President Muizzu assures full government control over Rasmalé project

President Dr. Mohamed Muizzu has stated that the Maldivian government will retain full control over the Rasmalé project, which involves a major investment by UAE-based Eagle Hills. Speaking on the President's Office podcast 'The Pulses', the President addressed opposition allegations for the first time, accusing critics of deliberately obscuring the facts for political gain. He explained that the Rasmalé development is designed to benefit Maldivians by accelerating the provision of housing and amenities. Unlike earlier projects such as Hulhumalé, where development took years without full facilities, Rasmalé will be planned to ensure that residents have jobs and services from the start. The President clarified that properties built under the Eagle Hills agreement will be sold on 99-year leases, after which they must be sold back to the state. Ownership cannot be transferred without the government's knowledge. He also noted that no more than 25% of the properties can be purchased by any single nationality, and a comprehensive real estate bill will soon be submitted to Parliament. The government expects to receive an advance of 5,000 housing units (worth approximately $500 million or 7.7 billion rufiyaa) before construction begins. All sale proceeds will go into an escrow account in the Maldives under government control, which is expected to ease the dollar shortage and strengthen central bank reserves. The agreement does not grant any duty exemptions or tax holidays; all applicable TGST and other taxes will be collected in full.