President Muizzu Rejects Land Sale Claims Over $20 Billion Ras Male’ Project

President Dr. Mohamed Muizzu has dismissed allegations that the government is selling land to foreign entities, asserting that the ambitious Ras Male’ development will strictly adhere to the Constitution and existing laws. The government recently signed a Commercial Terms Agreement with Eagle Hills, a private developer based in Abu Dhabi, to launch the "Maldives Waterfront and Marina" project. This multi-phased integrated island destination is envisioned as a USD 20 billion investment, marking it as the most significant development initiative in the history of the Maldives. Speaking on PSM’s Nation Chat programme, President Muizzu addressed concerns regarding the project's legality. He clarified that the agreement involves leasing arrangements rather than the transfer of private ownership. He further emphasized that the deal does not include sovereign guarantees, government loans, tax concessions, or duty exemptions, countering claims that special concessions were granted to the developer. The President criticized politically motivated narratives, stating that such claims are intended to obstruct major projects that offer tangible benefits to the public. He argued that those prioritizing political interests over national development are hindering the country's progress. According to the President, the broader vision for Ras Male’ remains unchanged. The administration expects the project to catalyze economic growth, improve national infrastructure, and boost the Gross Domestic Product (GDP), ultimately enhancing the social development of the Maldives. By framing the project as a lease-based investment rather than a sale, the government aims to reassure the public that sovereign land rights remain protected while pursuing large-scale foreign direct investment to modernize the nation's urban landscape.