Ras Malé project will proceed, no foreign land ownership: President
About 500 hectares of Ras Malé, which is being reclaimed as a 1,100-hectare development, has been allocated for the Eagle Hills project.
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President Dr Mohamed Muizzu has said the Ras Malé waterfront and marina development will proceed despite criticism of the project, while assuring that land will not be transferred into foreign ownership and that housing allocations for Maldivians will not be affected.
Speaking on Public Service Media’s Nation Chat programme, Muizzu responded to criticism of the agreement with Abu Dhabi-based developer Eagle Hills for the Maldives Waterfront and Marina project.
The government signed a commercial terms agreement with Eagle Hills earlier this week for the development, which is planned to include hotels and resorts, residences, a marina, waterfront areas, restaurants, retail outlets and other facilities. The project has been publicly valued at up to USD 20 billion across its phases.
About 500 hectares of Ras Malé, which is being reclaimed as a 1,100-hectare development, has been allocated for the Eagle Hills project. The remaining area includes land intended for housing and other development.
The arrangement has faced criticism over the allocation of land to Eagle Hills under a long-term leasehold framework. The government has maintained that the land has not been sold and will remain under Maldivian ownership. Finance Minister Hassan Zareer has said the land is being leased for up to 99 years.
Addressing the criticism, Muizzu said the land had been provided to the developer under a lease arrangement and would not become the property of a foreign party.
He rejected allegations that the government had sold Ras Malé land, saying Maldivian law does not allow foreign ownership of the land and that the government would not act outside the law.
“The people of this country are very important to me. I prioritise the people of this country,” Muizzu said. “I will certainly not provide any opportunity for the land here to become the property of any party.”
He said the government wanted to attract as much investment as possible without transferring ownership of the land.
“That is how the entire project has been structured,” he said.
Muizzu said no government project would be implemented in violation of the Constitution or laws, and maintained that the Ras Malé agreement had been structured within the existing legal framework.
The President also criticised efforts to oppose the project, saying attempts to prevent investment from coming to the Maldives would hinder the country’s development.
He said criticism would not stop the project from proceeding.
“God willing, we hope such obstacles will not be able to stand in the way of this,” Muizzu said. “God willing, we will move forward with this.”
Housing plans will continue
Muizzu also rejected concerns that allocating a large part of Ras Malé for the waterfront development would reduce the land available for housing.
He said the project had been planned after ensuring sufficient space remained to meet housing commitments to Maldivians.
According to the President, thousands of people have already applied for plots in Ras Malé, and there remains enough land to allocate plots to eligible applicants.
“No plot that is to be allocated to anyone has been cancelled because of any development being carried out there,” Muizzu said.
He said the waterfront project was intended to complement the wider development of Ras Malé and would not interfere with housing programmes.
“None of the housing needs of any citizen will be obstructed because of this,” he said.
Muizzu said the project would bring investment and economic activity to the Maldives and argued that it would contribute to improving living standards.
The President said about 70 per cent of the Ras Malé reclamation has now been completed and that the government expects reclamation of the entire area to be completed by the end of this year.
He said work was also under way to begin the development of electricity, water, sewerage and road infrastructure across Ras Malé before the end of the year.
Muizzu said the wider Ras Malé development is expected to be completed over approximately 10 years.
