President Mohamed Muizzu has avoided answering questions regarding whether the government will disclose the project agreement with Eagle Hills—a UAE-based firm with ties to Israel—which has been granted 500 hectares of land in Rasmalé, the reclaimed area at Fushidhiggaru lagoon.
During "The Pulse" program, a journalist questioned the President regarding the lease duration for properties sold in Rasmalé and asked for the agreement to be made public to ensure transparency.
"The Rasmalé project does not yet have a signed official agreement. However, we are informed that this will be finalised at high speed in the near future. Government opponents are raising many concerns about this," the journalist noted while posing the question.
"Some claim that if a property is purchased and later resold, the buyer receives a 99-year lease. What is the reality of this? And will you disclose this agreement to the public for the sake of transparency?"
In his response, Muizzu addressed only the duration of property ownership in Rasmalé, completely ignoring the inquiry regarding the public disclosure of the agreement.
He stated that those purchasing properties in Rasmalé would hold them for a 99-year term. Following this period, he claimed the properties must be sold back to the state.
"Under this investment, those purchasing developed properties are buying them for 99 years. After that, the party must sell it back to the government; it will return to the state. If the government then wishes to sell it to another party, it will do so," Muizzu said.
Furthermore, Muizzu asserted that even if an owner wishes to sell a Rasmalé property before the 99-year lease expires, they must sell it back to the government. He added that the government would then decide on any subsequent sale to another party.
While the government maintains that Rasmalé is being leased to Eagle Hills for 99 years, statements from Eagle Hills suggest otherwise. The company has indicated that if a property in Rasmalé is sold or gifted before the initial 99-year term expires, a new 99-year lease period would commence.
Discrepancies also exist regarding the investment value. The government claims Eagle Hills will invest $20 billion in Rasmalé, but the company says it will invest $12 billion. Eagle Hills Chairman Mohamed Alabbar later clarified that $20 billion represents the projected total value of the development upon completion.
The government’s plan to lease Rasmalé for 99 years currently faces legal hurdles, as existing laws do not permit such arrangements. The administration is working to draft new legislation to facilitate the project, with the aim of signing a permanent agreement by November 11.
The Rasmalé reclamation project officially began on December 17, 2023, with an initial pledge to complete the work within eight months. However, the project has missed multiple deadlines, and more than 1,000 days have now passed since its inception without completion.
