President Mohamed Muizzu has said that leasing Rasmalé to a foreign entity for 99 years will yield significant social benefits for the Maldives and that the advantages of this partnership will extend across multiple generations.
Speaking on the "Nation Chat" program aired yesterday by the state media, PSM, Muizzu emphasised that handing over the Rasmalé project to UAE-based Eagle Hills for 99 years would bring "immense progress to the Maldives."
"In reality, this is a development that will bring massive advancement to the country. It is a project that will elevate the entire nation’s standards—not just economically, but socially and in terms of infrastructure and overall quality of life," he said.
Muizzu further noted that the Rasmalé project is designed to benefit future generations as well.
"The creation of land is the greatest asset we can acquire. Land value increases significantly wherever reclamation occurs. Especially in an area of high economic activity, land is an incredibly valuable capital. This is something that will greatly benefit generations to come," he added.
In a post shared on LinkedIn, Housing Minister Abdulla Muththalib clarified that Eagle Hills would not be required to pay any upfront fees for the land acquisition or ongoing lease payments.
According to Muththalib, the government waived these land-related payments in exchange for a model that ensures the state receives revenue throughout the project's duration. Unlike the current model for resort development, the government will instead derive its share from revenue-sharing and taxes generated by the development.
Rasmalé is envisioned as a premier tourism destination, designed to accommodate long-term foreign residents. Eagle Hills has already opened sales for apartments and villas in Rasmalé, targeted at foreign buyers.
The development will also include a hospital, school, and various entertainment facilities to serve its residents. The government has yet to disclose whether the services provided at the site will follow a halal tourism model.
