President Assures Rasmalé Land Will Remain Maldivian-Owned

President Dr Mohamed Muizzu has assured that the land being created through the historic Rasmalé reclamation project will remain under Maldivian ownership, while reaffirming that the Government’s ambitious plans for the new city will deliver housing, economic opportunities and long-term benefits for Maldivians.

Speaking on Public Service Media’s “Nation Chat” podcast, President Muizzu said no foreign entity would be granted ownership of the land reclaimed from Fushidhiggaru Falhu, stressing that the Government’s vision is to unlock the value of the country’s most significant land-creation project without compromising national ownership.

The President said Rasmalé is being developed as a major economic and urban centre that will improve the quality of life of Maldivians while creating opportunities for future generations.

He described the project as the largest land reclamation initiative in Maldivian history and said the challenges encountered during implementation had not resulted in any reduction to its intended scope.

According to the President, between 60 and 70 per cent of the reclamation has now been completed, with the Government targeting completion of the reclamation by the end of this year. Recent Government updates have similarly placed progress at more than half of the planned reclamation, with 716 hectares reported as reclaimed in August.

The Rasmalé project was inaugurated by President Muizzu in December 2023 as a central component of his Administration’s efforts to address the housing shortage in the Greater Malé Region. The original project plan envisaged reclaiming more than 1,100 hectares at Fushidhiggaru Falhu and developing the area into a new urban centre.

President Muizzu said the creation of new land in an area with high economic activity represents a major national asset, noting that the value generated from the reclaimed land could benefit generations to come.

He said Rasmalé is envisioned as an eco-city and smart city designed to integrate environmental sustainability, modern infrastructure, technology and quality of life. The Government has also presented the project as a major housing solution for the Greater Malé area, with tens of thousands of housing units and land plots planned as part of the wider development.

The President gave a further assurance that the development of Rasmalé would not come at the expense of housing units or land plots already planned for eligible Maldivians.

“No project within the city will proceed by cancelling any housing unit or land plot,” the President said, assuring that eligible applicants would receive the plots allocated to them.

The President’s remarks come as the Government moves ahead with plans to develop Rasmalé not only as a housing centre but also as a major new economic hub.

Earlier this month, the Government signed a Commercial Terms Agreement with Abu Dhabi-based Eagle Hills for the proposed Maldives Waterfront and Marina project in Rasmalé. The development has been envisioned at an overall scale of around USD20 billion across multiple phases and is planned to include hotels and resorts, residences, a marina, waterfront areas, retail, restaurants and leisure facilities.

President Muizzu said the investment has the potential to significantly expand the Maldivian economy and create large numbers of employment opportunities.

He also rejected claims that the agreement involved the sale of Maldivian land, explaining that land allocated for the development would instead be provided through lease arrangements.

The President said no sovereign guarantee, tax concession or duty exemption had been granted for the project, and maintained that transferring ownership of the land to a foreign entity would not be permitted.

President Muizzu said the Government’s objective is to attract the maximum possible investment into Rasmalé while retaining ownership of the land for the Maldivian people.

He added that Cabinet Ministers would provide further details on the investment and its arrangements in the coming days.

The President also said infrastructure planning for Rasmalé is advancing alongside reclamation, with work expected to begin on water, sewerage and electricity networks following completion of the land creation process.

With the overall development expected to span approximately a decade, the Government is positioning Rasmalé as a long-term transformation project combining housing, modern infrastructure, environmental planning and large-scale economic activity.

The President said the project ultimately represents an effort to turn newly created land into a lasting national asset while ensuring that Maldivians retain ownership of the land and benefit from the opportunities generated by its development.