The economic project scheduled for Rasmalé will bring no changes to the social housing initiatives planned by the government in the area, President Dr Mohamed Muizzu assured.
The commercial undertaking, known as the 'Maldives Waterfront and Marina' and contracted to Eagle Hills, an Abu Dhabi-based private real estate investment and development company, remains intrinsically linked to both economic growth and social sector objectives, the President underscored, noting that the initiative will elevate public living standards across multiple dimensions.
Addressing public concerns over perceived delays during an appearance on the 'Nation Chat' programme, President Muizzu acknowledged that the development had encountered initial obstacles similar to other large-scale infrastructure endeavours. Those hurdles have since been resolved, and execution on Rasmalé is proceeding rapidly under structured planning, he stated, affirming that the administration remains resolute in executing the work according to its original commitments to the public without shifting its policy direction.
"The land reclamation work has reached 70 per cent completion," President Muizzu observed. "Reclamation will be finished within two to three months. That is a landmass of 1,100 hectares. In reality, the creation of land is the greatest asset. Its economic value will be substantial. This represents a major capital asset for the nation." The expansive territory will secure habitable space for future generations, the president added.
Despite the introduction of commercial components within Rasmalé, designated residential land allocations and housing flat construction projects will not face cancellation, President Muizzu guaranteed, adding that housing security for citizens will remain completely unhindered.
"There is sufficient land to allocate plots for everyone," President Muizzu elaborated. "Not a single land plot will be cancelled." Application forms are currently being reviewed, he explained, with adequate land set aside to grant plots to a substantial proportion of eligible citizens or across entire qualifying categories, alongside space reserved for flat construction.
Granting an investment opportunity to a foreign entity in Rasmalé primarily aims to unlock broader avenues for long-term island development, President Muizzu explained. The broader scheme is tied directly to employment growth and livelihood advancement, with newly established commercial ventures intended to yield tangible progress for all citizens, he added.
While the master development of Rasmalé is envisioned as a 10-year undertaking, government authorities are working to contract utility infrastructure partners prior to the completion of land reclamation so that physical utility installation can begin early next year, President Muizzu reported. The planned urban centre is being designed to modern standards, offering comprehensive community infrastructure tailored to meet the needs of all demographic groups.
Conceived as an environmentally sustainable, carbon-neutral smart city, the island will feature digital technology integration and fully accessible public services tailored for persons with disabilities, the president stated. The Rasmalé development will ultimately guarantee housing security for 65,000 citizens, according to government disclosures.