Rasmalé Project to Generate Billions in Revenue, Says Minister

Minister of Construction, Housing and Infrastructure Dr. Abdulla Muthalib has stated that the Rasmalé project, developed by Eagle Hills, will be operated in the most beneficial and least risky manner for the state. Speaking at the Maldives Accounts Forum, the Minister highlighted that the project's properties will be leased for 99 years under a model that retains state control and ensures revenue from each transaction. He noted that the first transaction of over 8,800 properties in Rasmalé alone will generate 10% revenue for the state, amounting to $3.1 billion, with an additional $1.2 billion from the first sale of each property. The project is expected to attract one million tourists annually, contributing $2 billion in yearly revenue, and create over 15,000 jobs in the private sector, reducing reliance on government employment. Dr. Muthalib emphasized that the development will boost real estate tourism and further strengthen the tourism sector.