President Dr. Mohamed Muizzu has stated today that a public referendum will not be held regarding the proposed Eagle Hills project in Rasmale'.

The government has today submitted the Real Estate Business Bill to parliament, the Maldives' first proposed law governing real estate.

In a press conference held at the President's Office today to share further details regarding this bill, President Muizzu stated that opposition claims regarding the Rasmale' project are untrue, and assured that the project will only bring benefits to the people. 

The opposition have been strongly opposing the project, and have called for a public referendum on the matter. Main opposition Maldivian Democratic Party (MDP) recently held a National Council meeting, where a resolution was passed to call for a public referendum on the Eagle Hills project. The party has submitted a motion on the matter to parliament as well. 

However, President Muizzu confirmed today that such a referendum will not be held. 

"This is not something we will hold a public referendum on. This bill clearly states that rights of Maldivian citizens. The law also clearly lays out how the Maldives States' independence, sovereignty, and rule of law will be protected," the President said. 

The president asserted that the proposed bill strongly protects the rights of the people, even for generations to come. 

The eighth chapter of the bill introduces a distinct legal framework for large-scale masterplan projects. Such projects must concern a minimum of 200 hectares of land and an investment of a minimum of USD 1 billion, the bill states. Zones can be leased for a maximum of 99 years, the bill also lays out, adding that 10 percent revenue from master developer zone must be paid to the State. 

The bill further states that security in these zones will be overseen by Maldives' security services, and explicitly prohibits acts deemed illegal under Islamic Shariah and Maldivian laws such as gambling. It further states that religious establishments representing any religion besides Islam must not be allowed. 

The bill also clearly states that Israeli nationals and any companies in which an Israeli national has a stake in will be prohibited from purchasing properties in the Maldives. 

Properties in the zones can be sold under leasehold rights for a period of 99 years under a surrender and regrant model, the bill states. 

The bill also states that parties from a single nation cannot own more than 25 percent of properties in a zone. Selling properties to any persons banned from entry into Maldives is also prohibited.