President Dr Mohamed Muizzu has assured that the Maldivian government will retain full control over properties developed under Eagle Hills’ USD 20 billion Ras Male' Waterfront and Marina project, with Maldivian law applying throughout the development.
Speaking on The Pulse podcast, President Muizzu said the government would ensure that the necessary infrastructure and investment are in place before residents move into the land plots and flats allocated under the project.
He said inadequate planning during the development of Hulhumale' meant investment came only after people had begun living there, alongside the construction of the Sinamale' Bridge. The government, he said, intends to avoid similar challenges in Ras Male' and make the area suitable for residents from the outset.
Addressing concerns over reports that properties would be leased for 99 years, the President said the government would retain full control over the properties and benefit financially from transactions involving them.
He explained that properties allocated under the 99-year arrangement could not be sold directly to another party, and that any sale at the end of the lease period would have to be made to the state. Any subsequent sale would also be handled by the government.
President Muizzu said the arrangement would not involve automatically renewing the lease for another 99 years. He assured residents that the government would provide information to address genuine concerns and that no agreement would violate Maldivian laws or regulations.
The President also rejected claims that the development would establish a foreign-controlled community where other religions could practise freely.
He said Maldivian law would apply throughout Rasmalé and that there would be no provision for places of worship belonging to other religions, religious activities or schools in the development. A Maldives Police Service station would be established in the area, he added.
President Muizzu described claims that foreign entities would exercise permanent control over the development or that other religions would be allowed to establish religious institutions as politically motivated statements without any basis.
He noted that between 100,000 and 200,000 foreigners already live in the Male' area, while approximately 200,000 tourists are present in the Maldives at any given time. He said these existing populations were often overlooked in political discussions about Ras Male'.
The President also assured that the project would not provide a route to Maldivian citizenship for foreign property buyers or residents.
The Ras Male' Waterfront and Marina project, developed by Eagle Hills near Male', covers approximately 500 hectares of a 1,000-hectare area and represents an investment of USD 20 billion.