The Maldivian government signed an agreement yesterday with UAE-based developer Eagle Hills to develop a waterfront and marina in Rasmalé. The government claims the project is valued at $20 billion.
A joint press release from the Housing Ministry and Eagle Hills stated that the developer plans to invest $20 billion in the project, which will be carried out in multiple phases.
However, a press release published on the official Eagle Hills website states that the company intends to invest $12 billion in the project across various stages.
It remains unclear why there is a discrepancy between the project value disclosed by the Maldivian government and the figure provided by Eagle Hills. While the public has raised questions regarding these conflicting figures, the Housing Ministry has yet to issue a comment on the matter.
The National, a UAE-based news outlet that attended the press conference in Dubai to announce the project, reported the value at $20 billion. However, the publication later amended its report to state that the project value is $12 billion.
Major international news agencies, including Reuters, Bloomberg, and Gulf News, have also reported the project's value as $12 billion. All these outlets cited the official press release published on the Eagle Hills website.
Despite the release of some project estimates, details regarding the financial arrangements, construction schedule, and expenditure breakdown have not been disclosed.
Sources informed Adhadhu that the area will be designated as a township under the Special Economic Zone (SEZ) Act, granting it status as a special tax and duty-free zone.
Under this arrangement, 500 hectares of Rasmalé are set to be allocated to the Eagle Hills project. This accounts for nearly half of the 1,058 hectares planned for reclamation at the Fushidhiggaru Falhu site.
The government said that the Rasmalé Integrated Zone will feature international-standard hotels, resorts, and branded residences, alongside restaurants, retail outlets, entertainment facilities, and healthcare centres.
Furthermore, it was announced that under this project, the contractor will construct 5,000 social housing units at its own expense.
