News Desk
A massive housing and real estate expansion at Rasmalé will not burden the Maldives with foreign debt or public loans, President Dr Mohamed Muizzu has pledged, revealing that 5,000 housing units under development in Hulhumalé will be handed over to local workers by August 2028.
Speaking on Public Service Media’s Nation Chat program, President Muizzu outlined state plans covering fiscal management, public housing, and the Eagle Hills project, assuring that the development will abide strictly by national laws and Islamic principles.
The 5,000 housing units in Hulhumalé are financed using $500 million provided upfront by the investor from initial sales of the Rasmalé scheme. Rather than holding those funds in state reserves, the government elected to channel them directly into public housing complete with water, sewerage, and electricity.
“This housing project is not being carried out by taking out government loans or requiring state repayments,” Muizzu said, adding that structural work and exterior finishing will be completed by August 2028 to allow official registration for citizens.
Preference will be given to youth, resort staff, fishermen, and other workers who have not previously received state housing. Muizzu assured that all eligible applicants from the Malé residency lists, registry lists, and long-term residents of over 15 years will receive land plots in Rasmalé without exception, projecting the full 650-hectare site will turn into a complete city within 10 years.
To ensure transparency, the government will submit a dedicated real estate tourism bill to the People’s Majlis, which will be opened for two to three weeks of public consultation before passage. The complete project agreement will also be sent to a Majlis standing committee for parliamentary review.
Under the proposed legal framework, property sales to foreign nationals will be capped at 25 per cent per country, with zero restrictions placed on Maldivian buyers. Schools operating under foreign control will be prohibited, and children of holiday home owners must comply with standard national guidelines if enrolling in local schools.
No Alcohol, Pork or Casinos at Rasmalé
Addressing public debate regarding real estate tourism at Rasmalé, President Muizzu gave assurances that the development will abide strictly by local legislation, Islamic tenets, and state sovereignty.
“There will be no sale or consumption of alcohol, no pork, and no casinos,” Muizzu said. “A mosque will be established with the call to prayer sounding five times a day, and Maldivian police services will be fully deployed.”
The President added that public dining on the streets during the holy month of Ramadan will be strictly prohibited, mirroring regulations in inhabited local islands. Utility infrastructure will be purchased directly from state providers.
Early indications show strong demand for property from buyers within the Gulf Cooperation Council (GCC) and broader Islamic world.
“The reality we are seeing so far is that interest in buying properties being built here is coming from GCC countries and Arab-Islamic nations,” Muizzu said.
The President expressed strong confidence that the residents at the site will consist overwhelmingly of Maldivians and Muslims from other countries.
Muizzu noted that non-Muslim buyers looking for a different lifestyle would not find such a development appealing, emphasizing that the Maldives remains a 100 per cent Muslim country that offers peace and tranquility. He added that many Muslims worldwide are keen to experience the natural beauty and calm of the Maldives.
“Therefore, this place will be of that nature. There is absolutely no reason for concern,” the President said.
Under proposed legislation, property sales to foreign nationals will be capped at a maximum of 25 per cent per country. Maldivians will be exempt from this restriction and can purchase as many properties as they wish, Muizzu explained.
Addressing concerns over foreign buyers, the President reaffirmed that Israeli citizens will be completely barred from acquiring, renting, or even staying at the development for a single day.
“We will run KYC checks that look beyond just the passport to verify citizenship through every means possible. Israeli citizens will not be able to come here,” Muizzu said.
“The reality we are seeing so far is that interest in buying properties being built here is coming from GCC countries and Arab-Islamic nations,” Muizzu noted, adding that non-Muslim buyers looking for a different lifestyle would not find such a development appealing. “Therefore, this place will be of that nature. There is absolutely no reason for concern.”
No Maldivian President Has Fought Zionist Genocide More Than Me: Muizzu
“I do not believe any Maldivian president before me has spoken out or worked as much against Zionism and the genocide being carried out by Israel,” Muizzu said.
The President noted that he made his position clear during the presidential transition period, posting publicly on social media regarding Maldivian foreign policy against the aggression, and has backed those words with direct policy ever since. Muizzu questioned whether any previous leader had possessed the resolve to ban Israeli passport holders from entering the country.
“Have we not mostly seen people in the past taking the easy road?” Muizzu remarked. “When I stood up to push through the passport ban, only I know the calls I received.”
The President revealed that during the push to enact the Israeli passport ban, figures from the tourism sector and even close associates urged him to back down, warning that the move would ruin the national economy and devastate tourist arrivals.
“I told them that the nation stands to gain by banning the Israeli passport,” Muizzu said. “The reality is plain to see now. Tourism in the Maldives expanded even further because of it.”
Muizzu added that he took the podium at the United Nations General Assembly to explicitly declare Israel’s actions a genocide, presenting the Maldives as a peace-loving nation that stands firmly against atrocities—a step he emphasised no previous Maldivian head of state had taken.
“We will run KYC checks that look beyond just the passport to verify citizenship through every means possible. Israeli citizens will not be able to come here,” Muizzu said.
Saving the Nation From Default and Budget Focus
“When this year began, we built up record reserve levels—both gross reserves and usable reserves,” Muizzu said. “By doing this, we managed to relieve the public of a significant portion of the debt burden placed on them. But then the war broke out in the Middle East. That was something no one anticipated, and for a country like the Maldives, which depends heavily on tourism routed through the Middle East, it brought a substantial impact.”
The President highlighted that the past three years under his administration have been marked by debt reduction and improved credit ratings.
Despite those global headwinds, Muizzu noted that the administration’s fiscal intervention led to credit rating upgrades on two separate occasions, restoring international investor confidence in the Maldivian economy.
He further pointed out ongoing efforts to manage foreign currency reserves and ease everyday financial transactions for the public, including introducing concessions for citizens traveling abroad for medical treatment and other essential needs.
Looking ahead to next year’s state budget, President Muizzu assured that responsible, constructive measures have been incorporated to curb expenditure, manage fiscal deficits, and maintain financial stability.
Strengthening Pakistan Links
Addressing his recent official trip to Pakistan, President Muizzu labelled the diplomatic mission a success focused on expanding bilateral commercial ties.
“If we cannot look after our own vast maritime territory ourselves, true independence does not exist,” Muizzu said during the interview, emphasising national sovereignty alongside regional partnerships. “From day one, this is the freedom we have been working to secure.”
Both governments are taking practical steps to establish direct maritime and air links between the Maldives and Pakistan to execute signed agreements rapidly.
