A Real Estate Bill was submitted to the People’s Majlis today, with provisions that would allow citizens of a single foreign nation to purchase up to 25 percent of the 500 hectares of land allocated in Rasmalé to Mohamed Alabbar, a UAE tycoon known for his close ties to Israel.
The objective of the bill is to expedite the legal processes required for the sale of Rasmalé. Under the proposal, Rasmalé will be developed as an Integrated Real Estate Zone, with the bill outlining specific quotas for land and property ownership within such zones.
Section 94(a) of the bill states: "Land within an Integrated Real Estate Zone may be registered to citizens of a single country and/or legal entities owned or controlled by citizens of that country, in accordance with this Act, provided the total does not exceed 25 percent of the total land area."
In addition to land ownership, the bill mandates that leasehold rights for properties constructed on these sites may only be sold to nationals of a single country up to a maximum of 25 percent of the total property units.
Of the 500 hectares allocated to Alabbar’s Eagle Hills company in Rasmalé, a maximum of 125 hectares can be acquired by citizens of any one specific nation. Furthermore, if 8,000 properties are developed on the site, the cap for a single nationality would be set at 2,000 units.
While the government claims that Eagle Hills will invest $20 billion in the Rasmalé project, the company itself has cited an investment figure of $12 billion. Alabbar later clarified that the $20 billion figure represents the projected total valuation of the development upon completion.
The Rasmalé reclamation project officially commenced on December 17, 2023, with an initial pledge to complete the dredging within eight months. However, the project has failed to meet that deadline or any subsequent timelines, with over 1,000 days having now elapsed since the project's inception without completion.
