Yameen declares Rasmale’ agreement illegal, says next government need not accept it

Former President Abdulla Yameen Abdul Gayoom has declared that the agreement between Abu Dhabi-based developer Eagle Hills and the Maldives government to develop a USD 20 billion waterfront and marina project is “definitely illegal” and should not be accepted by the next government.

Speaking at a People’s National Front (PNF) front-office meeting on Thursday evening, Yameen accused the government of “selling the future of the people” by entering into a 99-year agreement.

Yameen said no government has the legal mandate to make such long-term commitments that bind future generations.

“This is not a mandate that any government has under any law, not here, not anywhere in the world. No law in the Maldives allows a government to bind the people’s future like this. What is happening is a theft of our future. And because the entire deal is illegal, the next government that comes to power is under no obligation to accept it.”

Yameen also argued that Rasmale’ is not President Dr. Mohamed Muizzu’s original concept, alleging that the project is being pursued “for a specific purpose” rather than genuine public interest.

The Eagle Hills agreement, one of the largest foreign investment proposals in Maldivian history, was signed at a ceremony held in Dubai. The event was attended by Mohamed Alabbar, founder of Emaar Properties, the developer behind the Burj Khalifa and Dubai Mall, and chairman of Eagle Hills, alongside senior Maldivian officials.

The Rasmale’ project is the Maldives’ largest land reclamation initiative, with plans to reclaim more than 1,100 hectares and build 65,000 housing units. The government says the project will ease congestion in Malé and boost economic growth, though no specific timeline has been announced.

Eagle Hills is known for major international waterfront developments, including Lulu Island in Abu Dhabi, a USD 2.5 billion marina project in Albania, and a USD 1.2 billion waterfront development in Sharjah.