Finance Minister Hassan Zareer has said not an inch of land in Rasmale’ has been sold to Eagle Hills under the agreement to develop a USD20 billion integrated project featuring a waterfront marina and real estate developments.

Responding to a question on PSM’s Raajje Miadhu programme, Zareer said the agreement with the UAE-based developer provides for land in Rasmale’ to be leased for 99 years.

He said similar long-term leases have been used for major foreign investments in the Maldives, including resorts and other large tourism developments.

“Many investors are already operating properties in the Maldives. They are also operating resorts and developing large, USD200-300 million resort properties. These properties are also developed for 99 years. Under the Maldivian legal framework, these are developed on a 99-year lease, and this development [agreement] is also based on that principle. This is not a project to sell any land in the Maldives,” Zareer said.

He said President Dr Mohamed Muizzu’s pledge not to sell Maldivian land to foreigners would continue to be upheld.

“So even in this project, not a single inch can be sold,” Zareer said.

The properties developed by Eagle Hills will remain under Maldivian ownership, while the company will hold lease rights, similar to arrangements used for other tourism projects, he said.

The integrated development will include three resorts, a marina and other facilities, according to the minister. Eagle Hills will receive lease rights over the properties it develops, he said.

“The lease right is held and people have the opportunity to live there or travel there in accordance with the lease right,” Zareer said.

He said the Rasmale’ project would extend beyond commercial developments and include facilities such as hospitals and schools.