The Rasmalé development will bring a revolutionary change to the prosperity of the Maldivian people, Dr Abdulla Muththalib, the Minister of Infrastructure, Housing and Urban Development, stated.
Anchored by the 'Maldives Waterfront and Marina' initiative, the undertaking represents the largest foreign-proposed project in the nation’s history. Commissioned to the Abu Dhabi-based developer Eagle Hills, the USD 20 billion commercial real estate venture is designed to diversify the economy by aligning with existing hospitality infrastructure, Minister Muththalib noted in remarks to Public Service Media.
The primary capital commitment reflects strictly direct investment. Accounting for broader economic integration, total foreign direct investment is projected to reach at least USD 31 billion, a sum surpassing the historical aggregate of all foreign capital within the domestic tourism sector, he explained.
"What is important for the Maldives is the total volume of foreign direct investment that will enter the country," Minister Muththalib observed, maintaining that successful delivery would fundamentally transform the republic.
The initiative introduces a novel financial structure, establishing a 4 per cent revenue share payable to the state on every leased property transaction. This contrasts with traditional resort leasing, where corporate transfers yield no per-transaction payments.
The established hospitality sector in the country currently encompasses 177 resorts, 16 hotels, 814 guesthouses, and 162 safari vessels. Government projections indicate the completed Rasmalé project will generate an additional USD 2 billion in annual state revenue.