Nasheed questions decision to locate Eagle Hills project in greater Malé
He also called for the commercial agreement to be made public.
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Former President Mohamed Nasheed has questioned the decision to locate the proposed Eagle Hills waterfront and marina development in the Greater Malé region, describing the location as one of his main concerns about the project.
The government and UAE-based developer Eagle Hills signed a commercial terms agreement on 21 September for the Maldives Waterfront and Marina, an integrated development planned for Ras Malé. Eagle Hills said the agreement establishes the principal commercial terms, with detailed terms to be developed as the project progresses.
The development is planned to include hotels and resorts, residences, a marina, waterfront promenades, retail, dining, entertainment, wellness, education, healthcare and community facilities. Properties are proposed to be offered under leasehold arrangements of up to 99 years.
Nasheed said in a post on X that he did not oppose the project in principle and supported opening the Maldives to a residency programme. However, he raised concerns over the location of the development and the absence of an upfront payment to the state.
He also called for the commercial agreement to be made public.
Nasheed identified two main concerns based on information disclosed so far: the lack of upfront revenue to the state and the decision to undertake the project in the Greater Malé area.
Under the arrangement, Eagle Hills is expected to finance the construction of 5,000 housing units in Hulhumalé at an estimated cost of USD 400 million to USD 500 million. The government has described this as an upfront benefit from the project, although the amount is expected to be recovered from the state’s future revenue share.
The government has acknowledged that the agreement does not involve an immediate upfront cash payment to the state, while arguing that the project will generate revenue through taxes and the state’s share of project proceeds.
Nasheed’s comments reflect concerns raised over the financial structure of the project, including the use of reclaimed land developed with public expenditure without an immediate cash payment to the state.
He said the government should submit the agreement to Parliament as soon as possible and seek passage of the legal framework required for the project.
Nasheed has previously said he supports the concept of developing a waterfront in Ras Malé but questioned its relevance to the country’s immediate financial pressures. He argued that revenue from the development would take time to reach the state and called for measures capable of generating more immediate liquidity.
Eagle Hills has said the Ras Malé project will be developed in phases and will combine tourism, residential, commercial and community uses. The company has also said detailed terms will be developed as the project progresses.
