Finance Minister Hassan Zareer has stated that the state is projected to generate over USD 11 billion (MVR 169 billion) in revenue during the 10-year development period of the "Maldives Waterfront and Marina" project in Rasmale'.

The government has signed a commercial terms agreement with Eagle Hills, one of the UAE's largest real estate companies, to develop a major project in Rasmale' under the name "Maldives Waterfront and Marina."

In a post concerning the matter, Minister Zareer stated that this is an agreement to develop a USD 20 billion "waterfront and marina" project spread across a 500-hectare area, phased over a 10-year period. The project is planned to establish residences, hotels, resorts, a marina, shops, offices, as well as educational and healthcare service centers.

In a post on X, Minister Zareer stated that while the USD 11 billion is estimated to be received over 10 years, this averages out to approximately USD 1.1 billion annually.

The minister noted that this estimated annual revenue from the Rasmale' project exceeds the total revenue currently generated for the state by the Maldives' 179 resorts, 16 hotels, 920 guest houses, and 165 safari vessels combined.

He highlighted that this demonstrates the major advancement the project will bring to strengthening the state's financial standing and fostering long-term development in the Maldives.

Minister Zareer stated that, in addition to TGST collected at the rates specified under the Rasmale' agreement, the state will receive 10 percent of the developer's revenue from initial sales and leases of properties. He also stated that first-time buyers will be required to pay four percent of the property's value to the state.

Minister Zareer noted that the Rasmale' project agreement includes no tax exemptions or duty waivers.

"No loans will be taken by the state to proceed with this project, nor will a sovereign guarantee be provided. This will ensure that the state does not shoulder financial obligations while securing a direct path to revenue," the minister stated.

The minister also highlighted that under the Rasmale' agreement, all proceeds from property sales must be deposited into an escrow account opened in the Maldives, and funds will be released in accordance with the principles outlined in the agreement.

Additionally, the minister stated that all financial transactions for the project must be conducted through Maldivian banks.

"When this project is fully completed and comes into full operation within approximately 10 years, it is estimated that more than one million tourists will visit annually. As a result, approximately USD 2 billion in revenue will enter the Maldivian economy from the tourism sector every year," the minister stated.

The minister stated that this will further strengthen the Maldives' tourism industry and pave the way for long-term economic growth.