President Dr Mohamed Muizzu has said the proposed Rasmalé Waterfront and Marina development is expected to attract predominantly Maldivian and foreign Muslim residents, while reaffirming that Israeli nationals will not be permitted to purchase or rent properties within the project.
Speaking on the NationChat programme, jointly organised by the President’s Office and PSM News, the President addressed concerns surrounding the USD 20 billion development proposed by UAE-based Eagle Hills, particularly questions over foreign property ownership and the possibility of Israeli nationals acquiring residences in Rasmalé.
President Muizzu said interest in purchasing properties within the development has largely come from individuals in Arab and other Muslim-majority countries.
Based on this interest, he expressed confidence that the residential population of the development would consist almost entirely of Maldivians and Muslims from other countries.
The President pointed to the Maldives’ Islamic identity, peaceful environment and natural attractions as factors that make the country an appealing destination for Muslim property buyers seeking holiday homes or residences.
He said these characteristics have generated considerable interest among prospective buyers from Islamic countries and maintained that the public should not be concerned about the residential component of the project.
Addressing questions about foreign ownership, President Muizzu announced that the government intends to introduce legislation limiting the proportion of properties that can be sold to citizens of any single foreign country.
Under the proposed framework, nationals of one foreign country would be permitted to purchase no more than 25 percent of the properties available within the development.
Maldivian citizens, however, would not be subject to such restrictions.
The President explained that Maldivians would remain eligible to purchase any number of available properties, with no ownership quota imposed on local buyers.
He said the proposed legislation would clearly establish these conditions as part of the legal framework governing property transactions in Rasmalé.
The announcement comes amid concerns raised by opposition political parties over the involvement of foreign investors in the development and the possibility of Israeli nationals acquiring property in the area.
Opposition figures have questioned whether the project could eventually allow Israeli citizens to establish residences in Rasmalé, with some also raising concerns about the settlement of Jewish individuals.
President Muizzu sought to address these concerns by reiterating that Israeli citizens would not be permitted to purchase or rent properties within the development.
He further stated that Israeli nationals would not be allowed to enter or stay in the Maldives, even for a single day.
The President said authorities would conduct comprehensive Know Your Customer (KYC) checks to verify the nationality of prospective property buyers.
According to President Muizzu, these checks would extend beyond examining the passport presented by an applicant, with authorities reviewing relevant information to establish their citizenship.
He maintained that the verification process would prevent Israeli nationals from acquiring property through alternative documentation or other arrangements.
The Maldives has maintained restrictions on Israeli passport holders, reflecting the country’s longstanding position on the Palestinian issue.
In April 2025, the Maldives enacted legislation prohibiting entry to individuals travelling on Israeli passports, following public and political calls for stronger measures in response to Israel’s military operations in Gaza.
The Rasmalé development has attracted significant public attention because of its scale and the proposed involvement of international investors in a major residential and commercial project within the Greater Malé Region.
The USD 20 billion Rasmalé Waterfront and Marina project is planned across approximately 500 hectares and is intended to include residential properties, a marina, retail and dining facilities, entertainment venues, wellness services and other amenities.
The Government of Maldives and Eagle Hills have signed a commercial terms agreement for the development.
The wider Rasmalé land reclamation initiative is expected to create approximately 1,150 hectares of land, with 716 hectares already reclaimed.
The government has described the project as an important part of its efforts to expand land availability, attract investment and support future urban development.
President Muizzu has also previously assured the public that Rasmalé would remain under Maldivian sovereignty and that the Eagle Hills development would be governed entirely by Maldivian laws.
He has stated that alcohol, pork and casinos would be prohibited within the development, while a mosque and a Maldives Police Service presence would be established in the area.
The President reiterated that the government’s approach to Rasmalé is intended to safeguard national interests while creating opportunities for Maldivians to benefit from the investment.
He maintained that the proposed ownership restrictions and nationality verification measures would address concerns surrounding foreign property purchases and ensure that the development remains consistent with the country’s laws and national priorities.
