Abdul Matheen, the former Managing Director of MWSC under the current administration, has raised serious concerns regarding the sovereignty of the Maldives if the Rasmalé project is handed over to the UAE-based company, Eagle Hills.
Matheen, who previously served as a State Minister and Secretary General of the PPM during former President Abdulla Yameen’s administration, expressed his apprehensions in a Facebook post last night regarding reports of selling land, such as Ras Malé, to foreign entities. He called for deep reflection and an academic debate on the matter.
"Whether the 'Maldives of the Maldivians' will remain in the hands of its people over a century-long trajectory under this business model is an academic debate that must be conducted impartially. Relevant documents must be disclosed to the public, and these decisions must be transparent. Participating in this debate is not an opposition to development; it is a responsibility this generation of Maldivians must bear for the protection and security of our nation," Matheen stated.
President Mohamed Muizzu has decided to grant 500 hectares of land in Rasmalé to Eagle Hills—headed by the chairman of the company behind the world’s tallest building, Burj Khalifa—for an indefinite period. He has already signed an agreement outlining the terms.
The Rasmalé Waterfront and Marina project, to be developed by Eagle Hills, includes provisions for foreigners to purchase residential properties and establish residency there.
In his post, Matheen noted that while considering business models successfully implemented in other countries, the Maldives must carefully weigh the potential impact on the nation’s fundamental identity.
"The Maldives is a 100% Sunni Muslim nation of the Maldivian race," he said.
He further noted that while some have attempted for years to introduce business models allowing foreigners to purchase homes and reside long-term in the Maldives, those efforts have now expanded into the development of entire cities.
"In Rasmalé, Noonu Atoll, and Thaa Atoll, facilitating thousands of foreigners to buy homes and live in the Maldives is not merely a commercial or economic matter. We are talking about building globalised, open societies within the Maldives. However, the Maldivian people must be assured that this does not mean wealthy and influential individuals of different religions, cultures, and customs will establish themselves across the country with all their required resources," Matheen added.
The deal, which was finalised in secrecy without prior consultation with the Cabinet or the People’s Majlis, has drawn widespread public criticism.
Despite the signing of the agreement, Attorney General (AG) Ahmed Usham stated yesterday that new legislation is required to facilitate the $12 billion project, as current Maldivian laws do not permit such an arrangement.
The government has agreed to lease Rasmalé to the UAE’s Eagle Hills for a period of 99 years. Under the terms, if a foreigner who purchases an apartment on a 99-year lease sells or gifts the property, a fresh 99-year lease term will commence.
