MDP calls emergency national council meeting over $20bn Rasmale’ project

The main opposition Maldivian Democratic Party (MDP) has called an emergency meeting of its national council to decide its stand on the USD 20 billion waterfront and marina project planned for Rasmale’.

The meeting, being held at the request of over 60 members of the party’s national council, is scheduled for 08:30 pm on November 1.

The emergency meeting to decide the party’s stand on the project follows an informal one held last Friday to discuss the same matter.

On September 21, Abu Dhabi-based real estate developer Eagle Hills signed a commercial terms agreement or letter of intent for a mega project to develop a new integrated island destination in Rasmale’, including international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

But the project soon faced controversy following claims Rasmale’ could become a foothold for Zionist settlement – claims that the government has repeatedly said are unfounded.

Critics have also slammed alleged plans to provide Eagle Hills with 500 hectares of reclaimed land for 99 years without acquisition cost or lease payment, and to grant it the right to create lease interests for third parties.

The mega project has reportedly also caused a divide within the MDP.

Former Maldivian president Mohamed Nasheed, the chairperson of MDP, has spoken favorably of foreign investments in general, including the Rasmale’ project. However, he has voiced some reservation over the lack of transparency surrounding the initiative.

Several MDP officials, including top lawmakers, have taken a harder stand against the project.

Nasheed indirectly warned the lawmakers on October 21, reminding them of how a former lawmaker Ali Azim was expelled from the MDP in 2023 for publicly speaking against the party’s stand.

However, many lawmakers continue to speak against the project, despite the warning.

The waterfront and marina project is described by the Maldives government as one of the most ambitious development initiatives in the country’s history.

According to the Maldives government, preliminary economic impact estimates indicate the project could attract more than USD 30 billion in gross foreign investment over its lifetime, including about USD 18 billion in net foreign investment in the Maldives.

It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination is expected to attract more than one million visitors annually and generate more than USD 2 billion in annual tourism revenue.

However, the project has sparked fears that Rasmale’ could become a foothold for Zionist settlement – fears that the government says are unfounded.

Housing Minister Dr. Abdulla Muthalib has said that Israeli nationals or Israeli-controlled entities would not be allowed as buyers, beneficial owners, shareholders, financiers or sales agents in Rasmale’.