Bar Council member Ibrahim Shujau has said that the Rasmalé waterfront and marina project will not result in Maldivians losing existing benefits, describing such claims as baseless and intended to obscure the agreement’s details.
In a post on X, Shujau noted that under the Eagle Hills investment framework the state takes no debt while the company is required to develop 5,000 housing units specifically for Maldivian citizens in Hulhumalé. He added that Maldivians would receive priority in purchasing residential units in Rasmalé and that payment in local currency would be facilitated.
The project involves a USD 20 billion waterfront and marina development covering commercial, residential, educational and health facilities on reclaimed land. So far 716 hectares have been reclaimed out of a planned 1,150 hectares, making Rasmalé the country’s largest island by land area. Commercial terms for 500 hectares were signed last month between the government and Eagle Hills.
Eagle Hills, founded by Mohamed Alabbar, is also contracted to build the 5,000 housing units in Hulhumalé. Shujau argued that these provisions represent real benefits for Maldivian families.
The project has faced public and political scrutiny over foreign investment terms, land use and housing arrangements. Government officials have previously stated that units cannot become permanent freehold and that Israeli citizens will not be able to purchase property under the deal.