AG dismisses claims real estate law is tailored for a single investor

Attorney General Ahmed Usham has stated that the new real estate law currently being drafted is not being formulated specifically for the major Eagle Hills project planned in Rasmale’. 

He said the legislation is part of a broader effort to establish a real estate industry in Maldives that is separate from tourism.

Abu Dhabi-based developer Eagle Hills and the Maldives government signed an agreement on the 21st of last month to develop a USD 20 billion waterfront and marina project valued at MVR 308 billion, one of the largest foreign investment proposals in the country’s history.

Speaking at the government’s Ahaa Forum, Usham said the administration is working to introduce an industry that does not currently exist in Maldives. He said the government aims to create a real estate market that is not tied to tourism, but noted that the existing legal framework does not allow such a market to function.

The eighth session of the ‘Ahaa’ forum takes place tonight featuring Minister of Defence and National Service Hassan Rasheed, Minister of Economic Development, Transport and Trade @em_saeed and Attorney General of the Maldives Uz @a_usham. Jointly organised by the President’s Office and PSM, the forum provides a platform for the public to raise questions and concerns directly with Cabinet Ministers.

— The President's Office (@presidencymv) October 4, 2026

“We are currently working on a real estate law. The real estate law is not a law for any particular project. Under this law, there will be opportunities for foreign companies and local companies to implement real estate projects in all parts of the country,” he said.

Usham said the biggest public concern regarding the Rasmale’ project is the belief that the government intends to bring a population of 30,000 people to the area. He clarified that this is not the case.

He explained that corporate residence visas are already issued under the current immigration law, first introduced in 2015 during the administration of former President Abdulla Yameen Abdul Gayoom. The amendment was brought to support the creation of a real estate market by issuing corporate residence visas, he said, adding that the previous government also attempted similar initiatives and formulated regulations.

“According to the regulations made in 2015, if you invest USD 50 million in Maldives, you can get a visa for the duration of the investment. This means that you can rent a resort for 99 years if you invest USD 50 million in Maldives,” he said.

He added that in 2020, when the investment threshold was reduced to USD 200,000, the same five-year renewable visa was issued. “So the visa process will be similar in the project this government is planning to implement in Rasmale’,” Usham said.

He stressed that nothing has been done in violation of Maldivian laws and regulations, noting that the agreement was signed after the Construction Ministry sought legal advice from the Attorney General’s Office.

Usham’s remarks come as a constitutional case has been filed in the Supreme Court seeking annulment of the business agreement signed with Eagle Hills under the Rasmale’ project. The petition argues that Article 250 of the Constitution requires the lease and disposal of state property to be carried out under a legal framework, and claims the agreement is unconstitutional as there is no law permitting the allocation of state land to a foreign party for 99 years.

However, President Dr Mohamed Muizzu has said the project will not harm Maldives, and will instead increase GDP and bring significant economic benefits to the country. He added that some politicians refuse to support initiatives that benefit the people because they do not prioritise the national interest, stressing that irresponsible actions can adversely impact the country and that any government must put the nation first in matters that bring long-term benefit.