Former President Mohamed Nasheed has praised the historic agreement signed between the Maldivian government and Abu Dhabi-based real estate developer Eagle Hills for a USD 20 billion (about MVR 308 billion) waterfront and marina project in Rasmalé.
In a post on X, Nasheed said developing a waterfront in Rasmalé is a good idea, and that selling state assets and privatisation are useful at this time to settle the government’s debts. He also stressed the importance of selling assets in a way that brings money into the state promptly.
However, treating privatisation under Nasheed’s administration — when state assets were relinquished — as a model is not President Dr. Muizzu’s policy. Instead of selling Maldivian assets under the pretext of raising state funds, President Dr. Muizzu’s work has focused on recovering for the Maldivian state and the public the shares in state companies that previous governments had given up.
The agreement with Eagle Hills, founded by Mohamed Alabbar — whose Emaar company built landmarks such as Dubai’s Burj Khalifa — is described as the largest direct foreign investment project in Maldives history. Under the “Maldives Waterfront and Marina” project in Rasmalé, international-standard hotels, resorts and luxury residences are planned, along with a marina and large commercial and leisure facilities.
According to the government, once complete the project is expected to draw more than one million tourists a year from various countries and generate about USD 2 billion a year in tourism revenue, while creating more than 54,000 jobs for Maldivians. Officials say the project will run as a direct foreign investment without tax concessions from the state and without the state taking on debt.
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