Former President Mohamed Nasheed has said that while selling assets to settle state debt is acceptable, the current priority should be the sale of assets that generate immediate liquidity.
In a post on X, Nasheed argued that the $20 billion project awarded to UAE-based Eagle Hills to develop a waterfront and marina in a section of Rasmalé is entirely unrelated to resolving the Maldives' immediate financial crisis.
"Even if everything goes perfectly, it will take at least two years before the state receives any revenue from it. At this moment, the priority is to sell a state asset in a manner that provides immediate cash flow," Nasheed said.
The agreement between Eagle Hills and the Maldivian government was signed today during a ceremony in Dubai. It was signed by Mohamed Alabbar, founder of Eagle Hills and Emaar Properties, and Housing Minister Abdulla Muththalib.
The government has not disclosed the size of the area being allocated from the Fushidhiggaru lagoon under this agreement, nor the price at which the land is being released.
News of the project signing first broke in UAE media, with Maldivian outlets reporting the story by citing those foreign sources. The Housing Ministry later issued a press release via its official social media accounts.
The Ministry's statement noted that a large-scale integrated project, including a waterfront and marina, would be developed in a section of Rasmalé. This integrated zone is set to feature international-standard hotels, resorts, branded residences, restaurants, retail outlets, entertainment facilities, and health centres.
