RasMalé Reclamation Reaches 30%, as Contractor’s Costs Expected to Exceed $700 Million

MALÉ, Maldives — The state‑owned Maldives Airports Company Ltd. said Wednesday that reclamation work for the RasMalé project has reached 30 percent completion, marking a visible acceleration in one of the government’s flagship housing and urban expansion initiatives.

The company said 41 hectares have now been reclaimed at Site A of Fushi Dhiggaru Falhu, the lagoon south of Malé that is being transformed into the new artificial island. Work began on December 1 and is being carried out using the Cristóbal Colón, one of the world’s largest trailer suction hopper dredgers, operated by the Belgian‑based Jan De Nul Group. The vessel’s 46,000‑cubic‑meter capacity allows for continuous, large‑scale dredging.

The RasMalé development is a central component of President Dr. Mohamed Muizzu’s “total solution” housing policy and was pledged as part of his administration’s first 100‑day commitments. RasMalé is expected to be four to five times larger than the combined area of Hulhumalé Phases I and II.

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MACL posted the latest update as the government continues to defend the project’s financing model, which places the full cost burden on the contractor, the Sri Lankan firm Civil Marine Construction Company (CMCC). Officials said last week that reclaiming the lagoon would cost the contractor more than $700 million, noting that even conservative estimates for shallow‑water reclamation fall between $500 million and $700 million.

“The contractor will take all the risks,” Dr. Muththalib said at a press briefing, adding that the state would not spend public funds on the project. In exchange, CMCC will receive 70 hectares of land — 60 hectares from the lagoon and 10 from Hulhumalé — while the government will obtain 1,093 hectares of newly reclaimed land.

Officials say the depth of Fushi Dhiggaru Falhu and the distance required to source sand significantly increase the project’s cost, though the government maintains that the arrangement remains financially advantageous because no direct payments are made.

Government officials have repeatedly emphasized transparency in the project, amid heightened public scrutiny over land allocation and the scale of the reclamation. Work at the site is expected to continue in phases as the dredger completes additional cycles in the lagoon.