A real estate bill intended to provide the legal framework for the Rasmale’ project is expected to be introduced to the People’s Majlis, according to sources familiar with the process.
Existing laws do not permit the planned transaction under which 500 hectares of the reclaimed Fushidhiggaru lagoon would be allocated to UAE-based Eagle Hills under a commercial terms agreement signed in Dubai on 21 September. Housing Minister Abdulla Muththalib signed for the Maldives and Mohamed Alabbar for Eagle Hills.
The government has described the arrangement as a 99-year lease, while Eagle Hills has indicated that a new 99-year term could begin if properties are sold before the initial period expires. Attorney General Ahmed Usham has previously said new legislation is needed. The government has targeted signing a definitive agreement by 17 November.
Opposition parties and civil society groups have called for full disclosure of the commercial terms and a public referendum. A petition seeking a parliamentary inquiry has been submitted, and a planned protest has been postponed to 13 November. The government maintains that the project complies with the constitution and will generate significant revenue for the state.
