Minister says Rasmale’s annual revenue will surpass income from all resorts, hotels, guesthouses and safaris combined

Finance Minister Hassan Zareer says the Rasmale' Waterfront and Marina project is expected to generate USD 11 billion in state revenue over its 10-year development period.

The government signed an agreement on September 21 with Abu Dhabi-based developer Eagle Hills to undertake the USD 20 billion project, one of the largest foreign investment proposals in Maldivian history.

In a series of posts shared on social media, Zareer said the project is expected to generate an average of USD 1.1 billion annually, exceeding the state’s combined annual revenue from 179 resorts, 16 hotels, 920 guesthouses and 165 safari vessels. He said this demonstrates the project’s potential to strengthen public finances and support long-term national development.

Zareer said the state will receive TGST at standard rates, 10 percent of the master developer’s revenue from first sales and leases, and a 4 percent fee on property value during first purchase and subsequent transfers. He stressed that the agreement provides no tax concessions or duty exemptions, and the government will not take any loans or issue sovereign guarantees, ensuring the project contributes to revenue without creating financial obligations.

The Maldives Waterfront and Marina project at Ras Malé is projected to generate over US$11 billion in State revenue during its 10-year development period, an average of approximately US$1.1 billion annually.

This projected annual contribution would exceed the annual government… pic.twitter.com/e58wGbTguJ

— Hassan Zareer (@Finance_Min_MV) September 30, 2026

He added that all property sale proceeds will be deposited into an escrow account in Maldives, with disbursement governed by the agreement, and all project funds will flow through Maldivian banks.

According to Zareer, the 500-hectare development will be delivered in phases over 10 years, featuring homes, hotels, resorts, a marina, shops, offices, and education and healthcare facilities. Once fully matured, the project is expected to attract over one million visitors annually and generate USD 2 billion in tourism revenue, strengthening the tourism sector and supporting long-term economic growth.

A constitutional case has been filed in the Supreme Court seeking annulment of the agreement, arguing that Article 250 requires the lease or disposal of state property to be done under a legal framework, and that no law currently permits allocating state land to a foreign party for 99 years.

President Dr Mohamed Muizzu has said the project will not harm Maldives and will significantly boost GDP and benefit the public. Attorney General Ahmed Usham has also stated that the government will not act against the Constitution or laws.