Ras Malé properties can only be sold back to the state, President Muizzu says

President Dr Mohamed Muizzu said the government will keep full control of every property in the Ras Malé development near Malé, saying in remarks on The Pulse podcast reported on Tuesday, 20 October, that buyers holding 99-year leases will be able to sell only back to the state.

The President said Maldivian law would apply throughout the project, which is being developed by the UAE-based company Eagle Hills, and described claims that it would create a foreign-controlled community as politically motivated statements without any basis.

What happens to the 99-year leases

Responding to concerns over reports that properties would be leased for 99 years, President Muizzu said anyone who buys a property in Ras Malé will hold it for that period, and that if they want to sell, before or after the term ends, the sale must be made to the government. Any later sale to another party would be handled by the government.

"Full control of it lies with the Maldivian state," the President said.

He said the arrangement would not involve automatically renewing leases for another 99 years, and that the government would benefit financially from transactions involving the properties. He also said the project would not offer foreign buyers or residents a route to Maldivian citizenship.

Religion and policing in Ras Malé

President Muizzu rejected claims linking the project to a Jewish settlement near the Maldives, describing them as insincere statements made to spread fear for political ends. He said there would be no provision in Ras Malé for places of worship, religious activities or schools of other religions, and that a Maldives Police Service station would be set up in the area.

He said between 100,000 and 200,000 foreigners already live in the Malé area, and that about 200,000 tourists are in the country at any given time, numbers he said were often overlooked in political debate about the project.

Lessons from Hulhumalé

The President said the government would make sure infrastructure and investment are in place before residents move into the plots and flats allocated under the project. He said that in Hulhumalé, investment came only after people had begun living there, alongside the building of the Sinamalé Bridge, and that the government wants to avoid the same problems in Ras Malé. He said the main reason for the project was to provide housing for citizens as quickly as possible.

Where the Ras Malé project stands

The Ras Malé Waterfront and Marina project covers about 500 hectares of a 1,000-hectare area, and the government puts the investment at USD 20 billion. The full agreement with Eagle Hills has not yet been signed. In a written reply to parliament reported on 18 October, the housing ministry said the two sides were at the commercial terms stage, and ruled out automatic lease renewal and any transfer of land into foreign ownership.