News Desk
Attorney General Ahmed Usham has hit back at criticism from former President Abdulla Yameen over the government’s plan to lease land in the Ras Malé development project for 99 years, pointing out that long-term 99-year leases were first introduced into Maldivian law during Yameen’s own administration.
The political dispute follows sharp criticism from Yameen and opposition figures, who argued that granting a 99-year lease on 500 hectares of land to the Abu Dhabi-based property developer Eagle Hills was tantamount to selling off national territory. The proposed $20 billion waterfront marina development represents one of the largest foreign investment ventures targeted for the ambitious land reclamation scheme.
In a statement posted on X, AG Usham sought to contextualise the legal framework governing long-term land leases in the archipelago nation. When the Tourism Act was first enacted in 1999, resort leases were capped at a maximum of 25 years. That ceiling was expanded to 50 years in 2010 under President Mohamed Nasheed, before being extended to 99 years under President Yameen’s presidency in 2015.
However, the Attorney General clarified that the Ras Malé project would not be governed by the existing Tourism Act, but rather by a forthcoming real estate law currently being drafted.
Under Section 8 of the Tourism Act, the government is required to compensate an investor for the remaining value of their investment once a 99-year term expires. By contrast, Usham indicated that the new real estate regulatory framework would be tailored specifically for large-scale urban developments.
Addressing concerns surrounding the deal with Eagle Hills, Usham revealed that the government has so far only signed a non-binding letter of intent. He stressed that before any physical work begins, definitive agreements must be executed and the corresponding legislation passed by Majlis.
“The government will not do anything unconstitutional,” Usham stated, assuring the public that the landmark development will strictly adhere to the Constitution and statutory requirements.
