recent People’s National Front (PNF) meeting, former President Abdulla Yameen criticised the reported 99-year lease agreement, describing it as “illegal” and claiming it amounted to “selling off” the country’s future. Yameen argued that any future administration should not consider itself bound by the contract.
Meanwhile, former President Mohamed Nasheed questioned the project’s capacity to resolve the nation’s immediate liquidity challenges. While Nasheed noted that developing a waterfront at Rasmalé was a viable concept, he warned that it would take at least two years for any revenue generated by the project to reach state coffers, leaving short-term financial pressures
