Mohamed Alabbar, the head of UAE-based Eagle Hills, has arrived in the Maldives to spearhead the development of a major "mega-city" in Rasmalé, which is set to include a waterfront and marina.
Reliable sources informed Adhadhu that the purpose of Alabbar’s visit is to brief government ministers and People’s National Congress (PNC) members of Parliament on the details of the project.
Briefing sessions involving Alabbar are scheduled for tomorrow at the Dusit D2 resort on Feydhoo Finolhu, located near Malé.
The briefings will be held separately, with the session for Members of Parliament scheduled for tomorrow afternoon, followed by a session for Cabinet ministers tomorrow night.
Sources indicate that Alabbar’s company is covering all expenses related to these meetings and the visit.
While the government is moving swiftly to advance the project, it has faced significant public backlash. Many critics argue that the terms under which the land is being handed over will result in the permanent loss of Maldivian territory to foreign interests.
However, the government maintains that the project is an essential economic and social endeavour for the Maldives. Officials have asserted that without this development, the country will be unable to reach the next stage of its evolution into a developed nation.
Echoing the government’s stance, PNC lawmakers have also been advocating for the project. Some members have gone so far as to label those who oppose the development as traitors.
Under the project, the details of which remain largely unconfirmed, Eagle Hills will be granted 500 hectares of land in Rasmalé. The company claims it will invest $12 billion to develop a modern city targeted at foreign residents.
The government estimates that it will receive $3 billion from a 10 percent share of sales within the development. Furthermore, officials claim that including other revenue streams generated during the development phase, the state could receive $11 billion over a 10-year period.
Additionally, the government has stated that once all phases of the project are complete, it will generate an annual revenue of $1 billion for the state.
The land in Rasmalé is being allocated to Eagle Hills free of charge and without rent. In exchange, the company will develop 5,000 housing units. The cost of these housing units is expected to be offset by the $3 billion in commissions the government anticipates receiving from the project.
