Former President Abdulla Yameen has called on UAE-based developer Eagle Hills to abandon the Rasmalé project, describing it as met with public disdain.
In a post on X, Yameen accused Eagle Hills of exploiting “a morally bankrupt regime that has lost its support with the voters.” He referred to the development as a “Jewish settlement” in a predominantly Muslim society that supports the Palestinian cause and advised the company to scrap the project.
Yameen has also criticised the silence of former leaders, state legal officials and religious scholars on the agreement. Speaking at a People’s National Front rally, he described the deal as “no good” and a “crime,” arguing that the 99-year lease framework effectively risks permanent loss of land and undermines national interests.
The government signed a commercial terms agreement with Eagle Hills on 21 September for the Maldives Waterfront and Marina project in Rasmalé. Of the land being reclaimed, 500 hectares have been allocated to the developer. The state is not charging land acquisition fees or ground rent; instead it will receive a 10 percent fee on the developer’s initial sales of buildings and a 4 percent fee on subsequent transfers.
Although described as a 99-year lease, critics note that the lease period resets with every sale or transfer of property units. A constitutional challenge seeking to annul the deal has also been filed at the Supreme Court.
The project remains a major point of political contention.
