Hulhumalé South MP Dr Ahmed Shamheed, from the Maldivian Democratic Party (MDP), has voiced strong opposition to the leasing of Rasmalé to UAE-based developer Eagle Hills for the development of a waterfront and marina, asserting that the deal must be challenged.
Writing on X, Shamheed stated that while large-scale investments are essential for national economic growth, the public must reject agreements formulated in a manner that facilitates undue advantages for parties or results in losses to the state.
"The Constitution of the Maldives mandates the People's Majlis with the highest responsibility of holding the government accountable. Such valuable state assets should not be sold or leased in secrecy, even from the Parliament," he said.
Shamheed further noted that questions arise regarding the legal validity of agreements where land is reclaimed using taxpayer money, yet the state fails to recover even the initial reclamation costs.
He highlighted that, based on current land values in Hulhumalé, the market value of the land in question is estimated to be between $10 billion and $17 billion.
Under this $12 billion project by Eagle Hills, 500 hectares of Rasmalé are set to be allocated. This constitutes approximately half of the 1,058 hectares planned for reclamation at the Fushidhiggaru lagoon site.
The government has stated that the Rasmalé Integrated Zone will feature international-standard hotels, resorts, and branded residences, alongside restaurants, retail outlets, entertainment facilities, and healthcare centres.
Additionally, the government announced that the contractor would construct 5,000 social housing units at their own expense as part of the project.
