Rasmale’ project: ‘Maldivians entitled to higher share of benefits generated from natural resources’

Infrastructure Minister Dr. Abdulla Muththalib stated that the decision to award the massive USD 20 billion Rasmalé project to a foreign developer was driven by the belief that Maldivians should receive a greater share of the economic benefits generated from the country’s natural resources and beauty.

The Maldivian government on Monday signed an agreement with renowned Abu Dhabi-based developer Eagle Hills to develop a USD 20 billion (approximately MVR 308 billion) waterfront and marina project.

In a post on X regarding the agreement, Minister Muththalib said the decision was made following extensive deliberation. He noted that the project underwent comprehensive research and fact-finding missions, followed by lengthy consultations with the President to ensure that it was aligned with the President’s policies and strategic vision.

The Minister also highlighted that discussions were held with industry experts to conduct an in-depth assessment of the project’s tangible outcomes and the benefits it could deliver to the Maldives. He said the initiative was undertaken with the belief that Maldivians are entitled to derive significantly greater economic value from the country’s natural resources than has been achieved in the past.

Minister Muththalib described the project as a key component of President Dr. Mohamed Muizzu’s vision to transform the Maldives into a developed nation by 2040.

Infrastructure Ministry described the agreement with Eagle Hills as the largest foreign investment programme in the history of the Maldives. The Minister said the project is expected to bring more than USD 20 billion in foreign investment into the economy without adding to state debt or providing tax incentives. It is also projected to generate more than USD 11 billion in state revenue and create over 54,000 jobs.

Rasmalé, currently being reclaimed at Fushidhiggaru Falhu, is approximately 17 minutes by speedboat from the capital, Malé. The mega-project will feature a world-class waterfront marina, real estate developments, international-standard hotels and resorts, as well as entertainment and wellness facilities.

The government estimates that once completed, the project will attract more than one million tourists annually and contribute an additional USD 2 billion in annual tourism revenue to the Maldivian economy.