Former President Ibrahim Mohamed Solih has called for the immediate halt of the Ras Malé project, criticising the agreement with UAE-based developer Eagle Hills over the allocation of land in Fushidhiggaru Lagoon.
Former President Ibrahim Mohamed Solih has called for the immediate halt of the Ras Malé project, criticising the agreement with UAE-based developer Eagle Hills over the allocation of land in Fushidhiggaru Lagoon.
In a post on X, Solih urged the government to stop the project in its current form, arguing that the arrangement offers substantial benefits to the developer without providing a clear financial return to the Maldives.
In a sound business transaction, both the seller and the buyer—or the lessor and the lessee, must benefit mutually. This principle is entirely absent in the decision to grant 500 hectares of land in Ras Malé (Fushidhiggaru Lagoon) to Eagle Hills permanently and free of charge
He argued that reclaiming the 500 hectares would cost more than USD 700 million in public funds, while the land would be handed over to Eagle Hills without payment.
Eagle Hills stands to benefit immensely. Yet, there is no discernible financial return or benefit for the Maldives. Reclaiming these 500 hectares of land will cost more than $700 million of public funds. It is being handed over to Eagle Hills for free. The state receives nothing in return,
Solih also questioned the proposed construction of 5,000 housing units under the project, claiming that the Maldivian government would subsequently have to purchase the units from the developer.
He warned that the current structure of the project could create serious challenges for the country in the future, reiterating his appeal for the government to halt the development.
My appeal is to halt this project immediately rather than proceeding with it as currently planned
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