Eagle Hills Chairman Mohamed Alabbar has said he believes proceeds from the sale of properties developed under the Rasmalé project will remain in the Maldives.
In an exclusive interview with PSM News, Alabbar discussed the role of the Ras Malé Water Front and Marina project in addressing some of the challenges facing the Maldives.
Alabbar said the project was designed to benefit Maldivians and could help ease the country’s foreign currency constraints. He said his vision for the development extended beyond commercial gains, emphasising the opportunity to contribute positively to the country.
The Emirati businessman said he did not view the project simply as an obligation but as an opportunity to use his resources to make a meaningful contribution.
“As you sell rooms or as you sell hotel apartments, then you bring in the money to the country, or you want to go and park it in Dubai? So I think you should park your money in and the country, simple. There'll be people buying, so just be genuine and do that. And I really think that there is enough money to be made that you'll let the local banks keep the money," Alabbar said.
The properties being developed by Eagle Hills under the Ras Malé Water Front and Marina project are based on a “second home” concept. In addition to residential properties, the development will include facilities and amenities for residents and visitors.
The Government has said the State will receive four per cent of a property’s value each time it is sold or ownership is transferred, including the initial sale and subsequent transactions. All sales and ownership transfers will require government approval, establishing a recurring revenue stream for the State.
The Government has also stated that Israelis and businesses associated with Israel will not be permitted to participate in transactions under this phase of the project.
Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib has said buyers will be eligible for residency under the existing corporate residency visa framework. Applications submitted under the scheme will remain subject to the Maldives’ existing restrictions on Israeli passport holders and national security screening procedures.
The Government has further assured that land under lease agreements will be allocated only to eligible parties. No party will be granted freehold ownership of the land or an unrestricted right to renew the lease at its discretion.