President pledges to submit full Eagle Hills agreement to parliament
The President said alcohol and pork would be prohibited within the development. Mosques would be established, and the call to prayer would be made.
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President Dr Mohamed Muizzu has said the government will submit the full agreement for the Ras Malé development project involving UAE-based Eagle Hills to Parliament for review, pledging that the project will operate under Maldivian law and remain subject to the country's sovereignty.
Speaking on PSM's Nation Chat podcast on Wednesday evening, Muizzu said the government would maintain transparency in implementing the project and ensure that no activities prohibited by the Maldivian Constitution would be permitted within the development.
The President also announced that a bill on real estate tourism was being prepared for submission to Parliament. He said the proposed legislation would be made public and opened for consultation through Parliament.
"When the agreement is finalised, we will submit the full agreement to Parliament. We will also send it to a standing committee designated by Parliament for review," Muizzu said.
He maintained that the government was taking the necessary steps to ensure transparency and accountability.
"I believe that, as a responsible government, we cannot do more than this. Parliament consists of representatives elected by the people. Therefore, by submitting the agreement to Parliament, we are making it available to the people," he said.
Muizzu said the public had no reason to be concerned about the investment, which involves the development of 500 hectares of land in Ras Malé.
He maintained that the project would benefit Maldivians and that restrictions on activities within the development would be more extensive than those applicable to resorts.
"The people will benefit entirely from this. To put it briefly, the activities permitted there will be even more limited than those at a resort," he said.
The President said alcohol and pork would be prohibited within the development. Mosques would be established, and the call to prayer would be made five times a day.
He also said schools and educational institutions would not be permitted to operate under foreign control or through arrangements that compromised Maldivian authority.
According to Muizzu, children of foreign nationals who purchase holiday homes in the development would be subject to the same arrangements currently applicable to foreign children attending schools in the Maldives.
"This is not a separate island. We are talking about a part of Ras Malé. I will certainly not allow anything to be established in a residential area that could lead to activities we do not want taking place among us," he said.
The President said these conditions would be incorporated into the agreement and legally enforced.
Muizzu said the development would remain under the jurisdiction of the Maldives and that Maldivian police would be responsible for law enforcement within the area.
He rejected suggestions that the project would operate under foreign jurisdiction or that any foreign entity would exercise authority over the development.
"No laws of another country will apply there. In every respect, including military matters and law enforcement, it will remain part of the Maldivian state. All powers of the Maldivian state will apply," he said.
The President maintained that the country's Constitution, laws and sovereignty would govern the development.
Muizzu said the proposed real estate tourism legislation would include restrictions on property sales to foreign nationals.
Under the proposed provisions, no more than 25% of the properties could be sold to nationals of any single foreign country, while Maldivians would not be subject to such a limit.
The President also addressed allegations that the project was intended to facilitate the settlement of Israeli nationals in the Maldives.
He said Israeli citizens would not be permitted to purchase, rent or stay in properties within the development.
"No Israeli citizen will be able to purchase any property there. They will not be able to rent property or even stay there for a single day," Muizzu said.
He said authorities would conduct identity and nationality checks, including know-your-customer (KYC) procedures, to enforce the restrictions.
The President also said he expected the development to attract buyers from Muslim-majority countries, particularly Arab and Islamic nations within the Gulf Cooperation Council (GCC).
"I am confident that those living there will be Maldivians and Muslims from other countries," he said.
Muizzu accused the opposition of attempting to discourage investment and create public concern over the project.
The Ras Malé Waterfront and Marina project is currently governed by a commercial terms agreement signed between the government and Eagle Hills.
Eagle Hills Chairman Mohamed Alabbar has previously expressed hope that the final project agreement would be signed around Republic Day.
The government has decided to allocate 500 hectares of land in Ras Malé to Eagle Hills for a long-term development project.
The proposed development will include branded residences, resorts, a marina, restaurants, a waterfront promenade, and leisure and wellness facilities.
The project is expected to be implemented in phases.
According to previously announced projections, the development is expected to attract more than USD 30 billion in foreign investment, including USD 18 billion in net investment.
The project has also been projected to create approximately 54,000 employment opportunities.
Eagle Hills has previously stated that the development could attract more than one million visitors annually and generate approximately USD 2 billion in tourism revenue each year.
