Former President Mohamed Nasheed has identified funding and location as two key issues surrounding the proposed Ras Malé development and called for a legal framework to support the project.

Nasheed made the remarks in a post on X, where he said opening the Maldives to a residency program could be positive in principle.

However, he raised concerns over the government’s decision not to publicly disclose the agreement with Abu Dhabi-based developer Eagle Hills.

The government and Eagle Hills signed commercial terms for the proposed Maldives Waterfront and Marina project on September 21.

Nasheed said the concerns he had identified were the absence of advance funding for the development and its location within the Greater Malé area.

He called on the government to submit the contract to the People’s Majlis and establish the necessary legal framework through legislation.

Meanwhile, Attorney General Ahmed Usham has said the project will be governed by a new Real Estate Act that is currently being drafted.

Attorney General Usham explained that only a Letter of Intent covering commercial terms has been signed so far.

According to the Attorney General, definitive agreements will need to be concluded following further negotiations, while the relevant legislation must also receive approval from the People’s Majlis.

He further stated that the government would not take any action contrary to the Constitution or existing laws while implementing the project.

The Ras Malé development is planned as a large-scale waterfront and marina destination incorporating tourism, residential and commercial facilities.

The government and Eagle Hills have described it as a long-term investment project, with detailed agreements and terms still to be developed.