Rasmalé Project Will Not Yield Significant Profit for Government in Next 10 Years: Financial Expert

Financial expert Ismail Zariyand has stated that the Rasmalé project will not generate the significant profits the government expects within the next 10 years. Speaking at a forum titled 'Dhivehige bin Dhivehige' (Land for Maldivians by Maldivians), Zariyand questioned the government's projection of 12 to 20 billion in profit, noting that different figures have been presented and the actual amount remains unclear. He pointed out that based on the track record of Eagle Hills, the company involved in the project, only about 1,050 housing units can realistically be built over the next decade, far short of the 15,000 units the government claims will be completed by 2037. Zariyand highlighted that the land reclamation cost alone exceeds $700 million, and until the area is fully populated, the government will not receive tax revenue. He also noted that the 5,000 housing units promised by 2027 are likely to be luxury units in Hulhumalé Phase 3, not affordable housing. The expert concluded that the government's actual return over 10 years could be about $300 million less than projected, and the cost of reclamation and land value from Hulhumalé may not be recovered within that period.