President Mohamed Muizzu said today that a new 99-year lease term will commence every time ownership of a property in Rasmalé, sold to the UAE’s Eagle Hills, is transferred.
The President made these remarks during a meeting held this afternoon at his official residence, Mulee'aage, with cabinet members and parliamentarians from the ruling People’s National Congress (PNC). A source who attended the meeting confirmed the President’s statement to Adhadhu.
On the day the commercial terms for the Rasmalé sale were signed, the government said the land was being leased for 99 years. It was Eagle Hills that first revealed that a new 99-year lease period would begin each time a property title is transferred.
"Properties here will be leased for 99 years under Maldivian law. If these rights are transferred to another party through sale or inheritance, a new 99-year lease term will begin. This ensures these properties remain with the buyers for many generations," Eagle Hills had stated.
However, the company later amended that statement. Housing Minister Abdulla Muththalib, who signed the Rasmalé agreement, asserted that no party would have the opportunity to make the Rasmalé agreement permanent.
"No party will have the option to renew the lease term indefinitely or own the property permanently," he said.
When previously questioned about whether Rasmalé could be lost to Maldivians forever, Muizzu provided a conflicting explanation. Speaking on a program aired by the state broadcaster PSM last week, the President claimed there was no mechanism for Rasmalé to be held for "another 99 years" after the initial term expired.
"To put it simply, I want to say that those purchasing properties developed through this investment are buying them for 99 years. After that, the property must return to the government; it will be state property. If the state or government wishes to sell it to another party, then they may. Full control and authority remain with the Maldivian state and the Maldivian government. Therefore, this is not a case of automatic renewal for another 99 years," he said.
The sale of Rasmalé in a manner that could permanently alienate it from Maldivians comes despite Muizzu’s earlier pledge never to lease the land to foreigners, even for a single day.
"Every grain of sand reclaimed there [Rasmalé] is sand that belongs to the Maldivian people. Not a single inch of land reclaimed there will be leased or given for free to any foreign party, even for one day," Muizzu had declared on July 26, 2024.
