A bill intended to create a legal framework for the Rasmale development is expected to be introduced in the People’s Majlis, following statements from Attorney General Ahmed Usham that existing laws do not permit the project under the terms agreed with UAE-based Eagle Hills.
Usham said the Rasmale project would be governed under a Real Estate Act currently being drafted. Under the commercial terms signed in September, Eagle Hills would develop a large waterfront and marina area on roughly 500 hectares of reclaimed land. Properties would be offered on 99-year terms. If a buyer later sells or transfers a unit, a new 99-year period would begin for the new holder.
The government has said the full agreement will be sent to a parliamentary committee and that a special law on real estate tourism will be submitted for public comment. President Dr Mohamed Muizzu has stated that alcohol, pork and casinos would not be permitted, mosques would be established, and buyers from any single foreign country would be capped at 25 percent of properties. Israeli citizens would be barred from purchasing or entering under the proposed rules.
Opposition parties have called for greater transparency and questioned the financial returns to the state, which include a share of revenue from property sales rather than a large upfront lease payment. Housing Minister Dr Abdulla Muththalib has defended the structure, citing tourism GST and other ongoing revenues.
A petition seeking to block the deal was previously rejected by the Supreme Court registrar on procedural grounds. The government has indicated that enabling legislation must pass before the project advances.