Ras Malé Deal Will Not Relieve Immediate Financial Pressures, Says Nasheed

Former President Mohamed Nasheed has warned that the government’s multi-billion-dollar Ras Malé agreement will not address the Maldives’ immediate financial pressures, arguing that any revenue generated from the project will take years to reach state coffers.

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.

Dhaulathuge dharani adhaa kurumah privatise kurun, nuvatha harumudhaa vihkumakee rangalhu kameh. Rasmale’ gai waterfront eh develop kurumakee rangalhu khiyaaleh. Ehenas mi vaguthu Raajje maalee dhathi kamun araigathumaa kudakohves gulhun huri kameh noon. Hurihaa kameh enme…

— Mohamed Nasheed (@MohamedNasheed) September 21, 2026

Nasheed said developing a waterfront in Ras Malé was a good idea, but even if everything went according to plan, it would take at least two years before the government received any return from the Ras Malé development.

He therefore said the urgent priority should be the sale of a major State asset to generate immediate cash flow.

The government and Eagle Hills signed the agreement today 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.

However, several financial details remain undisclosed.

The $20 billion figure represents the investment envisioned across the project’s various phases, rather than a disclosed upfront capital commitment by Eagle Hills. Details of the financing structure, construction timetable, and the amount of capital that Eagle Hills will directly commit have not been made public.

The government has also said the project will generate more than $11 billion in revenue for the State. A detailed breakdown showing how that figure was calculated has not yet been publicly provided.

Ras Malé is being developed through land reclamation at Fushi Dhiggaru Lagoon near Malé as part of the government’s wider urban expansion plans.