Rasmalé Project to Deliver $500 Million Housing Advance for Maldivians

Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib has defended the Rasmalé development project, stating that the advance payment structure provides significantly higher value than previous foreign investments in the Maldives. Addressing concerns raised by political figures, Dr. Muththalib clarified that while the government will not receive a traditional cash advance, Eagle Hills will instead execute a housing project valued at USD 500 million. This initiative, comprising 5,000 housing units, will be completed as a precursor to the main development, ensuring direct benefits for Maldivian citizens before the developer begins generating revenue. To provide context on the scale of this arrangement, the Minister compared the housing advance to previous acquisition costs. He noted that the government received USD 78 million during the airport handover to GMR and USD 40 million for the Emboodhoo Lagoon project. The current Rasmalé agreement, by comparison, offers a value several times higher than these past deals. Dr. Muththalib explained that the project's location in the Malé region was chosen after considering the requirements of the investor. He emphasized that since the project is a private foreign investment, the government balanced the developer's needs with the goal of maximizing public benefit. The Minister noted that populating the area with Maldivian residents will stimulate surrounding development, creating essential economic opportunities and employment. The broader agreement, signed on the 21st of this month, envisions a USD 20 billion waterfront and marina project spanning 500 hectares. This massive undertaking by the Abu Dhabi-based developer, Eagle Hills, aims to transform the landscape of the capital region. President Dr. Mohamed Muizzu has previously assured the public that the economic development of Rasmalé will not interfere with existing land allocations. The President confirmed that no land plots previously granted to citizens or planned housing projects in the area will be cancelled or suspended due to this new partnership.