News Desk
Striking back at opposition criticism over his administration’s headline development agenda, President Mohamed Muizzu assured the nation that a $20 billion deal with a United Arab Emirates developer to construct a mega waterfront and marina development in Rasmaale’ would proceed unhindered, without sovereign guarantees, state loans, or tax concessions.
Appearing on Nation Chat, a program broadcast by state media outlet Public Service Media, Dr Muizzu delivered a pointed response to recent criticisms raised by former President Abdulla Yameen, whose faction has questioned the financial arrangements and sovereign exposure surrounding the megaproject.
Addressing fears that the state was extending its debt profile or offering blanket financial cushions to Eagle Hills, the UAE-based property developer behind the plan, Dr Muizzu stressed that the government was incurring no loans, granting no sovereign guarantees, and offering no tax reliefs or import duty waivers.
Instead, the President framed the investment as a triumph of commercial financing designed to drive national economic expansion without burdening public coffers.
Dr Muizzu dismissed assertions by opposition figures that land within the reclaimed city was being sold off to foreign entities, reiterating that all allocations would operate strictly on a leasehold basis.
Recalling that a controversial constitutional amendment allowing foreign land ownership under specific conditions had previously been repealed, the President affirmed that his administration would respect the constitutional bar on foreign freehold land rights. “I want to bring in the maximum amount of investment possible without transferring ownership,” he said.
He also moved to reassure residents seeking affordable housing in the congested capital zone, confirming that previous land grants issued under state housing schemes would remain valid. Once application processing concludes, Ras Malé will accommodate all eligible land recipients alongside designated zones for high-density public housing blocks.
While foreign investors estimate a 10-year timeline for full completion of the city, Dr Muizzu pledged that primary infrastructure—including water, sewerage, electricity, and paved roads—would be delivered far sooner. With land reclamation scheduled to finish within the year, utility contracts will be awarded immediately to enable plot owners to begin building homes.
Beyond the Ras Malé site, the government is moving to unblock stalled reclamation projects across the Malé Atoll:
Closing his remarks, Dr Muizzu condemned political adversaries who he alleged were attempting to sabotage transformative national projects for partisan gain. He maintained that politically driven rhetoric would not derail the nation’s growth trajectory, promising that cabinet ministers would continue to roll out technical details as construction progresses.
