Falah says MDP now views Rasmale' as a major goldmine after previously dismissing the project

The opposition previously described the Rasmale' project as a waste that no investor would pursue. However, the MDP now sees the Rasmale' land as a “big goldmine,” PNC Parliamentary Group Leader and Inguraidhoo MP Ibrahim Falah said on Monday.

After a six-month recess, Parliament resumed its sessions with MDP MP Meekail Ahmed Naseem moving an emergency motion. In his complaint, Meekail alleged that the September 21 Rasmale' agreement caused serious damage to state finances and facilitated corruption. He said that after the land was reclaimed using public funds, the expenditure became irrecoverable, and more than 500 hectares were handed to Eagle Hills for 99 years without acquisition cost or land rent.

Speaking during the debate on the motion later, MP Falah said the PNC, which holds a super majority, had the full authority to accept or dismiss the emergency motion, but chose to accept it to allow space for discussion. He said the MDP had expected the motion to be rejected, and when it was accepted, the petitioner Meekail and several MDP MPs left the chamber.

Falah said the emergency motion tabled by the MDP shows that the party now views Rasmale' as a major goldmine. Highlighting the recent MDP congress, he added that former President Mohamed Nasheed has been one of the strongest supporters of the Eagle Hills project among Maldivian leaders, and therefore he believes the motion is aimed at criticising Nasheed.

Eagle Hills has committed to making the largest investment in Maldives’ history. Under the agreement, the government will receive 10 percent of revenue from the sale of commercial properties and four percent from the sale of apartments. Housing Minister Dr Abdulla Muthalib has said the state expects to earn USD 3 billion (MVR 46 billion) within 10 years from building sales.

In addition, if a foreigner who buys an apartment in Rasmale' sells or transfers the property during the 99-year lease period, a new 99-year lease will begin. While the Constitution allows foreigners to be granted land for up to 99 years, there is no specific law on the matter. The Tourism Act allows a maximum of 50 years, and under the Special Economic Zone (SEZ) Act, foreigners may be allocated land for up to 66 years.