President Dr Mohamed Muizzu has assured that the Maldivian government will retain full authority over property sales, ownership transfers and resale transactions within the USD 20 billion Maldives Waterfront and Marina project being developed by Eagle Hills in Ras Malé.
Speaking on The Pulse podcast hosted by the President’s Office, the President dismissed concerns that foreign investors could freely transfer properties or secure automatic extensions of their 99-year leases without government approval.
He explained that under the proposed arrangement, any property leased for 99 years must return to the state if the leaseholder wishes to sell it. The government would then exercise its exclusive right to resell the property to another buyer.
“This is not a process where ownership can be transferred or sold from one party to another without the government’s knowledge. If it is to be sold, it returns to the government. The government then holds the opportunity to sell it to another party,” President Muizzu stated.
The President stressed that the arrangement would ensure the state maintains complete oversight of property transactions while generating revenue from every sale, including the initial purchase and subsequent resales.
He also categorically rejected allegations that the 99-year lease period would automatically renew, describing such claims as entirely false.
Drawing a comparison with existing resort lease arrangements, President Muizzu explained that current laws and agreements provide certain protections for resort investors, including compensation for investments or opportunities for lease renewal under applicable conditions.
However, he clarified that the Ras Malé development would operate under a different arrangement, with the government retaining ultimate control over the resale of leased properties.
The President’s remarks come amid public debate over foreign investment and property rights within the Eagle Hills development.
The Maldives Waterfront and Marina project is a major component of the wider Ras Malé development, with an estimated investment value of USD 20 billion.
President Muizzu’s assurances underline the government’s position that large-scale foreign investment can proceed while keeping property transactions under Maldivian state control and securing continued revenue for the country.
