Rasmalé Project Will Boost State Revenue Eightfold: Minister Muhtalib

The Rasmalé project, being developed in partnership with UAE's Eagle Hills, will generate eight times more revenue per hectare than the current tourism land lease model, according to Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muhtalib. Speaking at the Maldives Accountants Forum on Thursday, Muhtalib said the first transaction of properties under the Eagle Hills project alone will yield a 10% revenue share for the state, amounting to US$3.1 billion from over 8,800 properties. He added that the first transaction of each property would bring in US$1.2 billion for the government. Any future transfers of ownership must be conducted through the government, generating additional income. Comparing the figures with the existing Tourism Act model, the minister noted that leasing a 500-hectare lagoon or land for 99 years currently provides the state with an acquisition cost of US$75 million, US$316 million in revenue, and an annual rent of US$2 million. Muhtalib also highlighted broader economic benefits: once fully completed, Rasmalé is projected to attract one million tourists per year, generating US$2 billion in annual revenue. The project is expected to create over 15,000 private sector jobs, reducing reliance on government employment. He emphasised that the real estate development will complement rather than compete with the tourism sector, ultimately boosting visitor numbers.