President Dr Mohamed Muizzu has said the Maldives Waterfront and Marina project being developed with Dubai-based Eagle Hills in Rasmale’ will not reduce housing opportunities for Maldivians.
Speaking about what he described as the largest foreign investment project in Maldivian history, President Muizzu said the Rasmale’ project was progressing as planned and would meet the expectations of the people.
Under the agreement, Eagle Hills will be granted 500 hectares of land on a 99-year lease to develop a waterfront, marina and a modern city.
Speaking on PSM’s “News Chat” programme, President Muizzu said the project would significantly increase the Maldives’ GDP and create jobs, while addressing several development needs in Rasmale’.
He also rejected concerns that the project could undermine housing opportunities for Maldivians.
“We have not given any sovereign guarantee or government loan or tax exemption for this project. We have not given any duty exemption,” President Muizzu said.
“The land here is only rented, leased. It cannot be owned.”
President Muizzu said the project would not affect the right of Maldivians to housing.
Half of the 500-hectare Rasmale’ development area has been reserved exclusively for Maldivians, according to the government. It has said the land will eventually accommodate a population of 150,000 or more.
“This will bring great progress to the Maldives. It will raise the standard of the country not only economically but also socially and structurally,” President Muizzu said.
He said reclamation of the land required for Rasmale’ would be completed by the end of this year, with about 70 percent of the planned area already reclaimed.
Once completed, the reclaimed area will total about 1,100 hectares, which President Muizzu said would make Rasmale’ the largest land area in the Maldives.
He described the creation of a large landmass in an area with economic activity as an important asset for future generations.
President Muizzu said land and apartments would be allocated to people who meet the relevant eligibility requirements.
“No land has been cancelled and nothing is happening here. I am just very sure that a lot of people will be given land here and everyone who needs land will be given land. There will be space for flats in the area,” he said.
The Rasmale’ project is expected to attract at least one million tourists annually. The government expects the project to generate more than USD11 billion in revenue and create more than 54,000 jobs over its development period.
