MDP demands full disclosure of govt's agreement with Eagle Hills over Ras Malé

The opposition Maldivian Democratic Party (MDP) has called on the government to disclose all terms of its agreement with UAE-based developer Eagle Hills concerning the allocation of 500 hectares of reclaimed land in Ras Malé.

In a statement issued on Thursday, the party raised concerns over the government's handling of the agreement, citing discrepancies between information released by the administration and statements made by Eagle Hills.

The MDP said it supports foreign investment and policies aimed at expanding the private sector, creating business opportunities and diversifying the Maldivian economy.

However, the party expressed concern over the allocation of a substantial portion of Ras Malé to a foreign developer, particularly as the reclamation project was initially presented as an initiative to address housing shortages among Maldivians.

The party said foreign investors have an important role in the country's development and reiterated its support for investment undertaken through appropriate legal and regulatory frameworks.

Nevertheless, it questioned the government's approach to the Eagle Hills agreement and the lack of publicly available information about its terms.

According to the MDP, several discrepancies exist between the information officially disclosed by Eagle Hills and that released by the government.

The party also accused the administration of delaying the publication of the agreement, describing the lack of transparency as a cause for concern.

It said that if the project would deliver substantial benefits to the Maldives, there should be no reason to withhold its details from the public.

The MDP called on the government to publish the agreement with Eagle Hills in full, including the duration of the arrangement, the obligations and financial commitments of the Maldivian state, any financial concessions or exemptions granted to the developer, and the responsibilities and liabilities of Eagle Hills.

The party also demanded clarification on whether the agreement contains any provisions allowing foreign nationals or entities to acquire ownership of Maldivian land.

It called on the government to confirm whether any aspect of the project could create permanent foreign ownership rights over Maldivian territory in the future.

The MDP maintained that no government should have the authority to establish policies or enter into agreements that would transfer ownership of Maldivian land to foreign nationals.

It said any decision involving such rights must be made directly by the Maldivian people.

The party urged the government not to enter into agreements of this nature on behalf of the public without first obtaining their consent through a referendum.

The concerns come as the government proceeds with plans to allocate 500 hectares of Ras Malé to Eagle Hills for a waterfront development.

Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib has previously stated that land in Ras Malé will remain under Maldivian ownership.

He said buyers of properties developed in the area would receive leasehold rights only if they met the relevant eligibility requirements, and that such arrangements would not grant permanent ownership of the land.

The proposed Eagle Hills development includes branded residences, resorts, a marina, restaurants, waterfront promenades, and leisure and wellness facilities.

The project is planned to be developed in phases, with projected foreign investment exceeding USD 30 billion, including USD 18 billion in net investment.

The development has also been projected to create approximately 54,000 employment opportunities.

Eagle Hills has previously stated that the project could attract more than one million visitors annually and generate approximately USD 2 billion in tourism revenue each year.

These figures remain projections associated with the proposed development.

Eagle Hills Chairman Mohamed Alabbar has said the company intends to implement the project in accordance with the Maldivian Constitution and applicable laws.

He has also stated that the development would not proceed in violation of any Maldivian law.

The MDP's statement adds to growing scrutiny of the agreement, particularly over land ownership, the government's financial commitments and the extent of public disclosure surrounding the project.