Ras Malé to Generate USD 1.1 Billion a Year, USD 11 Billion Over 10 Years, Finance Minister Says

MV+ News Desk | October 1, 2026
Finance and Public Enterprises Minister Hassan Zareer. | Photo: People’s Majlis

Annual State revenue generated by the planned Ras Malé Waterfront and Marina project is projected to average USD 1.1 billion, a figure expected to surpass the total tax revenue currently collected from the Maldives’ entire existing tourism sector, Minister of Finance and Public Enterprises Hassan Zareer has said.

In a post on X, Zareer stated that the project is estimated to yield over USD 11 billion in total State revenue across its 10-year development timeline. According to the minister, this annual yield will exceed the combined public revenue currently collected from all 179 resorts, 16 hotels, 920 guesthouses, and 165 safari vessels operating nationwide.

Under the terms of the planned USD 20 billion development, State revenue is expected to be generated through standard Tourism Goods and Services Tax (TGST) rates, a 10 per cent share of the master developer’s revenue from initial sales and leases, and a four per cent property transfer fee on initial purchases and subsequent resales.

Zareer said the development agreement does not provide tax concessions or customs duty exemptions. He also confirmed that the government would incur no debt obligations or issue sovereign guarantees to finance the project.

The minister noted that revenue generated from property sales would be held in an escrow account within the Maldives, with funds regulated under the terms of the agreement and processed through domestic Maldivian banks.

Spanning approximately 500 hectares, the master plan is expected to be developed in phases over roughly 10 years, featuring residential and commercial areas, resorts, hotels, a marina, offices, as well as educational and healthcare facilities. Projections cited by Zareer indicate the site could attract over one million visitors annually once fully operational, generating around USD 2 billion per year in broader tourism revenue.

The announcements come amidst growing political and legal scrutiny surrounding the agreement signed on 21 September 2026 between the Ministry of Infrastructure, Housing and Urban Development and UAE-based developer Eagle Hills.

Former President Mohamed Nasheed has called on the government to submit the agreement to the People’s Majlis for parliamentary scrutiny. In a post on X, Nasheed noted that while opening the Maldives to a residency programme was positive in principle, he raised concerns over the lack of public disclosure. He highlighted two key issues: the absence of an advance payment to the State and the decision to locate the project within the Greater Malé region.

Addressing the broader commercial environment, Principal Secretary to the President for National Territory and Sovereignty and former Attorney General Aishath Azima Shakoor warned that political opposition to major foreign investments could lead to the Maldives losing critical development opportunities, stressing the need for policies that provide investors with sufficient security and time to realise their projects.

Meanwhile, lawyer Ali Hussain has filed a constitutional petition in the Supreme Court of the Maldives challenging the validity of the government’s Commercial Terms Agreement with Eagle Hills. The petition argues that the arrangement conflicts with constitutional provisions governing State property and foreign interests in Maldivian land.

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