Rasmalé Project to Be Implemented in Accordance with Financial Regulations, Says Minister

The Maldives government has signed a commercial trade agreement with UAE-based developer Eagle Hills to execute the $20 billion Rasmalé real estate and marina project, Minister of Infrastructure and Housing Dr. Abdulla Muthalib confirmed. In a written response to a question from Galolhu Uthuru MP Mohamed Ibrahim, Dr. Muthalib stated that the agreement was signed under the Private Sector Initiated Proposal (PSIP) mechanism, in line with the state’s financial regulations. The project spans 500 hectares of land in Rasmalé. Under the deal, the state will receive 10% of the developer's total revenue as a land premium, equivalent to $3.1 billion. Additionally, $500 million will be advanced from the revenue due to the government and used for state housing projects. All payments to contractors must be made onshore through a bank licensed by the Maldives Monetary Authority (MMA), ensuring that foreign currency is routed through a local bank. The minister expressed confidence that the project, which includes a waterfront and marina, will successfully attract international buyers for second homes and holiday homes, contributing to the country's tourism and real estate sectors.